hitachi capital loan (via bathstore)
I'm wanting to get advice from members about a bathstore loan I took out via hitachi capital last year. It was one of those store credit deals where you get the goods and there is an interest free period. You have to be careful, as they then load all the interest into the very first payment after the free period ends.
I thought I was being careful, I called them today to see when my payment period would begin so I could pay off without incurring any interest charges. I had thought this would be in march so I thought I had got to them in good time. I remembered the bathstore representative had told me not to worry, that the finance company would send me a letter a month before the interest free period ended. As I'd not received the letter I thought it best to call.
I was informed that I was sent an email in December, that my interest free period had come to an end on the 30th January and that they had now added £800 of interest - and then a nice, how would you like to pay madame type of call began..
I've then checked and the email they sent me had of course landed in my spam folder along with hundreds of other spam type messages. There's no way that I would have ever seen this. I asked why they didn't send me a letter and chose instead to send out one email. They said this is the best way for them to work. I really do smell a rat here, I work in marketing and know that the majority of emails go unread or land in spam folders never to see the light of day.
So, I have had to pay the finance off along with the £800 of interest, but told them I will go to the ombudsman. I asked if there was a resolution they could offer me and they said no, that the email was sufficient notice of the end of the agreement.
So, I'm wondering if anyone else has had similar experiences? Or if anyone has fought and won a case like this before? This type of mis-selling in store for store credit reeks of the same mis-selling of PPI. Surely people should be warned, or sent proper letters or receive a phone call. Thats a lot of money they just took off me, and all because and email landed in my spam folder!!
I thought I was being careful, I called them today to see when my payment period would begin so I could pay off without incurring any interest charges. I had thought this would be in march so I thought I had got to them in good time. I remembered the bathstore representative had told me not to worry, that the finance company would send me a letter a month before the interest free period ended. As I'd not received the letter I thought it best to call.
I was informed that I was sent an email in December, that my interest free period had come to an end on the 30th January and that they had now added £800 of interest - and then a nice, how would you like to pay madame type of call began..
I've then checked and the email they sent me had of course landed in my spam folder along with hundreds of other spam type messages. There's no way that I would have ever seen this. I asked why they didn't send me a letter and chose instead to send out one email. They said this is the best way for them to work. I really do smell a rat here, I work in marketing and know that the majority of emails go unread or land in spam folders never to see the light of day.
So, I have had to pay the finance off along with the £800 of interest, but told them I will go to the ombudsman. I asked if there was a resolution they could offer me and they said no, that the email was sufficient notice of the end of the agreement.
So, I'm wondering if anyone else has had similar experiences? Or if anyone has fought and won a case like this before? This type of mis-selling in store for store credit reeks of the same mis-selling of PPI. Surely people should be warned, or sent proper letters or receive a phone call. Thats a lot of money they just took off me, and all because and email landed in my spam folder!!
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Comments
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Were you given the end date in the original contract?0
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I am sure I would have been given the end date - I was in the middle of a huge build and received so much paperwork. I know its no excuse but I was simply waiting for the reminder letter to pay if off before the interest period set in.0
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I am sure I would have been given the end date - I was in the middle of a huge build and received so much paperwork. I know its no excuse but I was simply waiting for the reminder letter to pay if off before the interest period set in.
You know the answer all ready. I get wanting to be angry at them and wanting a vent but theres only one reason youve been charged interest and thats because you agreed to it.
An expensive lesson. Either learn to take advantage of interest free periods better or avoid playing the game all together. Only takes a small mistake or a lapse in judgement to cost hundreds.0 -
I'm also astounded that I can be charged £800 for paying off the agreement 8 days after the interest free period ended - surely this isn't right. They told me unless I paid today then interest would keep going up. I decided to cut my losses and gave them £5481. The initial interest free loan was for £4704, taken out in March 2017. Apparently these interest free loans aren't as they seem, when the lady told me I should have paid the full amount on the 30th January 2018, as I hadn't they back dated all the interest - which still seems high - interest of £800 for 9 months of an interest free period. Surely this practice is misleading to customers. I don't often get loans or pay interest on credit cards so its not my strong point. And it was sold to me by a shop manager who obviously didn't give me all the information and made it clear that I didn't need to worry about anything, just wait for the letter to arrive and thats it! Maybe sales assistants with no financial training shouldn't be selling personal loans!0
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I'm also astounded that I can be charged £800 for paying off the agreement 8 days after the interest free period ended - surely this isn't right. They told me unless I paid today then interest would keep going up. I decided to cut my losses and gave them £5481. The initial interest free loan was for £4704, taken out in March 2017. Apparently these interest free loans aren't as they seem, when the lady told me I should have paid the full amount on the 30th January 2018, as I hadn't they back dated all the interest - which still seems high - interest of £800 for 9 months of an interest free period. Surely this practice is misleading to customers. I don't often get loans or pay interest on credit cards so its not my strong point. And it was sold to me by a shop manager who obviously didn't give me all the information and made it clear that I didn't need to worry about anything, just wait for the letter to arrive and thats it! Maybe sales assistants with no financial training shouldn't be selling personal loans!
But you have said in your opening post....You have to be careful, as they then load all the interest into the very first payment after the free period ends.Dwy galon, un dyhead,
Dwy dafod ond un iaith,
Dwy raff yn cydio’n ddolen,
Dau enaid ond un taith.0 -
I just wish they had sent a reminder letter. i'm very good at reading letters... I don't like how they sent an email that they probably know will go into spam (over 60% of all emails land in spam folders). If they had sent a letter - like all other financial institutions then I would have paid the loan off - I had the money in the bank. But no letter meant I had to give them £800!0
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It really doesn't matter, legally, whether you think the conditions of the loan were onerous or not. All of the important details will have been in the contract that you signed. The fact that you were busy with renovations isn't really a consideration, I'm afraid.
I believe Argos run a similar scheme, 6 months free credit then pay it off or accrue interest.I came into this world with nothing and I've got most of it left.0 -
could you just let me be £800 angry just for one day...? I think I deserve that at least! Of course they want you to go over the interest free period...
I think I'm just bitter! I wouldn't mind but the bathstore stuff I bought is all rubbish and falling apart already! I'm never using bathstore again and I'm not using any form of 'interest free' store loan type products.
I'm off to buy a cadbury cream egg!0 -
I just wish they had sent a reminder letter. i'm very good at reading letters... I don't like how they sent an email that they probably know will go into spam (over 60% of all emails land in spam folders). If they had sent a letter - like all other financial institutions then I would have paid the loan off - I had the money in the bank. But no letter meant I had to give them £800!
Your option is you wish they couldve sent you a letter result = you paying £800.
My option is: Im glad i put a reminder in my phone to pay off that credit card (my circumstance) result = 2.5 years interest borrowing someone elses money.
Concentrate on the things you can control. Ie yourself. You can remind yourself of important dates by using a calendar, setting reminders, making notes or keeping a diary. All of these wouldve prevented you paying interest. Yet you choose to focus on the one thing that the company did (Remind you that you agreed to pay some money and it would be in your best interests to repay soon so you dont get charged). So you did nothing, and the company did what it was supposed to yet its still the companies fault?0 -
could you just let me be £800 angry just for one day...? I think I deserve that at least! Of course they want you to go over the interest free period...
I think I'm just bitter! I wouldn't mind but the bathstore stuff I bought is all rubbish and falling apart already! I'm never using bathstore again and I'm not using any form of 'interest free' store loan type products.
I'm off to buy a cadbury cream egg!
OK.....let it all out, girl.......you'll feel better for it
I came into this world with nothing and I've got most of it left.0
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