Finance related question

D.Roberts

D.Roberts

D.Roberts

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I'd like to firstly apologise for potentially making a thread going on about a much discussed topic, but failed to find much that fully answered any questions I had, and to clarify that I am using my brothers account to post here. (I have done so in the past before and OCUK Mod's have confirmed for that to be acceptable but I apologise if the stance on that has changed at all recently.)

I was hoping someone could shed some light on something for me in regards to finance.

I was ordering up myself a server rig, the price comes out to around £1,670 or so, rather than pay in one lump sum I was hoping to go via a buy now pay later method, as I have also other large expenses coming out this month and wanted to slightly lighten the load.

I've progressed through the entire application to the very last section. However one specific clause caught my attention and has left me rather confused. I have progressed and confirmed that at checkout and via the V12 finance I have selected Buy now, Pay Later 6/42, allowing me to defer payment for a couple of months and then I shall just pay it completely out right.

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The one specifically boxed in red has left me confused, is this still refering to the option of defering payment for 6 months and can be paid in full beforehand or is it acting like a Classic Credit option where I simply do monthly payments from the get go. And is the £2,462 mentioned latterly in regards to paying after the initial 6 month deferal or as a payment cost entirely for the basis of Classic Credit?

Any information would be incredibly appreciated.

Many Thanks

J Roberts
 
seems to be referring to deferring payment for 6 months - I'm not sure about your rights to pay off in full during that period/before the monthly payments kick in... (aside from any cooling off period immediately after signing) - the other lines below indicate there would still be interest to pay (which is understandable)... you're probably best off checking the contract for any early repayment penalties etc..

then again you're better off IMO simply getting a credit card which can be used for stuff like this
 
It sounds like a 4 year loan with no payments for 6 months, then all the payments in the final 3.5 years (42 months), rather than a buy now, pay nothing if cleared within 6 months things. It looks like the only early payment option is the cancellation in the first 14 days (with I expect 14 days worth of interest added on).
 
Yeah, thats not a buy now pay later, that's a full on credit agreement with interest. V12 offer interest free all the time. I had a £900 DJ controller with them. 12 months interest free payments. Are you sure you picked the right option at checkout?
 
robfosters said:
Yeah, thats not a buy now pay later, that's a full on credit agreement with interest. V12 offer interest free all the time. I had a £900 DJ controller with them. 12 months interest free payments. Are you sure you picked the right option at checkout?
Click to expand...

I'm 100% certain, my brother was sat next to me picking parts with me as I was adding to basket, selecting payment options and as I was filling out the application. Absolutely left on the correct option. I just read over the Pre Contract that V12 sent via email and it states clearly within that however multiple times that it is indeed a buy now pay later option with a 6 month defferal. So perhaps either the explanation on the site is a bit askew, or a potential bug with the V12 finance check out system that cropped up during the process?
 
If you feel it's a bug or very poorly worded t&c's. Just go through with it. Finance companies are easy to run roughshod over in things like this. If you are convinced you're in the right and it's their mistake, then they will roll over and accept full payment within six months if you offer it. I'm very sure that you can pay within six months with no interest. As I said, V12 always offer interest free. They're a company who deal mostly with higher credit scoring clients.
 
I've recently used v12 finance. Had the 12/36 - buy now pay later. Rung them up after 11 months paid the balance in full plus the admin fee.

Bloke on the phone said he would cancel the direct debit and thanked me for settling the balance.

Easy as pie.
 
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