Anyone use ocuk finance?

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Rik1254

Rik1254

Rik1254

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I'm thinking of updating the girlfriends computer, I already have few bits, but she new needs a cpu and all the basics.

It come to just over £440 and I was thinking of paying with the option of buy now and pay in 12 months, but trying to pay it off in full before the first payment was due to avoid interest (should be about £30odd a month).

Just wondering if anyone has done this and if there are any issues with my plan. I know it says on the finance page that if you pay it up before the first payment, no interest is charged, but do you get charged for early finish like some finance companies do?
 
They won't charge you anything unless they list it in their T&Cs. Typically these agreements have an admin fee, they make money because people usually intend to save up over 12 months but don't get around to it.

I had a look and the admin fee is £29. That means if you take it out for 440 then it's an APR of about 12%, I think...
 
I work for a retail store as a tech adviser and we deal with finance on laptops tvs etc, there would most likely be a contract for you to print as you apply that would state any charges. I would say there most likely is a charge, as they would loose out on interest otherwise.
 
It can be really expensive if you dont pay it off by that due date becuase I believe they will back date the years interest and then add it to the amount you then own and you pay that off over the next few years. Also you have to be aware the finance deal is not with OCUK but there finance company which I believe is hitachi atm. Its not really an issue if you can afford it I would go for it tbh.
 
I had a little look on the page that OCUK shows the information other day and it did state that no charge will occur if paid off before the 6/12 months depending what you choose.

Page here.

But it doesnt give you the small print into chrages such as admin fees and the like.
 
As I said in the above post there is an admin charge of £29, making the APR about 12%.

BUY NOW PAY IN 12 MONTHS


This is a Buy Now Pay Later loan agreement. With the exception of a 10% deposit, you can purchase and enjoy the benefits of any eligible product or combination of products from our portfolio NOW (your total order value must be above £333.34 to be eligible), then make no further payments for 12 months.

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.

However, should you choose not to settle the outstanding balance in full before the BNPL period expires, you can simply continue to make your loan repayments on a monthly basis at the interest rate shown on the loan agreement.


Representative APR 29.9%

Order Value (Inc. delivery & VAT) £750.00
Deposit (10%) £75.00
Balance Payable £675.00
36 monthly repayments of £34.77
Total Amount Payable £1,326.72

However, provided you pay the outstanding balance in full before 12 months has expired no interest will be charged.

Please note the above quotation is an indicative cost and actual monthly payments may vary by +/- 2p per month.
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But from what Im getting at is, if I go with the 12 month option and pay the £440 up, I wont have to pay interest right? Or will they still add on the interest and make you pay the full amount INC interest?
 
Rik1254 said:
But from what Im getting at is, if I go with the 12 month option and pay the £440 up, I wont have to pay interest right? Or will they still add on the interest and make you pay the full amount INC interest?
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Why get finance in the first place if your going to pay it off early? Your best off waiting and not getting the finance in the first place.

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.
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Look / Read : http://www.overclockers.co.uk/financefaq.php
 
Also you have to be aware the finance deal is not with OCUK but there finance company
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Yep, they have a 'partner finance' that deal with the finance, which isn't actually linked to OCUK at all- apart from them being paid by hitachi finance for applications.
 
Did this with hitachi finance a couple years back, as my rig went bang and i was short at the time.

Come 12 months paid up with no bother, obviously you'll get stung if you don't.

But hey that's what they're hoping for.

Certainly a good option if you're in a tight spot or just plain impatient. :p
 
Also worth noting that with finance like this the entire interest is calculated and added to the loan on very first day past the 12 month cut off. If you do fail to pay it off within the 12 months, nothing you can do can prevent you paying the total, interest included amount.

Personally I try to avoid such deals as they are rarely ever handled by customer friendly finance companies.
 
Personally would look at a 0% cc, just got one from Virgin and was given 0% on purchases until june, i then have 18 months to pay it of before intrest is charged iirc.
 
Regy53 said:
Personally would look at a 0% cc, just got one from Virgin and was given 0% on purchases until june, i then have 18 months to pay it of before intrest is charged iirc.
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Got a better idea, save up the money you need a buy it outright.

If you can only pay off £30 a month, then save up for them numbers of months.

No wonder we have these problems, as far as Im concerned the only thing on finance should be a house and possibly a car. Whats happened to saving up money, and then buying?

But in regards to your question, I assume you can guess that my answer is no I dont use ocuk finance.

/Apologies for mini-rant. ;)
 
Gangster, that's your opinion on finance, however I think it's wrong.

It'd be great if people would save, but they won't. So in lieu of that when a boiler fails what should someone do? Save up and go without hot water and heating? What about when their internet computer goes down... their TV...

Finance has it's place.
 
I agree with Gangster house should be the only thing bought on finance.

Halk: most ppl have some savings for that; if they don`t they do it wrong or are very poor.
 
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