hardware store

beaver111

i owe my hardware store money for goods i got off them and they are charging me interest of 3% on it is this legal there not a bank or credit company :rolleyes:

dudara

Yes it is legal.

Just like a bank or any other financial institute, they have extended you credit. They are entitled to levy a credit charge.

This should be laid out in the Terms and Conditions (usually on the back of an invoice). If it is not laid out somewhere, then you have a case.

For instance - taken from an Irish website

Overdue accounts will incur a credit charge of 1% per month overdue – this will be added to your statements and will be applied once account is more that 2 weeks overdue.

RangeR

beaver111 wrote: »

i owe my hardware store money for goods i got off them and they are charging me interest of 3% on it is this legal there not a bank or credit company :rolleyes:

Then why are you treating them like a credit company?

ejmaztec

Standard procedure in many businesses, and most of them could with with getting paid before the due dates these days, because the banks aren't being too helpful.

partyatmygaff

They are offering you credit, credit is never free and tbh you would have to be pretty naive not to expect being made pay interest on it.