Payment plan for Laptop to build my credit up.

LukeCrispin1998

New member
Hi everyone,

So I recently got a full-time job and I wanted to purchase a powerful laptop but I'm not very good at saving up. All I wanted to know is how the monthly payment plan works. If I had a laptop on a £40 monthly plan, could I pay a little more each month to help pay it off? Or can you only pay the amount that is needed?

EXAMPLE:
month 1 I pay £40
Month 2 I pay £120 to cover 3 months?
 
Last edited:

Stephen M

Author Level
You would need to call PCS about this as these are users/customers fora, PCS staff do look in but it would be quicker to contact them direct. The telephone is best as they sometimes have a backlog of emails, ot the credit company is Hitachi they may be able to help.
 

polycrac

Rising Star
You can pay off more than needed for the plan, but that only really helps if you can get it all paid off in a year (in which case you pay zero interest and just a £29 early repayment fee. this is quite a good deal in finance terms. Here's an example where you borrow £1500, with just a 1% deposit (the bigger the deposit, the lower the interest):

Representative Example:Interest Finance Option (12 Months / 48)
Price:£1,500.00Deposit:£15.00
Total Amount of Credit:£1,485.00
Interest Rate:8.83% Fixed
Settlement Option:You have the option to pay off the remaining balance during the first 12 months without paying any interest. However a one-off early settlement fee of £29.00 will apply.
Monthly Instalments:48 instalments of £41.87 per month.
Representative APR:16.9 % APR Representative
Total Charge For Credit:£524.76
Balance Payable:£2,009.76
Total Amount Payable (Inc. Deposit):£2,024.76

Pay it off in a year and you save loads:

Cash price £1,500.00,
deposit of £15.00,
total amount of credit £1,485.00,
pay £41.87 per month for 11 months,
settle £1,053.43 (£1,485.00 + £29.00 - 11 lots of £41.87),
total amount payable £1,529.00.

You can try out options for finance here:

https://www.pcspecialist.co.uk/finance/

The key things to focus on are:
- maximise your deposit (borrow as little as possible)
- aim for something that you can reasonably expect to pay off in one year (even though it is notionally spread over four, paying over 1 year is MUCH cheaper)
 

Oussebon

Multiverse Poster
As part of the package you have the option to settle the remaining balance in full at any point during the first 12 months without paying any interest - you will only need to pay off the remaining balance plus a £29 early settlement fee.
https://www.pcspecialist.co.uk/finance-results/1000/

This makes it sound like you can only pay the monthly payment, or the remainder of the balance. Rather than £40 one month, £120 the next, £57 the month after that, etc...

Though you can always contact PCS to ask.

As polycrac points out, paying off the balance in the first year is much, much cheaper in the long run than going for 4 years full finance. A £1000 laptop would cost £1350 over 4 years, whereas paying it off in the first year only adds up to £1029 - I believe the £29 is the admin fee.

So the cheapest solutions are to pay off within 1 year, or to buy outright.
 
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