OcUK finance options

David-Stephens · 4 Oct 2008 at 16:35

Say I were to buy something for £600 (6 month finance option)
that would mean up front I would pay £25 for the arangement fee and £60 for the deposit

Then if I pay the rest of the balance (£540) of before the 6 months does that mean I will not get charged any more than that total I would have paid (£625) for the purchase? Help please

Memphis · 4 Oct 2008 at 17:12

You need to contact the shop directly mate.

daven1986 · 4 Oct 2008 at 17:30

don't get finance. save up and buy it at once. this is part of the reason the economy is shot at the moment - people living off credit.

ThundyCat · 4 Oct 2008 at 18:27

daven1986 said:
don't get finance. save up and buy it at once. this is part of the reason the economy is shot at the moment - people living off credit.

^^^^^^^

Erm ignore that.

Finance is fine m8 as long as you pay the balance before the 6 months expires you will NOT pay any interest.But if you dont clear the balance you will incure interest.

hope that helps,

Thundy.

daven1986 · 4 Oct 2008 at 18:32

why get finance? just save up. if you can pay it off in 6 months, then why not get it then when all the stuff is cheaper?

Barrybear · 4 Oct 2008 at 18:55

Maybe cause he wants/needs it now thats why finance is avaliable.
just pay before 6 months then no interest like said above

muon · 4 Oct 2008 at 19:24

daven1986 said:
don't get finance. save up and buy it at once. this is part of the reason the economy is shot at the moment - people living off credit.

Yep all those muppets trying to buy houses. If only they'd saved up and bought houses when they were 50. Absolutely nothing wrong with transparent finance. Unfortunately where there is asymmentric information do problems occur.

GJ02 · 4 Oct 2008 at 21:12

ghost101 said:
Yep all those muppets trying to buy houses. If only they'd saved up and bought houses when they were 50. Absolutely nothing wrong with transparent finance. Unfortunately where there is asymmentric information do problems occur.

lol
ive got £200 saved so far, and im 31 should be in when im 96

dipper17 · 5 Oct 2008 at 08:28

Don't forget that the "arrangement fee" is just another term for interest. To pay £25 fee on a £600 borrowing is equal to 9.7% interest. Nice way of marketing :mad:

If you don't pay off the balance then the rate is probably very penalistic (20-30% apr), might as well just give them your arm and leg now!!!!

Don't forget that all your good intentions to save the rest will be under severe pressure from equally tempting deals.

Agree with the guy above, save first because by the time you have the money prices will have dropped or there will be something out that's better (bragging rights etc)

Hope this helps

Mucky_Pup · 5 Oct 2008 at 09:39

I tried getting finance for my build, but they denied me, lol, must be because I already have finance in my name for my LCD, which I now have the money to pay off in full, like **** am I paying close to £1500 for an £800 TV, lol.

I just bought my stuff over a few months (see sig) and I am waiting till my birthday to get the two things in red.

UFX · 5 Oct 2008 at 10:05

David-Stephens said:
Then if I pay the rest of the balance (£540) of before the 6 months does that mean I will not get charged any more than that total I would have paid (£625) for the purchase? Help please

If this is v12 Finance (credit with clode financial ), they have cheekily added an additional processing charge when paying the final payment before the BNPL period of 1.6%, apperently it came into effect back in april.

muon · 5 Oct 2008 at 15:19

dipper17 said:
Don't forget that the "arrangement fee" is just another term for interest. To pay £25 fee on a £600 borrowing is equal to 9.7% interest. Nice way of marketing

Yep, I was going to mention that, but the rate is better than most. But then again paying 9.7% for money is prety high is you look at the base rate, what you get on savings and inflation. How much is 6 months utility worth though?