What do you think of Pay Weekly?

haikyu_143

I have been seeing an offer about this Pay Weekly, I'd like to know the real catch for this. Will it be worth it? Any thoughts and honest answers will be appreciated. Thanks.

Brie

haikyu_143 said:

I have been seeing an offer about this Pay Weekly, I'd like to know the real catch for this. Will it be worth it? Any thoughts and honest answers will be appreciated. Thanks.

never heard of it myself.  do you have a link??

MovingForwards

Brie said:

haikyu_143 said:

I have been seeing an offer about this Pay Weekly, I'd like to know the real catch for this. Will it be worth it? Any thoughts and honest answers will be appreciated. Thanks.

never heard of it myself.  do you have a link??

Looks to be like the NI version of Bright House etc only for flooring and furniture.

haikyu_143

Brie said:

haikyu_143 said:

I have been seeing an offer about this Pay Weekly, I'd like to know the real catch for this. Will it be worth it? Any thoughts and honest answers will be appreciated. Thanks.

never heard of it myself.  do you have a link??

I just ordered the TV from this shop, and now they are offering me to purchase through pay weekly. Try to check this link if it works. I am so close of signing up, but I thought, I have to gather more information.

https://www.conway.tv/pages/pay-weekly-finance?_pos=1&_sid=e76e58bab&_ss=r

haikyu_143

MovingForwards said:

Brie said:

haikyu_143 said:

I have been seeing an offer about this Pay Weekly, I'd like to know the real catch for this. Will it be worth it? Any thoughts and honest answers will be appreciated. Thanks.

never heard of it myself.  do you have a link??

Looks to be like the NI version of Bright House etc only for flooring and furniture.

Similar, but this one is even the small appliances, they offer this service. So, maybe I would be the first try this. No one commented if they have tried it before.

molerat

Representative Example: Cost of Goods £1200, Deposit £50, Amount of Credit £1,150, Annual Fixed Interest Rate 34.04%, Monthly Payment £51.75, Term 36 months, Total Payable £1913.00, Representative 39.9% APR.

Expensive sub prime credit. My most expensive credit card is below 25%

Argos credit 19.9% APR

Currys 29.9%

Ticked

Anything above 7 or 8% looks like thievery, preying on folks who can’t do maths. 

Longwalker

Having seen further down the board you were also buying a fridge freezer under the pay weekly, I would advise as someone who's been there and got the tee shirt, to pay one thing off first

Thats extremely high interest you are paying back and its all too easy to think "but its only £10 a week , but thats £10 a week for years, possibly long after the appliance is out of warranty 

And cos its only x amount a week , its easy to think well I can afford a bit more so stick that in as well

This is how so many of us run up catalogue debt back when catalogues were in. Pay weekly is aimed at those of us who cant get credit anywhere else, usually the reason being is we dont manage our money or we dont have enough money to last the month

35 years ago I was facing eviction over catalogue debt 

Its only now I have a prime credit card, which is used and paid off before interest rates kick in. I had to apply for an aqua card to get started ( ouch at the interest rates there ) but I used it for the weekly shop and petrol, paid it off at the end of the month and 2 years of doing that, building my credit score got me a decent rate card and I am no longer turned away if applying for 0% interest buying 

I do advise caution, one thing at a time, pay that back and go again, dont go to the total of your disposable income, you dont know whats around the corner, leave wiggle room 

motorguy

molerat said:

Representative Example: Cost of Goods £1200, Deposit £50, Amount of Credit £1,150, Annual Fixed Interest Rate 34.04%, Monthly Payment £51.75, Term 36 months, Total Payable £1913.00, Representative 39.9% APR.

Expensive sub prime credit. My most expensive credit card is below 25%

Argos credit 19.9% APR

Currys 29.9%

I would concur.

Very generally do interest free offerings, and there are other interest free options about, particularly on furniture.

haikyu_143

All of the comments were really helpful. Appreciate it. Just an update, I availed a TV, and pay it in fortnite. Friendly customer service, and I had to ask, one time, that there was a problem with my account, they just extended it, with no further explanations. Interests are reasonable.

Longwalker

Reasonable? An APR of 39.9% compared to a typical 13-15% from a bank??

Hardly MSE