Sorry one more question please? :)

mcvitihobnob

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Feb 18, 2014
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Has anyone bought a PC off finance?

I'm buying my PC for £1300 but I'm confused by a few things...

Total Cash Price: £1299
Deposit: £129
Amount of Loan: £1170
APR: 29.9%
Total Amount Payable: £2200
Administration Fee: £29.00

So the APR stands for the interest right? Well I'm going to be paying the £1170 in maximum 6 months and it says that if I pay the loan off within 12 months, I will not be charged interest, so does that mean the 29.9% APR will be wiped and the total payable will only be £1170, not £2200?

Sorry if this isn't right area to ask lol you can direct the question to else where if not, but I am panicking about all this a little just incase I mess up. I'm gonna call them anyway tomorrow, but if I ask here and anyone knows, I atleast have a little knowledge on what to say.

Thanks again :)
 

USAFRet

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Mar 16, 2013
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That's generally what it means. But you have to read the individual terms and conditions very carefully. And then have someone else read them.
"If you sneeze wrong on alternate Tuesdays, you are liable for the full sum (£2200), today, plus penalties."

They are not doing this out of the kindness of their hearts.
 

Freakboi_pa

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Yes, your monthly statement from the company should show you the balance of the 1170 and the "deferred interest" If you are late with a payment in any of the time, they automatically put the interest into the balance.
 

mcvitihobnob

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The contract which I've read does state that only if I go over 12 months will I have to pay the extra £1100, but you're right, I will call them tomorrow and make sure I get all the right information and I'll be sure to print all the legal agreements. Thanks :)

"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.

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."

Do you know what the +/- 2p per month thing means?
 

USAFRet

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Don't trust what they say on the phone. Only what is in writing counts.
 
It all depends on the wording of the contract.
Some allow you to pay it off early. No interest
Some allow you to pay it off early with a penalty. No interest.
Some allow you to pay it off early for the entire loan amount. This is a set contract based on a 29.9% interest rate. But is a set contract, you pay the 2200 if it takes 6 months or 2 1/2 years.
Read the contract very carefully and ask a lot of questions.
 

ASK THE COMMUNITY