Many retailers now offer pay weekly carpet schemes that allow customers to spread the cost of new carpets by paying in small regular installments rather than having to pay out a large amount of money upfront.
What the Agreement Looks Like
Most pay weekly agreements are offered over a 26 – 52 week period, during which you will pay a fixed weekly amount. This must be clearly set out in the agreement before you sign it and you should compare the total amount of repayment with the cash price of the carpet to see what extra the credit is costing you.
Deposits and First Payments
Some retailers may ask for a deposit to be made before they come and fit your carpets. This can vary from £20+ to £50+ and sometimes there’s no deposit at all. Always check with the retailer before they come to fit your carpets.
Credit Checks
Even pay weekly carpets are often offered without a credit check, because many people who are looking for pay weekly carpets have a thin or no credit history at all. However, some retailers do carry out credit checks before they offer a pay weekly carpet deal. It is worth asking beforehand to be sure.
Early Settlement
Check if you can pay off early and if there’s any charge for doing so. There is more on Pay Weekly Carpets at https://www.simplypayweekly.co.uk/pay-weekly-carpets.
Missed Payments
Missed payments should be chased with a reminder, possibly with a late fee added. If payments are still outstanding for long periods, this could affect your credit record. Check out the default process with any retailer and make sure you are aware of your rights under a consumer credit agreement, i.e. you will receive notice before any serious action is taken.
Going in with your eyes open as to the true cost and terms of any pay weekly carpet offer is far better than going in blind.
