ocuk finance

rabhaw

rabhaw

rabhaw

Associate
Joined
11 Sep 2008
Posts
100
if any1 has used the finance need some info

i just got my agreement form for the amount of credit hitachi gave me 1439.02 but
total amount payable is 2828.57 with 36 monthly payments of 74.13so

so if i pay 1439.02 before my deferred first payment date does that mean i dont need to pay the total amount
 
No idea. I've never looked at the finance and a brief look now shows there's lots of options. Exactly which one did you choose?
 
rabhaw said:
if any1 has used the finance need some info

i just got my agreement form for the amount of credit hitachi gave me 1439.02 but
total amount payable is 2828.57 with 36 monthly payments of 74.13so

so if i pay 1439.02 before my deferred first payment date does that mean i dont need to pay the total amount
Click to expand...

Not how it works as far as i know, i think you have to pay the full whack.
 
rabhaw said:
if any1 has used the finance need some info

i just got my agreement form for the amount of credit hitachi gave me 1439.02 but
total amount payable is 2828.57 with 36 monthly payments of 74.13so

so if i pay 1439.02 before my deferred first payment date does that mean i dont need to pay the total amount
Click to expand...

There's probably a penalty charge.

edit:

12 month option says you can, so I can't see why not. The only money they make is the initial fee.
 
It clearly states "If by the Deferred First Payment Date, you have paid to Hitachi Capital (UK) the amount of credit in full, you will not have to pay any interest but you will have to pay and administration fee of £29."

And that means pay them in full before the first payment, also pay them the £29 admin fee.
 
It's highly unlikely that you will just be able to pay £1439.02, as effectively that would be the equivalent of just giving you a 1 year interest free loan. There would almost certainly be a fee to repay early.
 
HangTime said:
It's highly unlikely that you will just be able to pay £1439.02, as effectively that would be the equivalent of just giving you a 1 year interest free loan.
Click to expand...

You can. It's clearly stated.

Edit : In fact it's a very very common finance term all across retail.

Edit : Along with the admin fee as I said above.
 
The 12 month interest fee thing is quite common amongst retailers. The OP spent £1599, paid £160 initial payment + £29 fee.

So that is credit for £1439 for 12 months at a cost of £29.

Bargain.

HangTime said:
It's highly unlikely that you will just be able to pay £1439.02, as effectively that would be the equivalent of just giving you a 1 year interest free loan. There would almost certainly be a fee to repay early.
Click to expand...

I know, its so cheap. The number of people who end up paying the rip off 30% rate must be quite a good proportion. I also assume they apply the 30% rate to the first year as well once you reach the repayment date.
 
so clearly i dont need to pay the total of 2828.57 but only the credit of 1439.02 before 14/1/2012 if its after this date i pay back that total amount then
 
rabhaw said:
so clearly i dont need to pay the total of 2828.57 but only the credit of 1439.02 before 14/1/2012 if its after this date i pay back that total amount then
Click to expand...

That's what the website says. I'm sure its written more clearly in the credit agreement.
 
Yup, whole way it works is some people forget/can't pay before the interest free date expires so get stung for the whole whack
 
HangTime said:
It's highly unlikely that you will just be able to pay £1439.02, as effectively that would be the equivalent of just giving you a 1 year interest free loan. There would almost certainly be a fee to repay early.
Click to expand...

Loads of companies offer this? :confused: Ever seen a sofa advert :p

Obviously they want you NOT to pay it off and they're banking on a vast majority "forgetting" to save up and then pay with interest.
 
It's like balance transfer deals you get on credit cards with introductory 0% rates (with a ~3% fee usually), but at least they have decent interest rates afterwards.
 
Last edited:
yea agreements says if i pay the amount of credit in full no intrest will need to be paid only 29 admin fee, so my amount of credit they gave me is 1439.02
 
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