creation consumer finance!

Cook!eMonster

Hi all,

I bought a laptop in November, and a television in December from DID electrical on finance with above company. It took them four months to start charging for the television, which they did on the first of this month. NOw, one week later, the funds have gone back into my account, and now Im worried they are going to hit me up for the interest. anybody any ideas?

dudara

Contact the finance company behind the credit and see what's going on.

Moved to Banking & Insurance & Pensions

dudara

charleymax

Cook!eMonster wrote: »

Hi all,

I bought a laptop in November, and a television in December from DID electrical on finance with above company. It took them four months to start charging for the television, which they did on the first of this month. NOw, one week later, the funds have gone back into my account, and now Im worried they are going to hit me up for the interest. anybody any ideas?

Virtually all these consumer credit companies have an interest free pay nothing period where you have X months (usually 3 or 6) within which you can clear the full amount with no interest penalties... They usually lie very low & cause no trail in your bank account (even to the point where they wait on setting up the direct debit). This is in the hope that you'll forget about the pay nothing until 0% period and they can hit you with interest & settlement charges.

That's what the first part looks like....

2nd bit, sorry if this sound presumptious but was there sufficient funds in the account for the direct debit to go through. I say this as it cound be a bounce . Usually followed by a referral fee.

If not the case (again apologies if true)... Someone at the finance might have put it through by accident outwith the conditions of the agreement then realised... E.g. you have a 6 months interest free payment free period & they put it through on month 4 by accident, realised & had to reverse it. (it happens).
If this is the case I would recommend finding out from them & if possible clearing the full ammount before the 0% rus out. The advertised APR on these is high (typically 25-30%APR) but taking in early settlement fees etc can be higher again. Basically it is likely to be the most expensive credit you are ever likely to have....

just my 2 cents there though...

Bazzy

I got a tv and ps3 in Harvey Norman off them and they started as per the agreement and have been taking on time since no one problem with them.

Nicole22

bazzy what was the apr with them cheers

BuffyBot

Please don't dig up year old threads, thanks