Charged “extra” interest?

mattblack000

Recently been given a 3 month payment holiday from motorcycle pcp from provider with the additional 3 months being added on at the end of my original agreement end date, which is fair to my mind. I was then informed although payments will remain the same, I will pay an additional £8 “interest” a month, not just for the three Months holiday but for the remainder of the agreement. In short meaning I will pay an extra £320 over the course of the agreement. Now the bike is a popular brand from Germany who also make cars and I cant be the only one requesting this. It’s not beyond the realms of possibility to imagine 100,000 People in the Same predicament as myself - if we all pay an additional £320 then the maker will reap in £32 million!! Surely this cant be right and companies shouldn’t be profiteering during this global crisis?? Or am I just naive and wrong? 

sheramber

Unless you make up the 3 months payments your  outstanding balance will be more , therefore the interest charge on that higher balance   will be more.

Aylesbury_Duck

You're wrong.  As explained above.  Do you really think any vehicle manufacturer is profiting from the current situation?!

You don't have to take up the offer of a payment holiday if you don't like the terms. 

Kattekwaad

mattblack000 said:

It’s not beyond the realms of possibility to imagine 100,000 People in the Same predicament as myself - if we all pay an additional £320 then the maker will reap in £32 million!! 

In my view it is beyond the realms of possibility.

Just pay your PCP on time and avoid the extra interest.

born_again

mattblack000 said:

Recently been given a 3 month payment holiday from motorcycle pcp from provider with the additional 3 months being added on at the end of my original agreement end date, which is fair to my mind. I was then informed although payments will remain the same, I will pay an additional £8 “interest” a month, not just for the three Months holiday but for the remainder of the agreement. In short meaning I will pay an extra £320 over the course of the agreement. Now the bike is a popular brand from Germany who also make cars and I cant be the only one requesting this. It’s not beyond the realms of possibility to imagine 100,000 People in the Same predicament as myself - if we all pay an additional £320 then the maker will reap in £32 million!! Surely this cant be right and companies shouldn’t be profiteering during this global crisis?? Or am I just naive and wrong? 

FCA only advised them to offer a 3 month payment holiday. 
It's the same with credit cards & Mortgages. You are still incurring interest on the outstanding balance owed. Just do not have to make any payments.
You should have said that you want to keep the the original payment period left. and take the increased payments.

As Martin Lewis said. "DO NOT TAKE" payment holidays unless you really needed too. As it is going to cost you in the long run.

LABMAN

I'm waiting for the 'I was missold a payment holiday clams to roll in'!