Harvey Norman's 24 month interest offer?

OK, This isn't a problem or a complaint (so it may be the wrong forum I'm posting in; if so, sorry).

Pretty much, i want to buy something from them, and I wouldn't mind taking part in this 24 month interest-free malarky.

I'm just pretty much looking for feedback (as i've never bought anything on Hire Purchase before, and I am not fully sure if Harvey's have any dodgy T&C's in their deal).

So has anyone gotten involved with them with this?


If i buy something (i'm gonna go for a TV) and its faulty or damaged, will they replace it as if i bought it normally? or will they kick up a fuss?

If i have the TV for three months, but have the money to buy it, can i just go ahead and pay all money owed off straight away? or will they charge me more € for doing that?


Just any general feedback from anyone who has done Hire purchase with Harvey's would be great. Thanks to anyone who can help out (im sure my questions are ridiculous, but as i say, i've never done the hire purchase thing. I usually just buy there and then and thats it, so im not sure of what to expect).


Thanks again


(Also, i didnt know what prefix to use for the thread, so... )

sedohre

You might get more answers or info from the "Consumer Issues" forum.?

AlmightyCushion

If anything goes wrong I imagine you'll be subject to their normal warranty procedure as if you paid for it up front.

sedohre

sedohre wrote: »

You might get more answers or info from the "Consumer Issues" forum.?

I actually had multiple tabs open, and thought i was posting it in Consumer Issues. Then i seen the prefix and got confused, but it never entered my head that i was posting in the wrong place.


Sorry to whichever mod had to move it; my bad.

wmpdd3

First of all get the model number of the television you want and research if you are getting the best price.

Usually you cannot pay off a hire purchase agreement early without penalty.

The deal can be interest free but there may be a documentation fee etc usually €100.

You will need your picture ID and a bill in your name to your address dated in the last 3 months.

I reccommend you don't rush in, go in get the model no. ask for details of the agreement, leave your ID at home so you can't be persueded to rush in to a sale. Expect them to try filling out the agreement and getting you to call in with your ID and pick up the telly later.

Also all these agreements have a 14 day cooling off period, this means in theory you can return the telly and cancel the agreement in that time.

the groutch

the annoying guy on the ad shouts "No Hooks, No Catches, Etc"



but at the end he says in a mumbly voice as fast as possible says "terms and conditions apply"

the fact they don't want you to hear that speaks for itself

jimmycrackcorm

I used the equivalent offer in another retailer before. I had the money but reckoned that it was better sitting in my savings account instead. They do catch a lot of people who imagine that they will save up the money over the period but them don't. If you are disciplined then it's great.

broker2008

I thought to actually get the tv one would have to waive the 14 day cooling off period ?

snappieT

Most in-store hire purchase agreements have a seperate section where you waive your right to cool off, allowing them to give the goods to you that day. Otherwise they'd just end up saying "ok, come back in 14 days then".

jor el

wmpdd3 wrote: »

The deal can be interest free but there may be a documentation fee etc usually €100.

Never heard of that one before.


Anyway, the credit will not be with HN, but a third part, such as HFC Bank. They seem to do most of the credit purchase programs for all the main players anyway. It's good, if you watch what you're doing. Often, the agreement will not pay the full price of what you're buying, in the 24 months interest free portion, but give you the option of continuing payments after this period. The interest charged at this point is usually in the order of 29.9%. To avoid this, you'll be given a period, by which the entire amount must be paid, or you'll be hit with interest.

If you miss a payment, or anything goes wrong and delays it, they'll immediately terminate all interest free options, and back date interest to the start of the credit period, at 29.9% APR.

I would avoid in future, having availed of it one time, as there is huge penalties if something goes wrong. You'd be better off paying the minuscule interest on a bank or credit union loan.

I don't want to get a loan off the Credit Union because i plan to hit them for a small fortune in September for a holiday and I've never dealt with banks before (and never intend to).

The back of the Drogheda Leader has a HN ad for the 24 months interest free promotion, and the Bottom of the ad reads like this:

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24 Months Interest Free*1

www.harveynorman.ie
terms and conditions apply, see in store for details.


*1 Typical example of Interest Free Credit for 24 Months: Cash price €1000, Amount of credit advanced €1000. You make 24 monthly payments of €41.67. Total amount repayable: €1000. Total cost of credit €0.00& APR Fixed. Minimum purchase: €500. Terms and conditions apply. Offer is subject to status and production of 2 forms of identification (such as a driving licence or passport and a utility bill). All applicants must be 18 years or over. A written quotation is available on request. Offer ends11th January 2009

---

---

I'll probably have to persecute one of the guys in the store before i get any official info.



EDIT:


Two other questions:


1. Out of curiousity, do D.I.D do Hire Purchase?

2. Is it just me or is Harveynorman.ie a completely useless website, with no info whatsoever on it?

whippet

I have actually availed of this offer in HN before .. just after moving in to a house and didn't have the cash on hand.

the finance is with a third party .. HFC or someone like that. They will set up a direct debit which will not pay off the finance over 24 months. You will have to talk to your bank to increase the payments.

We opted for paying off the balance at the end, but as we expected the finance company sent a letter giving two weeks notice of when the final payment was due .. however the postmark on the letter was about 4 days before the payment was due. If you don't pay on time the massive interest will be applicable.

What we did was get a draft (not a cheque) sent over by courier to their offices and obtain a signature so there was no way they could claim that the payment was never recieved.

