Finance question

[bragor]

So i went to order my new desktop, today, and when i got the the last finance screen, it said, you are going to pay etc etc.. before 9 month's, then ull be started on a 4 year contract paying 33 pounds a month? scam?

Or does it mean if i pay my charges off before the 9 months i wont have to pay 33 pounds a month for 4 years? it said something like 747 pounds finance fee? explain.

If its pay the charges of the computer before the 9 months, if not start a 4 year contract its fine, but not pay the fee before 9 months thne start a 4 year contract.

 

[Rakk]

It means if you pay it off before the 9 months or however long it claims, you won't be charged any interest, you will still be charged an admin fee, but I think that's only something like 55quid (I haven't checked but I seem to remember that number).

The 747 maybe be the total interest you'd pay if you didn't pay it off before the 9 months and then paid it off over 4 years, not sure.

 

[bragor]

that still does'nt explain anything, im still unsure, wether or not, if u pay the money off before the 9 months, u still have the contaract witht he finance company for 4 years of 33 pounds a month

 

[Rakk]

If you pay it (cost + small admin fee) off before the interest free time is up, then you would not then be under contract for 4 years, that would just be silly

 

[bragor]

i need an actual staff member there to answer, like PCS? if he does, or someone. but i really appreicate ur answers

 

[Maestro]

When taking out finance you can choose the 6,9 or 12 month options. Initailly you pay a 10% deposit (+arrangement fee). So long as you repay the remaining 90%, within the 6,9 or 12 month period then you dont pay any interest and the finance agreement is complete. Please note you cannot pay of smaller amouts during this time. You can only pay of the full balance in one go. If you dont repay the full balance then your finance rolls over to a pay monthly contract with interest.

 

[bragor]

Mastro, when i saw what the fiance company put, and i was ( mis lead) i closes the final action of accepting the agreement, is there anyway you could back up the quote and order for me? i didnt use this account to buy it, because my mum was ordering it. (can message u the details or something?)

 

[Maestro]

I dont think you were mislead. There are very strict laws governing what they have to tell you. Even if the finance is buy now pay later, they have to tell you what the interest is for example if you dont pay it back within the bnpl period. I am not sure what you mean with regard to backing up your quote.
When you save a quote it is valid on the system for 5 days.
Best thing to do is call the sales line tomorrow and they will be able to sort it out for you.

 

[bragor]

It wasnt a quote, is was a real order, that i tryed buying, until i canceled it before accepting, because of what i had thought. i dont know if u can but, there must be a link or something that has kept the order/finance agreement page?... i wasnt logged in while ordering.

 

[Wash]

Nope, a quote doesn't turn into an order until you go through the form to the last page and press submit. You'll have to go through it again if you want to apply for finance.

 

[PCS]

Just to confirm bragor, what Maestro said is 100% correct. If you take out a finance agreement, you will only pay the arrangement fee + 10% deposit initially. Providing you repay the remaining 90% as one lump sun, within the 6/9/12 month period (depending on what package you choose) then no further payments will be charged. So the only additional cost to you will have been the arrangement fee.

If you're still unsure, feel free to give us a call today, we're open on Saturdays from 9am to 1pm.

 

[Craig]

Doesn't need to be ALL at once paid off, you could say pay £150 a month, just as long as it all gets paid off for before the 9 months.

 

[Wash]

Pssst... PCS

I think Maestro needs one of these

 

[PCS]

Pssst... PCS

I think Maestro needs one of these

Very nice indeed. I will take the liberty of changing it for him now! Thanks +rep indeed.

 

[Wash]

My pleasure