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PayPal Credit rant

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  • PaulW922
    PaulW922 Posts: 1,039 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Think I got caught out almost same.
    bought my daughter a Mac Book pro for her college work...think cost was £1600 over 12 months interest free.... paid £700 off in six months and by month 12 the only amount outstanding was about 70 pounds...so I thought by month 13 and month 14 the interest would be a very small amount.....
    how wrong was I......it turns out if you don’t pay all the outstanding amount by the 12 month deadline, interest is backdated to the purchase date...and doesn’t take into account the payments you have made.
    Who was the lender?
  • PaulW922 said:
    Think I got caught out almost same.
    bought my daughter a Mac Book pro for her college work...think cost was £1600 over 12 months interest free.... paid £700 off in six months and by month 12 the only amount outstanding was about 70 pounds...so I thought by month 13 and month 14 the interest would be a very small amount.....
    how wrong was I......it turns out if you don’t pay all the outstanding amount by the 12 month deadline, interest is backdated to the purchase date...and doesn’t take into account the payments you have made.
    Who was the lender?
    Argos
  • Tildaplum
    Tildaplum Posts: 411 Forumite
    100 Posts Name Dropper
    I can understand that you might feel in your heart that it will be nice to get rid of the first 4 months loan (sense of achievement, not have two loans etc) thus only leaving the longer 18 months loan - although your head will tell you of course that it is better that the payments go to the higher interest loan
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Tildaplum said:
    That is really harsh...
    Not really. 
    Read the T’s and C’s and if you don’t like them don’t take the product. 
    It is harsh when the T's and C's don't seem intuitive yet make such a big difference.
    I find it hard to believe that many people read all the T's and C's of every agreement they accept. I think the lenders have a responsibility to ensure that people are aware of key details such as this.
  • D3xt3r5L4b
    D3xt3r5L4b Posts: 1,852 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Tildaplum said:
    That is really harsh...
    Not really. 
    Read the T’s and C’s and if you don’t like them don’t take the product. 
    It is harsh when the T's and C's don't seem intuitive yet make such a big difference.
    I find it hard to believe that many people read all the T's and C's of every agreement they accept. I think the lenders have a responsibility to ensure that people are aware of key details such as this.
    They do make them aware - in the T’s and C’s. 
    If people need hand-holding and every little detail spelt out for them in big bold red letters then they shouldn’t be taking out said products without researching them first. 
  • Tildaplum
    Tildaplum Posts: 411 Forumite
    100 Posts Name Dropper
    Wow - that IS harsh...
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Tildaplum said:
    That is really harsh...
    Not really. 
    Read the T’s and C’s and if you don’t like them don’t take the product. 
    It is harsh when the T's and C's don't seem intuitive yet make such a big difference.
    I find it hard to believe that many people read all the T's and C's of every agreement they accept. I think the lenders have a responsibility to ensure that people are aware of key details such as this.
    They do make them aware - in the T’s and C’s. 
    If people need hand-holding and every little detail spelt out for them in big bold red letters then they shouldn’t be taking out said products without researching them first. 
    My point is that this wasn't a little detail. This was significant. It clearly wasn't made prominent enough as the poster didn't know about it.
  • D3xt3r5L4b
    D3xt3r5L4b Posts: 1,852 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Any other lender does the same though...
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I know. I know because people often get caught out by it.
  • D3xt3r5L4b
    D3xt3r5L4b Posts: 1,852 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Caught out?
    You must mean not reading the terms again, right?
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