Hi, this is my first post so be easy on me, lol. The situation I have is that today, I have been into SCS (sofa company) and took out a finance arrangement on a new sofa. I am getting married in July and told them that I was only looking today with no intention to buy. The guy then sat me and my fiancee down and told us that the instore finance package was pay nothing for 12 months and then 3 years interest free. A good idea we thought, but we then decided that we could wait until after the wedding and buy after july. The guy then said he was gonna do me a deal that he doesnt do very often. He offered us Pay nothing for 18 months and then 3 years interest free. Great! we thought and went into the finance arrangement. He told us that we had to take out a agreement in that we would have a plan that was pay nothing for 6 months and then 32 monthly payments of £132 at 24%. Now, the catch is that just before my 6 month period is up of paying nothing, he will then switch me over to the advertised store plan of pay nothing for 12 months and then 3 years interest free. Like a numpty, I signed up for the first plan.
I have since got home and am now having second thoughts as my mind is now in overdrive thinking "can u actually do this with finance arrangements". Is it like paying off a finance plan with another finance plan or is the rep talking out of his backside. I have 14 days to cancel the finance arrangement from today and thats why I'm posting on this forum to see if its eligible what he told me. The terms and conditions do say that there is no charge if I pay off the amount within the first six months (the pay nothing period of the first agreement) which leads me to thinking that we will pay off finance plan1 with finance plan2 (pay nothing for 12 months 3yrs interest free). I know u can do this with a bank loan (ie pay off a old loan with a new one) but wasnt sure if it extended out to finance plans.
Thanks for any help in advance.