How much crap do you have on hire purchase?

Technically I have two watches on hire purchase, well 0% fixed term loans with around 5k on them left.. the cash is in the bank earning interest.

I did buy my fridge freezer on 0% credit about 4 years ago but paid it off quickly as the payment site was a PITA to use and I couldn’t setup a DD.

There are some advantages that some stores offer and if it’s 0% finance, why not? I wouldn’t have any worries buying on 0% from John Lewis, they will give an extended warranty, price match and if the item drops in price during a reasonable period, they will give you the difference.

I got a tv from there, when it arrived; I went back on the site to see it dropped by £100 pounds.. so I called up and asked for the difference back, else I would return the tv and re-order it, obviously I said it in a nice way. The lady place me on hold for 5 mins to talk to the supervisor and then refunded me.
 
Personally I think getting something on 0% over a few months is fine, as long as people don't let that get out of control. The cash is better off in a bank getting interest.
I suppose you could consider a mortgage hp but a lot of people don't seem to like that idea. :p
 
Uther said:
Personally I think getting something on 0% over a few months is fine, as long as people don't let that get out of control.
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Yup fair point.

Technically I use a credit card for 99% of everything I spend, so you could argue I buy everything on credit, but I pay it off in full every month and enjoy the benefits of doing so.
 
Currently, only our sofa, although that is 0% finance for 3 years, so why not? We also installed new windows in the house and the company offered a 12-month 0% deferred payment agreement.
Personally, in the past, I did buy a Gibson Les Paul on 0% finance over 3 years.

There is nothing else that I can think of. My car, I bought outright second-hand.
 
Got a motgage & i bought my phone direct from Samsung at 0% as they were offering £370 trade in on my old device but otherwise nothing.

Own both cars outright, no credit cards etc.
 
Is a phone contract hire purchase or just a credit agreement? Typically the only thing I take a loan out to purchase if a new mobile phone every 4 or 5 years via 48 month contract with my network provider. Everything else I work on the approach I've either got the money or I can't afford it.
 
Nothing. Got a couple of sofas etc on “X years interest free credit deals” over the years, but always paid them off in full before the interest cut in.

Knew folks that fitted out entire homes on HP and were always a lost week’s wages away from absolute ruin, but they had a “it’ll be fine, you worry too much” response whenever I asked how they slept at night knowing if either of them got sick/lost their jobs, they would be utterly ******.
 
I use 0% CC a
andybird123 said:
I only ever use 0% if it's available. I prefer to keep money in my savings/ISA etc so its earning interest, so whenever 0% is available I make use of it.
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I’m in the exact same boat as you. I’ll gladly use 0% when it’s available. If it’s not I don’t use it.

I buy everything substantial on 0% CC and pay them up that way I’m getting the best of both worlds, money earning interest for nothing while sitting there ready to pay the balance off at the end of the term and the protection of using a CC. I tend not to buy anything unless I have the money there for it.
 
200sols said:
Not really, hire purchase would mean you own the car at the end of the term whereas with a PCP you don't.
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I’d say PCP worse than HP because most people don’t have a plan to pay off the balloon payment at the end of the term.

PCP can trap you into the cycle of just getting a new one every 3 years because you don’t have the cash to either pay off the existing car or buy a used car/alternative transport.

Likewise if there is some kind of shock to either the supply of new cars or the financial services sector, both of which we have seen in the last couple of years, it can leave you having to swallow huge monthly repayments (even on cheaper cars than you would normally ‘buy’) if you don’t have the cash on hand to do something else.

At least with HP you actually own it if you get to the end.
 
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