After paying nothing in interest we then were bombarded with phone calls and letters from the finance company offering loans, credit facilities etc ...

If you are well organised and are sure you can pay it off in full over the 24 months go for it .. otherwise give it a wide berth !!

hill16dub

the price of the financing is built into the selling price, its a selling tool thats all.
If you have the money buy it outright if you believe the price is fair and cheaper than any where else.
If you pay all up front there are no hidden charges , the hidden charges are in the price. The documentation is to verify your address as effectively you are getting 24 months credit.

The bank mentioned lay off after about two months and you dont generally hear from them again. I used them 2 years ago in Harvey Normans and they appear fair, no annoying phone calls or post TBH.

REMEMBER
There is nothing free in this world its built into the price but ironically, need to check, the price could still be cheaper than elsewhere thanks to rip off ireland shops.

Tabitharose

HFC who did the finance agreements for Land of Leather, PC World, and Harvey Norman, have pulled out of Ireland a while ago - Laser Finance are the main ones providing this type of finance here now - there's a little bit of info on them on the Land of Leather website under the credit / payment details part

jor el

Deleted User wrote: »

1. Out of curiousity, do D.I.D do Hire Purchase?

This isn't hire purchase, and it's effectively nothing to do with the shop. You're getting a loan from a bank (was HFC Bank, but apparently not any more) to pay for the goods, and you then pay back that loan, with no interest. The interest gets applied if anything goes wrong, and you miss a payment.

Because the shop and bank are unlikely to break it down, here it is:

Say you buy a TV worth €1000, then this is your loan amount, put over 2 years. If you miss just one payment, at any time, then the interest is applied to the entire amount, for the 2 year period. This would amount to €687 interest, at 29.9%APR.

Can you guarantee that you will have the payment amount, each month, on time, for the next two years? Because if you can't and something changes with your circumstances, then you'll hardly be able to afford the extra €687.

Deleted User wrote: »

I've never dealt with banks before (and never intend to).

You will be, if you arrange finance. Also, because it's a loan you getting, you may not be approved. They'll do a credit search on you, and if they find nothing, then you have no proof that you are a good creditor, and they may refuse you anyway.

Does anyone have any clear info on paying it off earlier than 24 months? Will they look at that in a negative light and try to add interest?


Thanks for everyone's help so far. I appreciate it

Guy:Incognito

the groutch wrote: »

the annoying guy on the ad shouts "No Hooks, No Catches, Etc"



but at the end he says in a mumbly voice as fast as possible says "terms and conditions apply"

the fact they don't want you to hear that speaks for itself

Almost every ad I've heard where that line is required (it's a legal thing they have to put in) they say it as quick as possible to get it out of the way as every second the ad is on they are payign for it.

I've heard the HN ad and its said a little bit quicker than the talkign in the ad, which is quiick enough anyway, but it is by no means mumbled.

snappieT

Deleted User wrote: »

Does anyone have any clear info on paying it off earlier than 24 months? Will they look at that in a negative light and try to add interest?

There would probably be an "administration fee" or somesuch.

wmpdd3

Only credit union and variable rate loans from a bank can be paid of early without penalty,in my experience.

There will be some extra charge for paying off early ie before 24 months.

I'm not gonna bother doing it. Judging by this thread and people's past experiences, it all seems like one big trap.



I did ring harvey normans though. They put me through to a manager (eventually. I got trasferred three times) and he said that paying it off early wouldn't incur any penalties. He seemed to be making it up as he went along though, so im not sure.


Im just gonna get it elsewhere anyway. But im not saying where. thats my secret.


Anyway, Instead of making a whole new thread, what's Power City's return policy like? lol

projectmayhem

I think the problem with these finance deals with Harveys is there's a good chance they'll pull the plug on the Irish market soon, so check any clause in the agreement about what will happen if they do wander back to Australia...

Kimbot

projectmayhem wrote: »

I think the problem with these finance deals with Harveys is there's a good chance they'll pull the plug on the Irish market soon, so check any clause in the agreement about what will happen if they do wander back to Australia...

Even though HFC are gone it only means they are not taking on new customers and all customers that had loans with them are still paying as normal.

I would imagine this is the same with all these finance crowds.

ssmith6287

interest free means interest free. Harvey norman incurs the 16% penalty that would usually be interest. you can pay it off whenever you like. the banks dont loose out on interest, hence "interest free" , its not with hfc, its with creation. the same company DID, Sony Centre and PowerCity use, but they dont offer interest free options. You have a standard warranty like you do with all electrical goods. if you sign the cooling off period then you are not entitled to money back from harvey norman as you havent paid them anything, same as with any finance deal. you would have to deal with the third party i.e the owner of the machine, the finance company. why is there so much negativity about harvey norman, I work in the place as a lot of people on this know. Business is booming, all the latest computers and equipment that others dont have. not matching local rivals cos theres no need, weve netbooks and laptops kickin amazons ass.



any other questions on finance or any other "gimics" ?

dudara

ssmith6287 - why resurrect a thread that is nearly 11 months old? Unless you're making a relevant contribution to the consumer issue at hand, please do not drag up old threads.

dudara

ssmith6287

didnt realise it was that long ago but its relevant in the shape that im telling the truth whereas anyone else who mightve googled harvey norman would see this and believe lies. Sorry

BlueLepreachaun

Don't buy anything from them, no company should be rewarded for having ads that annoying.