Something for (almost) nothing.

[Gerontious]

Back at the end of June, soon after I got back from Italy, I learned of an interest free offer for a rather expensive item that I really wanted, 10% deposit and the balance to be paid over 5 years. Call it a gift to myself for my, at the time, upcoming landmark birthday and recompense for not being able to go away to Germany with Bungle and Bonio.

 

So, the item was ordered and arrived next day. obviously the loan was set up, credit checks made. bank details handed over and checked. direct debit agreed and signed for.

 

And since then... nothing.

 

Ive checked my bank statements and no payments have been taken. Im signed up with Experian and as far as the are concerned I only have 1 loan (for the Bike) and my credit rating remains perfect.

 

My usual policy is to take out these loans.. go for the most minimum monthly payment possible, so that in good months I can overpay. and in bad months the payment is neither here nor there. I tend to pay off loans very quickly. I reckoned this 5yr loan could be paid off in about 8 overpayments.. assuming no unforeseen bill. like the washing machine dying. so hopefully well before the holiday next year, in September.

 

Ive squirrelled away a bit of cash in case they come to me with a demand... But as far as I can see this loan doesn't exist.

 

Do you think Im right to just say nothing... carrying on waiting and seeing.

[Bender]

16 minutes ago, Gerontious said:

Back at the end of June, soon after I got back from Italy, I learned of an interest free offer for a rather expensive item that I really wanted, 10% deposit and the balance to be paid over 5 years. Call it a gift to myself for my, at the time, upcoming landmark birthday and recompense for not being able to go away to Germany with Bungle and Bonio.

 

So, the item was ordered and arrived next day. obviously the loan was set up, credit checks made. bank details handed over and checked. direct debit agreed and signed for.

 

And since then... nothing.

 

Ive checked my bank statements and no payments have been taken. Im signed up with Experian and as far as the are concerned I only have 1 loan (for the Bike) and my credit rating remains perfect.

 

My usual policy is to take out these loans.. go for the most minimum monthly payment possible, so that in good months I can overpay. and in bad months the payment is neither here nor there. I tend to pay off loans very quickly. I reckoned this 5yr loan could be paid off in about 8 overpayments.. assuming no unforeseen bill. like the washing machine dying. so hopefully well before the holiday next year, in September.

 

Ive squirrelled away a bit of cash in case they come to me with a demand... But as far as I can see this loan doesn't exist.

 

Do you think Im right to just say nothing... carrying on waiting and seeing.

Technically probably but morally dubious  

[husoi]

Setup a savings account and deposit the monthly payments.

If you ever get asked for the money you will have it ready and made a wee profit out of it.

If not you will have a good sum for some touring trip.

[Tiggie]

I would just keep the money to one side and see what happens. 

 

Not your fault if they haven't been taking payment and it's not really your responsibility to chase them up over it either 

[Gerontious]

Email today and first payment to be taken on 5th November, never seen anything like this before. such a long delay. end of June to start of November.

 

I can stop feeling guilty.