NathR

I bought a laptop from Staples 9 months ago on 9 months interest free credit. It's the first time I've ever done this and hence first time I've ever dealt with such wankers as the finance company they use. I was perfectly aware that I had to pay the full amount by the end of the agreement or I would be on some silly APR so I have the money here ready. I wasn't aware that they wouldn't send me a bloody reminder. I knew it was around this time so checked and I'm two weeks late and they've already taken one months repayment.

I rang them up today, firstly asked if they send a reminder, "yes we do but we're not liable as it's not guaranteed to reach you", more like fucking no then! I said I wasn't happy as I was expecting a letter and now I've checked I'm two weeks late. At this point I was thinking oh well, fair do's, lesson learnt here then but then I asked if the settlement would be the amount I 'borrowed' minus this first payment, so in affect they've had one months worth of interest and now I can settle it. The nob told me no it'll probably be more. He then said they would have to work it out and inform me by letter within 7 days, I said "unlike the complimentary reminder I would assume this letter is guaranteed to reach me!" He said yes, thank you for your call etc, I then subtley shouted "twat" as I placed the phone down!

Does anyone know where I stand on this? Or what the likely extra cost will be (I owe about £780 and if I paid the monthly repayments I would end up, over three years, paying another £500-600 ontop ).

My Dad, being my Dad, said to just send them the full amount minus the first repayment I've already paid with a letter explaining why!

Any help appreciated as I didn't think they could be this crafty.

Psycho Warren

iTrader: (5)

If you signed a credit agreement you are probably fucked.

The credit agreement should include early repayment details.

NathR

Cheers.

Damo V

ure gonna be £cuked ... THIS is exactly the scenario they hope for...

They will prob charge you 2 months interestor summat to cancel before end of payment schedule...

Iain Mac

You entered into an Agreement with a string attached (pay up by a certain date or pay interest charges), then forgot the deadline and that is their fault?

Whatever, the good news is that the Consumer Credit Act was changed last year. Previously the lender was entitled to use a formula called Rule of 78 to calculate your settlement penalty but now they are only entitled to something like two months interest - and it applies to Agreements taken out before the law changed too.

Have a look on the web for the exact details and then, when you get their letter, check their figures. If they don't match up, contact them, explain the fact that the CCA has changed and that their figures are wrong. A bit of jargon goes a long way!

NathR

Given that my repayments are about £36, then are you saying I'll pay twice that Damo or just the interest part of that?

Anonymous

Two months interest is only going to be about 30 quid anyway mate.

Anonymous

ALTHOUGH there may be a "fee" for ending early now that you are into the repayments

NathR

Iain, cheers for the advice mate, I completely realise it's only my fault BUT I can't believe they didn't send a reminder letter with the date and then the details of the following repayments. I'm angry with myself as I'm really organised and knew it was coming up and have been keeeping the money aside gradually over the time.

chip, cheers for the vote of confidence mate, as you say, I'm not getting worried about £30. Interestingly, just re-read the terms and the early settlement agreement section gives fees for the following catergories 'When a quarter of the term has elapsed', 'When half the term has elapsed' and 'When threequarters of the term has elapsed'. My two weeks isn't going to make it into any of those. There's no mention of the first quarter and no mention of being bound for a quarter as today I have arranged to settle it. May have them on that?

Iain Mac

The quarters they quote are illustrations that they are now obliged to include in the Agreement. I was wrong when I said the changes apply to existing Agreements - that is only the case if the loan term is over 10 years. But so long as your deal was after 31 May last year you are covered.

All the gen is on http://www.dti.gov.uk/ccp/topics1/pd...arlyguide1.pdf

andyhardy

I did this with a PC from PC World a good few years ago, 9 or 10 months interest free it was (can't remember exactly) but I logged the exact date I set the credit agreement up from and even had it set as a reminder on my mobile to make the full payment at the correct time!

This was because a friend of mine who worked there at the time said they had a habit of not reminding people when the interest period was ending!

Strangely enough I got the letter reminding me, so needn't have put the reminders in place, but I heard of alot of people who didn't and got stung like you have.

I don't think you have much of a leg to stand on really, the way they see it, it was your responsibility to remember when the interest free period ended!

Let me guess - it was HFC bank (I think HFC stands for Horrible Fucking Cooooonts )

Andy

SPADGE

They only reason they offer such deals is becuase they know the majority will either forget, have spent the money or don't want to spend the money when the 9 months comes to an end.
You fooked for not remembering to pay it within the 9 month period and it is not their duty to remind you!
Shit happens
Spadge..