Buy Now Pay Later lets you defer your payment for 12 months. That way you can get the use and value out of your purchases now, but pay for them at a later stage, to help you manage your budget.
A Minimum of 10% Deposit is required to qualify for the buy now pay later finance. It is important to note that use of this service incurs a £29 exit fee which is added to your total amount of credit, final balance can be settled at anytime in the 12 months deferral, or if more convenient you can pay it off in chunks over the 12 months at no extra charge.
Interest Rate: If you repay the balance of this plan in full before the end of the Buy Now, Pay Later deferred Period, no interest will be charged.
If you choose not to have pay off any remaining balance by the end of the 12 month period, the balance carries over to 48 Month repayment plan at the end of the Buy Now, Pay Later Period. Interest of 29.8% per annum (variable) will be back-dated to the date of the transaction. Any payments you make towards the balance before the end of the Buy Now, Pay Later Period will be taken into account when calculating the interest due.
This interest will be added to the Normal Plan at the end of the Buy Now Pay Later Period, and you will be asked to repay it, through your minimum repayment, over the 48 month period. (See Representative Example Below). Additional/increased monthly payments can be made to either reduce this term/decrease the monthly payment.