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[Elite Pete]

I bought a Samsung TV 6 months ago on Buy Now Pay Later and its due on the 1st August so I phoned up to pay today to allow plenty of time and not be charged any interest. I said I want to pay by Debit Card and the girl said that will be a 1.6% charge, so I said no Debit not Credit card and she said we charge a 1.6% fee for debit card and cheques, so I asked for their sort code and account No so I could do an electronic transfer, her reply "we only take debit card or cheques for payment". Now its only £12 but when you add the £25 admin fee at the start of the agreement it soon adds up. I asked to speak to a manager but they wouldn't budge and the thing that really gets my goat is the charge was only introduced on the 1st April. The company in question is Clode Retail Finance of V12 Finance is another name for them, so watch out when buying on BNPL.

[albitz]

should be a law against it.

[Markie]

so basically the intrest charges are hidden in an admin charge  

[Vamps]

Think I would be tempted to return the item, if this is going to be a monthly charge on top of any inerest or even if interest free.

[Elite Pete]

so basically the intrest charges are hidden in an admin charge  

No, you've got an admin charge to set the account up, then when you want to pay the account off early (no interest charges) they charge you 1.6%  

[Andy B]

so basically the intrest charges are hidden in an admin charge  

No, you've got an admin charge to set the account up, then when you want to pay the account off early (no interest charges) they charge you 1.6%  

It'd be nice to go in a pay in cash with £1- coins!! It'd give 'em something to do!  

[TheBoy]

It used to be that (apparently) 1 in 4 whould not pay off in interest free period, so they would make their money that way. Now, as more of us become wise to it, there are introducing these hidden charges.

I rarely use BNPL schemes, as the small print usually contains something nasty.

[Darth Loo-knee]

I bought a Samsung TV 6 months ago on Buy Now Pay Later and its due on the 1st April so I phoned up to pay today to allow plenty of time and not be charged any interest. I said I want to pay by Debit Card and the girl said that will be a 1.6% charge, so I said no Debit not Credit card and she said we charge a 1.6% fee for debit card and cheques, so I asked for their sort code and account No so I could do an electronic transfer, her reply "we only take debit card or cheques for payment". Now its only £12 but when you add the £25 admin fee at the start of the agreement it soon adds up. I asked to speak to a manager but they wouldn't budge and the thing that really gets my goat is the charge was only introduced on the 1st April. The company in question is Clode Retail Finance of V12 Finance is another name for them, so watch out when buying on BNPL.

Thinks someone is taking the Pi** mate