No payments taken on a finance agreement

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mrtoyotamr2
mrtoyotamr2 Posts: 7 Forumite
in Consumer rights
Morning all,

I purchased a large volume of furniture which was on a x year Buy now pay later finance agreement which was delivered back in October.

Since then we have not had a single payment taken from our account as per the agreed per month amount as per the credit agreement.

The company obviously have not requested funds from said bank as said bank has not yet charged us a penny... where legally do I stand?

Surely it is not for me to chase as the bank have all of my details, no letters have been received or payments refused/missed.

Has this ever happened to anyone else and have we just got lucky?

Cheers
«13

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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    You legally stand to make payments if they ask you to.

    In 5 and a half years, you'll know if you have got lucky or not.
  • pmduk
    pmduk Posts: 10,655 Forumite
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    mrtoyotamr2 wrote: »
    ... have we just got lucky?

    Will you feel lucky when they ask you for all the money owed to date?

    Yes, you owe the money, you should have chased them up.
  • gettingtheresometime
    gettingtheresometime Posts: 6,911 Forumite
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    Personally I would ringfence each month's payment so when they realise their error, you have the funds to pay them.


    What type of agreement is it - could it be like the Argos card whereby you don't have to pay anything back in the in the interest free period but will attract interest on anything not paid back when it ends?
  • DoaM
    DoaM Posts: 11,863 Forumite
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    Buy Now Pay Later ... it all depends on what "Later" means in the agreement.

    Does it mean "set up a DD and they take the money monthly over the agreed term? (e.g. 12 months interest free)".

    Or does it mean (like above) pay nothing until the end of the term and then pay the original price in one go interest free, else incur interest charges starting from the date of purchase?
  • mrtoyotamr2
    mrtoyotamr2 Posts: 7 Forumite
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    It's a pay £xx per month for 48 months until paid off but as of yet not a single payment has been taken by anyone and it's been 3 and a bit months since received.
  • mrtoyotamr2
    mrtoyotamr2 Posts: 7 Forumite
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    pmduk wrote: »
    Will you feel lucky when they ask you for all the money owed to date?

    Yes, you owe the money, you should have chased them up.

    Well we have the money but thought why not just put it on finance then use the money for our other ongoing projects... so it's there if needed.
  • Oakdene
    Oakdene Posts: 2,560 Forumite
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    Could it be that it is a bit like DFS payments where you have nothing to pay for XX months?
    Dwy galon, un dyhead,
    Dwy dafod ond un iaith,
    Dwy raff yn cydio’n ddolen,
    Dau enaid ond un taith.
  • mrtoyotamr2
    mrtoyotamr2 Posts: 7 Forumite
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    Deleted_User wrote: »
    You legally stand to make payments if they ask you to.

    In 5 and a half years, you'll know if you have got lucky or not.

    Can they back date any payments, being their fault for not having set up whatever is required correctly?
  • DoaM
    DoaM Posts: 11,863 Forumite
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    Tip: read the finance document and see what it exactly says regarding payments.

    Note: If payments are within their control then they cannot penalise you (e.g. add interest charges) for their lack of action.
  • Gavin83
    Gavin83 Posts: 8,751 Forumite
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    I'd assume BNPL to be an agreement where no payments are taken and the entire balance is expected at the end of the period. Are you sure this isn't what you signed up to?
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