What is Advanced Credit?
Advanced credit used to be called Reserved Instalments – the idea is, you can pay for an item in periodic amounts and you’ll receive the item when the full balance is paid off.
How does it work?
Well, firstly you need to inform us that you want to reserve an item. Do this by contacting us, and we’ll discuss the next steps. You can reserve any item for order, or multiple if you like. Usually, we’ll require a deposit of at least £50, which will go straight to the value of the order, no interest is charged on it.
After 30 days, 10% of the remaining bill will be charged as interest. This charge will recur every 30 days, and is not refundable. If there’s no activity on your account for a month or so, we’ll contact you to ensure you still want the item.
We understand that not everyone is in the same financial situation, so don’t be afraid to contact us – we aim to be flexible for our customers.
What happens if I change my mind, or have to cancel for any other reason?
If you change your mind or need to cancel your credit for any reason, you’re entitled to do so. You’ll receive a full refund of your deposit and your periodic contributions, minus the interest we charge you every 30 days.
What happens if I lose my job or have some form of financial crisis?
Events like these simply cannot be covered adequately in a terms document. It’s important you contact us in situations like this, so we can work with you to determine and implement the best solution for everyone on a case-by-case basis. Here are some of the options we offer (but not all):
- If the situation is expected to last no longer than 3 months, a temporary hold can be placed on the account at our discretion. While held, an account accumulates no interest and is exempt from the standard inactivity rules. The hold is removed and the account subject to standard rules again as soon as any payment is made. If 3 months passes and you still can’t pay, your order will be cancelled and refunded minus the interest accumulated before the hold.
- The order can be immediately cancelled and refunded (minus interest).
- The order can be modified to reduce the bill
- Under special circumstances, other arrangements can be made at our discretion – such as removing future interest charges, counting past interest charges to the bill value, or anything else as per our decision on the case.
You do not own the item you’re paying for until the balance is paid in full, including any interest.
If there’s no activity on your credit for 90 days, it will be cancelled (except in extenuating circumstances) and you’ll be contacted to collect your refund.
We reserve the right to refuse to provide this service to anyone or cancel & refund an existing service, if we have reason to believe that we’re being mislead or the order is otherwise malicious.
When an interest charge is outstanding on your account, all payments will first be used to satisfy the interest charges, any remaining amount will then be deducted from your overall bill. For example, if you owe £100 toward an order plus £10 interest, if you were to pay £10, your interest would be paid in full for that period, which would leave the outstanding charge of the order itself unchanged.
It’s important to know that this means your overall bill will increase month-on-month if you don’t make the monthly interest charge! We’ll notify you if this happens.