You may have seen these "buy now pay later" deals on many websites, and most are with V12 finance (http://www.v12finance.com). This is all good, they charge you a £45 admin fee (rip off if you ask me), ok , give them that.
I e-mailed them as their FAQ states that as long as the balance owed is paid within, say 12 months if you have taken that deal, and the payment is a lump sum, you are ok, although their replied to me (after I asked them of course) stating that you can make repayments in different sums, so you could break a 12 month deal down to perhaps 10 payments, (just to be safe) you get charged 1.6% for each payment!!!
Now if you were to make 10 repayments, that's 16%!!! This is like interest as no way can I believe that a bank charges 1.6% of an amount being paid. This is not mentioned in their Consumer FAQ, it probably is in their terms and conditions of the contract when you sign it (which I haven't got), but to me this is very sly!
Would it be worth reporting this to trading standards? Anyone have any experience on this.
Sure the easy answer is "if you're not happy, don't bother with them", but that's a defeatist attitude. Wanted to get a large TV for the parents, wouldn't mind paying it off slowly without any interest if I can help it. Can't take another CC now.