Wickes not taken payment from credit provider

PaddyMashdown

sheramber said:

I think you will find on that credit finance you do not need to pay anything until 9 months after delivery/ installation. 

You can pay in full anytime before 9 months is up with no interest charge.

After 9 months you will be due to pay with interest.

Yes, I understand that, but Wickes has not told the credit provider that the kitchen has been delivered/installed, and they have not paid Wickes, so the credit agreement is not live and the 9 months have not started yet. 

DullGreyGuy

PaddyMashdown said:

sheramber said:

I think you will find on that credit finance you do not need to pay anything until 9 months after delivery/ installation. 

You can pay in full anytime before 9 months is up with no interest charge.

After 9 months you will be due to pay with interest.

Yes, I understand that, but Wickes has not told the credit provider that the kitchen has been delivered/installed, and they have not paid Wickes, so the credit agreement is not live and the 9 months have not started yet. 

But you state its from when the kitchen is delivered not when the finance is claimed

sheramber

Thst agreement doesn’t mention 9 months.

it is for 48  consecutive monthly payments

PaddyMashdown

sheramber said:

Thst agreement doesn’t mention 9 months.

it is for 48  consecutive monthly payments

It's a 57-month agreement, with 48 consecutive monthly payments 

PaddyMashdown

DullGreyGuy said:

What do the terms say about interest?

As has been said, Wicks would have 6 years to chase you for the monies but alternatively they may at some point sooner advice the finance company that its been delivered on 1 March 2024 (or whatever date it was) and then the credit firm could charge interest as you've gone beyond the repayment date

Ah yes this is a concern - would the credit provider have the right to do this then? Surely if there has been an error on either the supplier's or the credit provider's side, then I should not be liable for this?

Aylesbury_Duck

It sounds like a gamble.  Not doing anything gives you a slim chance of never paying for the kitchen but a more likely outcome is that at some point they'll want paying and you may be contractually obliged to pay interest.  If you're confident you can earn more interest on the money than they may be able to charge you, you might say nothing.

An administrative error doesn't absolve you of the debt (yet), nor does it necessarily make them unable to charge interest.  

PaddyMashdown

Aylesbury_Duck said:

It sounds like a gamble.  Not doing anything gives you a slim chance of never paying for the kitchen but a more likely outcome is that at some point they'll want paying and you may be contractually obliged to pay interest.  If you're confident you can earn more interest on the money than they may be able to charge you, you might say nothing.

An administrative error doesn't absolve you of the debt (yet), nor does it necessarily make them unable to charge interest.  

This is good to know. You're right it does feel like a gamble. I've been saving up the money to avoid any interest on this at all, so knowing that I could be liable for interest, whether it was my fault or not, is a concern. They do usually say honesty is the best policy, so perhaps this rings true here too. 

Aylesbury_Duck

PaddyMashdown said:

Aylesbury_Duck said:

It sounds like a gamble.  Not doing anything gives you a slim chance of never paying for the kitchen but a more likely outcome is that at some point they'll want paying and you may be contractually obliged to pay interest.  If you're confident you can earn more interest on the money than they may be able to charge you, you might say nothing.

An administrative error doesn't absolve you of the debt (yet), nor does it necessarily make them unable to charge interest.  

This is good to know. You're right it does feel like a gamble. I've been saving up the money to avoid any interest on this at all, so knowing that I could be liable for interest, whether it was my fault or not, is a concern. They do usually say honesty is the best policy, so perhaps this rings true here too. 

If it's going to be a constant worry (and posting here asking about it suggests it will be) then I'd periodically chase the finance company while continuing to put the money aside.  When you get near the end of the initial interest-free period, write to them.  If they then realise their error and start the agreement, you may get another nine months interest-free but if not, you have the money to settle the debt there and then.

PaddyMashdown

Aylesbury_Duck said:

PaddyMashdown said:

Aylesbury_Duck said:

It sounds like a gamble.  Not doing anything gives you a slim chance of never paying for the kitchen but a more likely outcome is that at some point they'll want paying and you may be contractually obliged to pay interest.  If you're confident you can earn more interest on the money than they may be able to charge you, you might say nothing.

An administrative error doesn't absolve you of the debt (yet), nor does it necessarily make them unable to charge interest.  

This is good to know. You're right it does feel like a gamble. I've been saving up the money to avoid any interest on this at all, so knowing that I could be liable for interest, whether it was my fault or not, is a concern. They do usually say honesty is the best policy, so perhaps this rings true here too. 

If it's going to be a constant worry (and posting here asking about it suggests it will be) then I'd periodically chase the finance company while continuing to put the money aside.  When you get near the end of the initial interest-free period, write to them.  If they then realise their error and start the agreement, you may get another nine months interest-free but if not, you have the money to settle the debt there and then.

This is great advice, thanks a lot! I think this is the best course of action. 

Alderbank

There are two linked but separate contracts here, a consumer credit contract between you and Novuna (Hitachi Finance) and a B2B contract between Novuna and Wickes.

The chunk of the pre-contract paperwork which you have shared with us confirms that your deal is as predicted by @sheramber. Your actual contract will have more detail about when each of those 48 consecutive payments is due within the overall 57 month duration of the contract. The first payment is probably due round about now.

The amount which Wickes eventually receive under their B2B contract with Novuna will be less than the total you pay to Novuna under your contract, because Novuna are servicing the loan and carrying the risk.