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interest free credit

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  • 20-08-2010 6:15pm
    #1
    angelmum
    Registered Users Posts: 200 ✭✭


    we took an interest free credit for kitchen appliances in soundstore last year. when we signed the contract they told us that we'll be charged an interest if we don't finish the payment in 1 year (contract is for 3 years)

    when we signed the contract we thought that the interest showing on it is the interest after a year as they gave us the 3 years contract being promised that the first year is interest free. we rang them to pay the balance so we won't get caught with interest but then found out that we're actually paying interest from day 1. now soundstore is telling us that we signed the wrong contract and saying wed on't have any right but to pay the interest. their saleslady where we made the agreement actually recognised as and knows that we're supposed to be on interest free for the first year. but the manager is telling us that there is little that he can do

    do we have any right with these. do they register this interest free advertisement on consumer office or other agencies as there is a big advertisement on their store when we made our purchase.

    please advise

    thanks and regards


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    #2
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    The finance is provided by a 3rd party, a bank essentially. The shop has no right or power to intervene in a contract that you entered with that bank.

    You will need to contact the financing bank to see what can be done. There may not be much you can do, since you signed a contract and have been paying the loan for a year now.


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    #3
    calex71
    Closed Accounts Posts: 13,126 ✭✭✭✭calex71


    Could be considered as the mis-selling of a financial product?

    How does it work regards the shop, surely by offering the credit even though that credit is with a 3rd party they are acting as an agent on behalf of that company in that respect?

    As said see how you get on with the company, but I would follow up with a complaint to regulator / ombudsman.


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    #4
    angelmum
    Registered Users Posts: 200 ✭✭angelmum


    thank you both for your reply. we did ring the 3rd party lender and told us that soundstore should sort this out as they only honor the contract provided by the store and if soundstore made a mistake they should sort it out. soundstore has been holding us up for more than a month now and still no definite answer. we just want to know if we have a stand on this.


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    #5
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    I'd recommend contacting the NCA about it first, and then maybe the Financial Regulator. They're the only two bodies that could give you a definitive answer on whether you or Soundstore are liable for the interest you've paid so far.


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    #6
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


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    #7
    angelmum
    Registered Users Posts: 200 ✭✭angelmum


    thank you all for your help. soundstore finally agreed to pay the interest and give us a check to pay for it. glad this is settled and will try to avoid this kind of interest free scheme and just pay in cash in the future


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