Overclockers UK Finance

Outstanding finance doesn't 'negatively' effect your credit rating as long as its being paid as per your agreement.

It may effect how much someone else is willing to lend you mind as you will only be able to afford X finance on Y income which is quite correct.
 
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Finance has its place, I am glad this was for info only.

In general unless you need a credit history creating, then do without it.

it will harm you more than help you but if you want the kit and play by its rules it is a useful aid.

Any borrowing will create a history, that may be good if you have no history and can demonstrate you paid it, for many it will hinder more than help buy restricting future borrowing until you have paid off the borrowing.

From OCUK side I am surprised in such a low rate market they partner such a company that offers a bad interest rate to its customers, surely OC can do better?
 
chippy08 said:
IF you cant afford to pay cash dont buy it as it saves you getting in to Debt.
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It's fine if you're able to manage your money properly. I've used the Hitachi "buy now pay later" finance option a few times and it always gets paid off before the 12 month period is up (interest free).

I could put some money aside over the next 12 months and then buy the parts for a new PC... Or I could get all the parts now and pay it off over 12 months. If you know how to budget then there's no problem with it :).
 
Wish I'd known that it was interest free back when the reference 290x(think it was xfx) was £270, could have got it to xfire with the sapphire release day one I have.
I had a read but I didn't fully understand it(I.e how to apply, is it interest free etc).
 
What are the prerequisites? Is it worth applying if you are not currently employed due to disability for example? But still have a steady income due to it. I have credit cards so it's not an issue, just you know, interest free for 6 months would be handy (with Christmas coming soon).
 
I don't think this is actually interest free - best to read the info page as that has the applicable interest rate and some handy repayment examples.
 
Aa83 said:
I don't think this is actually interest free - best to read the info page as that has the applicable interest rate and some handy repayment examples.
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It's interest free if you pay it back during the "buy now pay later" period which could be 6 or 12 months and you can pay any amount at any time through the online account. If you miss the deadline then it gets paid back in monthly instalments and interest is applied... But you want to avoid that.

EDIT: I forgot, there is an admin fee which I think is £25 iirc (it gets added to the amount you owe) and you do need to pay a 10% deposit which gets taken off the amount you owe. Nothing unusual really.
 
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My parents used this last night (12 months BNPL) and it was very simple. The signature part is all done electronically, so no delay in the application, plus you know there and then if you are approved or not. The order went live the next morning (order was at like 7pm the following night) and is treated just like any other. Very simple system to use and OcUK are far more competitive than highstreet stores and even their direct online competition now. Good stuff.
 
RobHague said:
What are the prerequisites? Is it worth applying if you are not currently employed due to disability for example? But still have a steady income due to it. I have credit cards so it's not an issue, just you know, interest free for 6 months would be handy (with Christmas coming soon).
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I was turned down because of this - disability, so now I expect it has left a negative mark on my credit rating - not happy. I could have afforded the payments, but no dice. :mad:

Mark
 
Ulti-Resis said:
Credit and loans used properly are not a bad thing, you just need to manage things in the correct way. It only becomes debt and bad news when you can't pay it back. There's nothing wrong with using finance to spread the costs of life and if it's 0% then that is obviously the best way to go, better in your pocket than in theirs I say.
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This, just be sensible.
 
BaDBoY_uK said:
Be careful as this severely affects your credit rating.

For example, choosing "buy now pay back in 6 months" means you can pay the full amount within 6 months with no interest. But the loan sits unpaid for 5 months and this adversely affects your rating until Hitachi advise it has been paid

Use with caution
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I already aware of it, that's why I will NOT touch OCUK finance! I just save up and pay in full. Or can use my own credit card to pay and I pay it off a month after that without any interest rate charged. Don't want any finance!
 
ocuk finance wont accept me but everything else I've ever gone for does. Bit weird really. I usually buy my hifi monthly from hifix on 0% and new consoles over 3 months on very..............never had any credit charges besides 0%.
 
valkia said:
Most people buy their car on Finance, and most happily pay it off also. Finance can help to manage the money while you have other finances inbetween
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Or the mortgage.
Sparx said:
Do you have any reputable source for this? I'm not convinced..
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Attempting to open any credit account will leave a mark on your credit score for a while, so trying to open lots of them in quick succession is a sure-fire way to destroy your credit rating. If its just one and the account is satisfactorily serviced, this should disappear after six months or so.

It's very easy to yield to temptation with these sort of accounts (and credit cards). Been there, got the t-shirt, nearly fell into the debt abyss. It's fine to use these accounts to manage finances responsibly, but not to pile debt upon debt. Borrow responsibly.
 
So to confirm does it take £x/month in the 6/12minth period with £y to pay off by the end of the 6/12month + the £25 admin fee or is it pay 10% at start then the remaining £x +£25 admin fee by the end date?
 
There are certainly a lot off odd comments in this thread. A buy now pay later agreement won't "severely affect your credit rating" any more than a standard loan / hp agreement. It's the same way many electronics companies fund their 0%.

As stated by several people finance of any type is perfectly acceptable if managed correctly. Getting into too much debt is far too easily done. I'm fortunate enough to have a credit card at 6.7% but not everyone is. Hitachi want you to not pay back during the initial term and many people will enter into the higher rate element - that is how they are making their money. It's up to the person financing to be responsible and get the money paid back.

And Mark - it's a shame that many companies will decline an application if not full time employed. Good news is if it's only 1 search it won't have a negative effect on your credit profile. Yes lots in a short space will lower your score but 1 won't ruin your score.

At the end of the day it's what works for different people.
 
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