Financial HELP PLS

[brub]

so when i applied for the financial option everything was fine. i got a confirmed email and everything, HOWEVER how do i pay off the loan??? theres no help to suggest how to pay it off. where do i pay? also, about the 12 months/ do i get 12 months to save the right amount of money? or will hitachi charge me with in those 12 months. is there an after fee?

 

[Deleted member 17413]

In applying for the finance arrangement, you gave them bank details didnt you? The payments will be taken from that account, you should also have been given emails with the agreement that will tell you amounts.
All that info is gone through when applying.

 

[brub]

my email was In applying for the finance arrangement, you gave them bank details didnt you? The payments will be taken from that account, you should also have been given emails with the agreement that will tell you amounts.
All that info is gone through when applying.

In applying for the finance arrangement, you gave them bank details didnt you? The payments will be taken from that account, you should also have been given emails with the agreement that will tell you amounts.
All that info is gone through when applying.

my email and bank details included yes, they took the few percent for deposit. but im unsure whether ill still be charged with the 12 months or whether i wont be charged. because the site said ill have 12 months to pay it off and there will be no further charge fees if i do so, however i dont fully understand what it means

 

[Deleted member 17413]

Its 12 months interest free, if you pay it off within that you dont pay interest but theres an admin charge for early settlement.
After 12 months you start making payments and interest is charged on loan amount.

If you pay it all off before the 12 months payment "holiday" its a lot cheaper.

 

[brub]

so within these 12 months, do I have to still pay a monthly thing at the same time ?

 

[brub]

Its 12 months interest free, if you pay it off within that you dont pay interest but theres an admin charge for early settlement.
After 12 months you start making payments and interest is charged on loan amount.

If you pay it all off before the 12 months payment "holiday" its a lot cheaper.

as in, besides the 12 months to pay off the price, is there still regular monthly billing?

 

[steaky360]

I don't believe their is from reading this: https://www.pcspecialist.co.uk/finance/ but all of this will have been detailed out in the financial agreement you signed up to.

For a £1000 PC the agreement would be something like this: https://www.pcspecialist.co.uk/finance-results/1000/

It says:

Deferred Period:
Nothing to pay for 12 months (If you pay off the remaining balance of £990.00 during this period no interest will be charged, however a one-off early settlement fee of £29.00 will apply).

Obviously you should check your paperwork/emails etc. for YOUR agreement.

 

[brub]

so depending on how much it is, the agreement differs ?

 

[brub]

because when I look through the application I cant see where it states what it is I'm meant to be paying, whether its monthly or if the 12 month thing is within effect

 

[steaky360]

so depending on how much it is, the agreement differs ?

Well your total amounts to pay etc. will differ... This will have been explained in the email(s) you must have already received from Hitachi.

You don't have anything to pay for 12 months, then you either need to pay off the whole amount and the £29 admin charge OR you start paying a monthly amount (which WILL be explained somewhere in your documentation) that includes the interest charges.

I believe, but can't confirm myself as I don't have finance with Hitachi that you can sign up to monitor/review/etc. your agreement with them. I'd look into that too as it should give you a easy way to keep on top of things.

On the example page (https://www.pcspecialist.co.uk/finance-results/1000/) it states:

PACKAGE DETAILS​

---

The 12 months "Buy Now Pay Later" finance option is a 60 month (5 year) finance package which will allow you to purchase a computer system now and begin making repayments 12 months after the dispatch date.

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.

If you have not settled the remaining balance during the first 12 months, monthly repayments will commence for 4 years and the total balance payable will include interest.

The Representative Annual Percentage Rate (APR) is fixed at 16.9% and would be payable monthly. The deposit for this finance option is 1% of the total amount (payable only by credit/debit card) on one of our systems, and for example on the system that you have just configured, the deposit would be £10.00.

There is no arrangement fee for the finance, but if you choose to settle your balance within the first 12 months a one-off early settlement fee of £29.00 will be charged.

In simple terms - the Buy Now Pay Later finance option allows you to purchase a computer now, and providing the remaining balance is paid within 12 months, the only charge for finance will be a £29.00 early settlement fee!

 

[brub]

yea, I received an email including prices although I'm not rlly the best at understanding what exactly its trying to state. it says the credit borrowed, a date when the credit agreement will end, and something about first monthly payment.

 

[steaky360]

yea, I received an email including prices although I'm not rlly the best at understanding what exactly its trying to state. it says the credit borrowed, a date when the credit agreement will end, and something about first monthly payment.

So what information do you think you're missing? I think that is everything you need to know ?

 

[brub]

OHHH so would the first monthly charge of been the deposite, and it also did state the £29 fee too i believe ? it mentions this fee if early settlement

 

[brub]

OK ok that now seems clear (´-ι_-｀)
so let's say in like 6 months I have the money in the right quantity, where do I make the payment?

 

[steaky360]

OK ok that now seems clear (´-ι_-｀)
so let's say in like 6 months I have the money in the right quantity, where do I make the payment?

That will be detailed in the agreement/paperwork somewhere - but essentially your agreement is with Hitachi so its them you need to pay, I am pretty sure you can do this via their website - I explained above I think you can set up an online account with them - I'd look into that.

 

[brub]

So what information do you think you're missing? I think that is everything you need to know ?

I was so worried because at the bottom it mentioned punishments if payments were missed, and it had me concerned over whether there would be monthly billing. I am sorry for using your time up like this

 

[brub]

That will be detailed in the agreement/paperwork somewhere - but essentially your agreement is with Hitachi so its them you need to pay, I am pretty sure you can do this via their website - I explained above I think you can set up an online account with them - I'd look into that.

and I only pay off the amount remaining including the 29 fee?

 

[steaky360]

No need to be sorry!

How much you pay depends on when you manage to pay it off, if you pay within the first year you won't pay any interest, if you don't then you will start paying interest.

 

[brub]

No need to be sorry!

How much you pay depends on when you manage to pay it off, if you pay within the first year you won't pay any interest, if you don't then you will start paying interest.

thanks a ton for the help brub!! as well as to the other guy too, big help (๑•̀ᄇ•́)و ✧

 

[brub]

ive just found the agreement!!! i was reading the wrong pdf sheet, YES its 12 months to pay without interest

now ill be onto figuring out how to sign up with their site