Jessops taken away interest free finance

bobman

bobman

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What a bummer

I have been contemplating buying a 70-200mm Nikon lens for a while now and when I went to check local stock it appears the 6 and 10months interest free options have been removed.

It turn out they now only offer 12 months @ 14.9% which is not very competitive, oh well all good things must come to an end, especially in this economic climate.

I Will have to revert back to the piggy bank and find a better hiding place from the missus:(
 
bobman said:
What a bummer

I have been contemplating buying a 70-200mm Nikon lens for a while now and when I went to check local stock it appears the 6 and 10months interest free options have been removed.

It turn out they now only offer 12 months @ 14.9% which is not very competitive, oh well all good things must come to an end, especially in this economic climate.

I Will have to revert back to the piggy bank and find a better hiding place from the missus:(
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Damn , I was also thinking of buying 70-200.

I think there are other zero APRs available.

Wonder why they stopped??

Cheers.
 
Drat. That's my cunning upgrade plan to an A65 ruined!
 
Some Jessops voucher codes HERE though!
 
posiview said:
Wonder why they stopped??
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Costing them more to provide the 0% credit than the gross margin on the goods that they were selling on that credit? (or at least that the net margin was so reduced that it wasn't worth doing)
 
I suspect Jessops are struggling nowadays and just can't afford interest free finance.
Aren't they mostly owned by the bank anyway?

They used to be quite a decent photography shop some years ago... how things change...
 
Bill Roberts said:
I suspect Jessops are struggling nowadays and just can't afford interest free finance.
...
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I'm pretty sure Jessops have never offered their own finance, I think it was underwritten by one of the major banks in the past (Barclays?), and now seems to be a company called v12 Finance.
 
I had a 70-200 on their interest free, the finance was actually subbed to a company called clode finance.
 
get a 0% credit card and buy it on that - sorted.
 
Dave1 said:
I'm pretty sure Jessops have never offered their own finance, I think it was underwritten by one of the major banks in the past (Barclays?), and now seems to be a company called v12 Finance.
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It always cost Jessops to offer "free finance" (no such thing as free finance, someone, somewhere is always paying for it - either the seller or the buyer).
 
Alastair said:
It always cost Jessops to offer "free finance" (no such thing as free finance, someone, somewhere is always paying for it - either the seller or the buyer).
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It generally costs the buyer, I know under the old Barclays scheme there was a "admin fee" of £29 paid by the buyer to Barclays, they would pay Jessops for the item in full (less a few % equivalent of the CC processing fee).

The finance provider works on the assumption of a percentage of customers not settling the debt in the 0% period and so being able to slam them with interest from the day of sale.
 
The old Trinity/Lombard system had the retailer pay a fee to the credit provider and the buyer paid the ticket price on the goods. I used to use it a lot when I worked in an electrical retailer (that's going back 15 years mind). The instant credit schemes were so basic I'm amazed anyone stayed in business providing credit. I once sold an item on instant credit to a "dead" guy. But, I'd followed the guidelines of the credit provider to the letter and we got paid for it!

I didn't think you could legally charge the buyer anything (including an admin fee) and still call it free credit? If you have to pay more to buy an item on credit than for cash, it can't be interest free.
 
Alastair said:
I didn't think you could legally charge the buyer anything (including an admin fee) and still call it free credit? If you have to pay more to buy an item on credit than for cash, it can't be interest free.
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Barclays still charge a fee on it, a quick search finds this in their FAQs.

0% Finance over 12 months with Barclays partner finance.
So how much interest will you pay?
NO interest is charged when you repay the cash price within the BUY NOW PAY LATER period, you will pay the cash price + a £29 settlement fee at the end of the 12 month period.
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I work in Jessops, and as mentioned before it was just down to the fact that it ended up costing us too much on the 0%.
 
bobman said:
What a bummer

I have been contemplating buying a 70-200mm Nikon lens for a while now and when I went to check local stock it appears the 6 and 10months interest free options have been removed.

It turn out they now only offer 12 months @ 14.9% which is not very competitive, oh well all good things must come to an end, especially in this economic climate.

I Will have to revert back to the piggy bank and find a better hiding place from the missus:(
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If it's Nikon you're after it's worth trying Grays of Westminster for 6 months 0% on new and secondhand, although prices are sometimes not that keen.

http://www.graysofwestminster.co.uk/products/finance.php
 
kerragy said:
They still seem to offer it if you dig around on their website.

http://www.jessops.com/Home/ContactForm.aspx?dest=30

Wex offer interest free (subject to a £29 "registration fee")
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Hmmm, suggests that they want to 'feel out' potential customers or convince them try other finance options.

I've bought 2 lens from them on 0% so if risk is a factor one would have thought they'd still offer it to good payers...:thinking:

Cheers.
 
kitkannan said:
I work in Jessops, and as mentioned before it was just down to the fact that it ended up costing us too much on the 0%.
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I was told by a Jessops employee that this was not the case and that the finance was withdrawn by the credit provider. i.e it was not Jessops decision.
 
Soda Farl said:
I was told by a Jessops employee that this was not the case and that the finance was withdrawn by the credit provider. i.e it was not Jessops decision.
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Far more likely, it was always the case that Jessops simply acted as an agent to the credit provider, it costs them almost nothing to provide (probably no more than the banks charge to process CC transactions) but if the provider decides that Jessops are not performing satisfactorily and pulls it there is nothing Jessops can do about it.
 
Jessops are offering 10 months 0% interest free for a limited time on Canon lenses only for a limited time, I saw this offer in the Birmingham store.
 
Have anyone use the new jessops finance? Can you do it in store or you have to do it online? Is the process fast now? because in the pass you have to print and sign the agreement and send it back by post but then it takes ages to complete the process ....
 
To be fair to them, when I looked at the interest free offer, it was stated that it was only for a limited period
 
The process is all online now no paperwork at all or you can do it in store, its a much quicker process these days!
 
mattR said:
The process is all online now no paperwork at all or you can do it in store, its a much quicker process these days!
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thats good, i may pop in this weekend to check out what they got. I remember i had the same deal last year when buying my D7000 it takes forever to process because everything is by post .......
 
I got an email yesterday saying Clifton cameras were doing 0% on DSLRs
 
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