I went into pc world the other day to purchase a laptop on their interest free finance offer which they are currently promoting, they went through the whole process before telling me that i had been declined finance by their bank!
I am a third level student i just figured that they didn’t want to get into a finance agreement with them even though i have a good part time job which I’ve held for 2yrs now & was paying over €300 a month in car insurance last year and repayments on the laptop were only €45 with a lump-sum at the 12th month.
So my dad suggested that he buy the laptop this way and I’d just give him the money every month & today he was refused finance despite the fact he has a perfect credit history and a well paid job??? Why the hell won’t they approve anyone for finance? is it just a ploy to lure in customers and the force them to get bank loans etc! i just cant understand it.
Who is their finance with?
the finance company is trying to tell you not to buy from them tbh.
Moving to consumer issues
it used to be with HFC (and american provider of store credit). Maybe write to them and ask them for written details of what their credit criteria are. (your Dad may have some old unpaid bills that he doesn't realise are outstanding that mean he has bad credit - e.g. from moving house and forgetting to pay a particular bill).
He could ask Experian for his credit report - they provide the credit rating in this country and have to give you your credit rating report for free.
Your dad was probably turned down for finance because they had just refused someone else (you) living at the same address.
Generally if you're not in full-time employment you won't get finance, and paying car insurance isn't taken into consideration i'm afraid.
You can get a copy of your credit history/rating, do a search on http://oasis.gov.ie for info.
They are probably doing you a favour. PC World and the rest of the Dixons group are a lousy bunch to deal with, particularly if anything goes wrong.
I would be stunned if you were unable to get the same or similar laptop elsewhere for less. They do sometimes have good deals but not often.
Am I missing something here?
The last time I checked boards.ie was mainly about Ireland, and while the OP is silent on his geographic location, I assume he is in Ireland where the ICB do the credit rating.
Let's not forget that some of the stuff the likes of Dixons/PC World/Currys and their ilk were doing with the hard sell of extra cover is banned in the UK.
Experian have taken over this company in the last few years afaik, and are now the sole monopoly on credit ratings. Am i wrong in this knowledge?
The ICB is owned and run by the financial institutions nothing to do with Experian - they are a private company who are trying to break into the irish market they would be big in the UK but are only used for business checks here at the moment although they are starting to provide consumer reports lately but this is using information from the ICB mainly
Do you think the nice salesman didnt want his commission and turned you down on purpose? Of course they approve everyone they possibly can for finance they'd be throwing money away otherwise! Your a student who i presume is living at home and has only been working part time for the last two years? The finance companys generally wont approve people who live with thier parents for whatever reason, they will also look for a minimum of 3 years work history they guy should have asked you that before he wasted his time putting it through in your name. Your dad must have a poor credit rating as ive said these companies want to give everybody they possibly can finance thats thier business
Just to clear a few things up. I used to work for Dixons and I can fill you in
on the interest free finance option.
Firstly: Unless you are working in at least 20 hours of work and are living in your address for a few years, you won't get approved for finance. HFC bank don't care if you are paying off car insurance.
Secondly: Each member of staff who puts a customer forward for finance is going to receive a small incentive in their pay package; 5 euro to be exact as well as the commission. There is no scam, they want to be approved for finance.
Thirdly: HFC bank never reveal the reason for finance to the salesman. That is why the salesman won't give a reason for the decline in finance.
I hope this answers your questions.
heres my take on it,
i meet all the requirements for a loan anywhere.
there is no reason for me to be refused - which i was, so i went to my bank, was accepted and bought somewhere else.
i heard it a few years back, apparently my dads friend was a manager in one of them places or something, anyway, soruce is probably irrelevant.
these places make as much money from credit as the do from extended warranties.
its in no way in there interest to give someone free credit, so they have low monthly repayments with the large balloon payment so that people are likely to default.
if you can make the repayments its very liekly that they wont offer you the interest free finance unless you agree to one of their 3 year protection plans.
you will be accepted for the 23% apr 48 month finace of course.