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Littlewoods - refund of interest if paid early - furniture loan


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My Daughter purchased two sofas from them in June 2008 on extended terms of buy now pay June 2009 and then extended for two years. In effect three years to pay for them. The cash price was £499 and they tacked on £278 interest for the privilege of paying slowly. Yes I know, ridiculous but it was the only way she could afford the furniture.

 

Anyhow at the time it was explained to me that if she paid back in full before the end of the three year term that she would be able to reclaim some of her interest.

 

So she has been paying and I have also been paying a little (unknown to her) and it is now in the position that only £40 remains outstanding on a debt that didn't need to be cleared until June 2011.

 

I telephoned Littlewoods to ask who I would need to contact to reclaim the overpaid interest and surprise surprise they know nothing about it. It is not in their terms and conditions that they do this and they have recently upgraded them (made them less helpful to the consumer) since July this year and of course there is no mention there of reclaiming interest charges when paying up early.

 

I cannot find the agreement which was taken out at the time and so cannot prove that it did in fact mention this option to pay back early and have some interest refunded.

 

I have written to them asking for a copy of the agreement from 2008 but hold out little hope of getting it.

 

So can anyone help me with a copy of an agreement made at that time June 2008 or thereabouts. I obviously do not want to see the details which are pertinent and private to you, but I want the general T&Cs so that I can confirm that I am not insane and that it's worth fighting for some money back.

 

Any help will be most gratefully received

 

Lin

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have cca'ed them then?

 

they MUST hold a copy

 

dx

please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s -  would collapse overnight.

 

DCA's view debtors as suckers, marks and mugs - that's why they will never tell you they are not bailiffs and have absolutely zero legal powers on any debt.

 

 

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As mentioned in my post I did write to them asking for a copy, but I am not holding out too much hope that they will bother to respond, and even if they do, by that time I will have paid for the sofas and I can see them informing me I had x number of days to apply and that the time is up!

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write to them...?

 

they must hold it

if they don't then how can they demand money from you?

 

legally demand it via a cca request, then you can reclaim what is owed at a later date if anything is owed.

 

dx

please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s -  would collapse overnight.

 

DCA's view debtors as suckers, marks and mugs - that's why they will never tell you they are not bailiffs and have absolutely zero legal powers on any debt.

 

 

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You'll get very little help from Littlewoods. They'll do the minimum they can get away with, so you'll need to get quite heavy with them. Don't take any crap/excuses. They're getting a very bad and (well deserved) reputation for moving the goalposts/bending the rules to boundries of legality.

Good luck:-D

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shop direct are losers...! we defaulted through money problems and all they keep doing is sending letters adding charges ringing.. blabla. i am sending them the letter requesting copy of ORIGINAL agreement in order to see whether or not the debt is enforceble cos if it aint they can lick my toe ! x

:oops:customer is alwaze rite...... :p:confused:
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I finally got a phone call this morning. It appears I was right, their T&Cs at the time of the agreement were such that you got a rebate on the interest for paying off early. However, for paying off 6 months early they are offering me £5.84 rebate! I asked them to provide me with the proforma that they have used to calculate this life changing amount of money.... I await with interest, no pun intended, their answer

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Hi Lin,

 

From what you are describing then the purchase was 104 Weeks "Interest Bearing Credit" with 12 months "Buy Now Pay Later". To avoid interest the sofa would have to have been paid in full before the 12 months was up.

 

The way the price works is the original price agreed includes interest over 2 years (the 104 weeks) then you have interest for the 12 months added. If you pay with in the 12 months they will knock off all interest and do the cash price. The thing with Littlewoods over Very, is one is a fixed length product so you know it's x per week for y weeks rather than Very were it's a revolving credit like a credit card. If she didn't want to pay interest then 52 Weeks interest free @~£10 pw rather than the ~£7.5 pw for the 2 years payment term would probably be a better bet (or pick a sofa that was 208 weeks interest free, they are on the website).

 

Cheers

 

Fish

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  • 6 years later...

I purchased a computer may 2016 from littlewoods. The £2,200 price was spread over 104 weeks so total was £3,500!!!! Now march 2017 and I want to pay in FULL but they offer me no reduction in interest??? Is this leg?

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this thread is 7yrs old

please go start a new thread

of your own.

 

 

thread closed.

please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s -  would collapse overnight.

 

DCA's view debtors as suckers, marks and mugs - that's why they will never tell you they are not bailiffs and have absolutely zero legal powers on any debt.

 

 

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Share on other sites

Please note that this topic has not had any new posts for the last 1283 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

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