So i have a your plan account with currys with a £300 limit. I purchased a monitor (£159) that 6 months later ended up having a power fault. I then returned the item to currys to which i got a refund to my credit account. I had already paid off the monitor including 29.9% interest (£206 total) creation finance, the holder off the credit account, told me they can only refund me the £159 and not the interest so i am £47 down. Anyone know if they are allowed to keep the interest after full refund?
Creation Finance
- Thread starter Mr Mcgoo
- Start date
Personally I wouldn't expect the interest back, though I'm not sure if that's reflected in your legal rights or not.
I would view it as though it's effectively two transactions - you've paid Currys £159 for a monitor and you've paid Creation £47 to borrow £159 for a short period of time. The monitor has been returned and refunded by Currys but you had full 'use' of borrowing the money from Creation, so that transaction is deemed to be completed without any issues.
I would view it as though it's effectively two transactions - you've paid Currys £159 for a monitor and you've paid Creation £47 to borrow £159 for a short period of time. The monitor has been returned and refunded by Currys but you had full 'use' of borrowing the money from Creation, so that transaction is deemed to be completed without any issues.
Caporegime
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My advice is don't buy things with ridiculous interest payments.
Soldato
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Without knowing for definite then gut feeling and experience would tell me they are allowed to keep the interest. When you borrow money, you pay interest. It doesn't make any difference whether the item becomes faulty or not, that's between you and the retailer, not the finance company.
Soldato
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If only OC done Finance 
Soldato
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You still borrowed the money off them at that agreed rate for x period of time, that's the charge for that service - nothing to do with the product.
Soldato
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Leon the loan shark around ere still wants his paper
No, you won't get anything back.
Anyway, on to more important things, are you going to Defqon 1?
Soldato
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Or from Curry’s
These are my worries.
Guessing you guys are right. I brought it as i needed a replacement at the time and have purchased from currys many a time. Just a shame that creation finance stats they will give a full refund upon an item being returned to currys but say nothing in regards to the interest. Oh well. Lesson learnt. Also 29.9% is typical of most store cards, store credit account and credit cards. Besides i thankfully only use it in emergencies for the likes of appliances for if they die on me and need replacing. Just lucky they had a some what decent monitor that sold out very soon after due to it being popular. would have got a replacement if i could.
That's why you ALWAYS pay it off in the interest free period!
I always pay for large cost items on a interest free credit card when possible.
Having said that I do have over 5k of debt with a “store” card like credit scheme but that’s four years interest free credit, the money is in a savings account earning interest and can be paid off straight away if required.
Having said that I do have over 5k of debt with a “store” card like credit scheme but that’s four years interest free credit, the money is in a savings account earning interest and can be paid off straight away if required.
Caporegime
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Interest free credit is a different story.
On larger purchases you might as well take it when offered, unless the 'debt' on your credit file is going to affect some other purchase.
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I agree, either save up or use some kind of interest-free pay in 3 type of credit.
well it turns out that creation made a mistake during my plan. After i called them to find out what was going on they informed me i did in fact pay 7.495% interest. the 29.9% is over a 24 month period. 14.95% over 12 months and 7.495% over 6 months. Why this was not informed to me is odd but also turns out they do in fact refund the interest. i got that refund including interest in my bank today. So i politely asked if they could amend the website as this is not made clear and would likely increase customers to use your service knowing early repayment reduces interest paid.