Credit plan after 12 months

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FlightSim2020

New member
I emailed the company about 5 days ago with this question, but no reply of yet. wondering if anyone in the forum knows the answer

Im interested in buying a gaming pc from the site. The cost of the customized pc would be around £1,400 with a 25% deposit. I understand that I dont have to pay anything for the first 12 months, but if I pay in full before the 12 months is up I dont have to pay any interest on the full payment. If I dont pay in full and let the plan go to monthly payments after 12 months, can I still pay above the min payment per month? for instance, if the min payment is lets say...£30.00 per month, can I pay double that amount per month to pay it off faster?
 
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WaldoTing

Member
I have recently bought a PC on finance from PCS. If you pay before the 12months you pay no interest apart from a small fee of about £29 for paying early.

If you leave it until after 12months you will pay back monthly with interest. I'm not too sure what the ins and outs are for paying it of faster, but I believe you will have to pay the £1400 (minus deposit) and the full amount of interest charged at whatever percentage is in the agreement
 
Cobblers

Cobblers

Enthusiast
My understanding is you can pay off the finance faster, so in smaller chunks throughout the year if need be.

I've taken part finance, so every month will put money towards it to get it out of the way that bit easier.
 
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FlightSim2020

New member
After the 12 months, will any of the extra payments ON TOP of the min payment incure any intrest also? so lets say the min payment is £30.00 per month, and you add £40 to the min payment of £30, will that £40 also incure intrest?
 
Bhuna50

Bhuna50

Author Level
This really does depend on the wording of the agreement and as such I highly recommend you either ask PCS for a copy of a template agreement or contact HPF (Hitachi Personal Finance) with whom the contract will be with and ask them.

Reading the contract yourself will be the only way to understand it and how it applies to you personally rather than rely on any individuals advising you on a forum.

You do get to see the contract before agreeing to the finance option as you have to 'sign' it.

Most loans only charge interest on what you owe at any given time on a daily basis and then if you pay it off early, there is usually some settlement fee/penalty, such as an additional month or twos interest but as I said, this will all be detailed in the agreement.
 
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thestokehero

Active member
I have done something similar. This is my understanding in a nutshell:
  • You have 12 months in which to pay off the remaining amount (after your deposit) to qualify for 0% interest. This is the value of your order + delivery etc.
  • If you pay within 12months the finance term s not used and therefore you pay an early exit charge of £29.
  • If you do not pay off the total amount owed within 12months then you are charged x% interest (look at the finance offer given by PCS) and move into the finance term.
  • If you move into the finance term then you can either pay off chunks of the remaining amount (as you were before) + interest, or meet the minimum monthly charge (which will also include interest).
So yes, you can still pay off the remaining full amount at any time, even once you go into the finance term. However, you will still most likely pay the early exit charge of £29.

I hope thats helpful :)
Cheers.
 
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FlightSim2020

New member
thestokehero said:
I have done something similar. This is my understanding in a nutshell:
  • You have 12 months in which to pay off the remaining amount (after your deposit) to qualify for 0% interest. This is the value of your order + delivery etc.
  • If you pay within 12months the finance term s not used and therefore you pay an early exit charge of £29.
  • If you do not pay off the total amount owed within 12months then you are charged x% interest (look at the finance offer given by PCS) and move into the finance term.
  • If you move into the finance term then you can either pay off chunks of the remaining amount (as you were before) + interest, or meet the minimum monthly charge (which will also include interest).
So yes, you can still pay off the remaining full amount at any time, even once you go into the finance term. However, you will still most likely pay the early exit charge of £29.

I hope thats helpful :)
Cheers.
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Pretty sure I will be able to pay off the total amount within the 12 months,however, if I decide to let it go into monthly payments , even if I pay off chucks (after the 12 months), ill still be paying more for the item vs paying off within the 12 months?
 
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thestokehero

Active member
FlightSim2020 said:
Pretty sure I will be able to pay off the total amount within the 12 months,however, if I decide to let it go into monthly payments , even if I pay off chucks (after the 12 months), ill still be paying more for the item vs paying off within the 12 months?
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Thats correct. Once you go into the finance period (post 12months from purchase) you will be charged interest.
 
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