Was This A Good Credit Deal?

Legacy_user

We got a leaflet through our door from a furniture store offering credit, We need a suite of furniture as the one we currently have is my parents old one and its at least 15 years old, so we called into the shop, the way they work it is, there is no credit check, we pay £20 a week and the owner of the shop calls around every week to collect the money, The total outright was £649, if we do it this way its £699. I thought it was a good deal as we can't get credit from anywhere so this was the only way we good a new suite, what yous think?

angelavdavis

You need to ensure you have a copy of the terms and conditions for the credit agreement as if there is a catch, it is likely to be hidden here somewhere.

CLAPTON

Are you sure you can afford 20 per week.. e.g. have you been able to save this regularly?

There are loads of excellent deals on furniture if you have cash... it would only take 8 months to save this sort of sum.

For the record the cost of the deal is about 18% APR.

System

CLAPTON wrote: »

Are you sure you can afford 20 per week.. e.g. have you been able to save this regularly?

There are loads of excellent deals on furniture if you have cash... it would only take 8 months to save this sort of sum.

For the record the cost of the deal is about 18% APR.

Can't save anything, however I always pay bills on time, I have money left over at the end of the week but I just spend it on rubbish. As for a contract, there wasnt one, just a little payment card

RAS

Hum

Do you have the furniture in the house?

System

RAS wrote: »

Hum

Do you have the furniture in the house?

Yes we do, why?

RAS

I would have suggested that you joined www.freecycle.org, where you could probably get a decent second hand suite for nothing - it is like e-bay but you do not pay anything, just the cost of collecting the goods.

I am pretty amazed by this deal, but maybe the law in NI is different? In England the shop owner would have no legal recourse as there is no CCA and I doubt if he is legally registered to offer credit facilities?

debrag

I don't like the idea of someone coming round the house every week

misspixierocktastic

I was about to say the same thing debrag

System

He calls around or you can go into the shop and pay or set up a standing order, I was quite amazed at this to be honest, I've never seen anywhere else doing this, and the guy is no fly by night merchant, he has been in business for as long as I can remember 20 years at least

frosty

We paid £100 for a leather 3 seater and 2 seater sofa,we were amazed at the condition,they had it in a room they never used.Its worth looking in the paper or as mentioned freecycle.They even delivered it to us.