Help please on Buy Now Pay Later Credit

[darren.reading]

Hi

 

In June 2006, I took out a 6 month interest free Buy Now Pay Later credit agreement with Comet. It was for an LCD TV for £2,200.

 

Due to Comet's error, the application was not recorded correctly, and no credit agreement set up with GE.

 

In August 2007, I entered into an IVA. As no credit agreement had been entered into, I did not include this within my IVA proposal.

 

In September 2007, Comet realised that the agreement had not been set up correctly after an audit.

 

On seeking advice from CAB, I decided that the best thing to do was to agree to Comet that I would complete and sign a new credit agreement as they presented me with the proof that I purchased the TV but effectively had not paid and CAB informed me that they could legally chase this for 7 years. I informed Comet that I had entered into an IVA, and for that reason, I did not expect any credit score they would carry out to show me as a safe customer to grant £2,200 of credit to.

 

Nevertheless, they set up a credit agreement and the six months interest free and Buy Now Pay Later period is up. I now need to make the monthly payment of approximately £100.

 

As this was not included within my IVA proposal, I cannot afford to make this payment each month, as it was not included in my monthly budget.

 

My questions are as follows:

 

1. If I do not keep up to date with payments, the agreement will go into default. What right then, do GE have to reposess the television?

 

2. Assuming the same situation arises as above, what would be the view of the IVA company as it explicitly states in my IVA proposal that no further credit be taken out.

 

3. What is the likely outcome if I were to contact GE and explain the situation stating that I cannot afford to make the payments. Are they obliged in such a position of financial difficulty to do something with the exchange rate and accept reduced payments from me?

 

I am not looking to try and get out of paying this debt, I just want to find a way of reducing the burden on me and enter into a productive dialogue with GE on it.

 

Thanks in advance for your help.

[excel1]

Bump

[darren.reading]

What is 'Bump' meant to mean?

[vselym]

Bumping merely adds activity to a thread, and "bumps" you to page 1 again, so that more people get to see your thread, and then hopefully someone with detailed knowledge can advise

 

regards

 

vselym

[darren.reading]

Bump again then in the hope that someone may be able to offer some help or advice!

[vselym]

have you considered setting up a standing order for an amount you can reasonably afford