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Applying for finance for an Birthday gift

(16 Posts)
Choctiffin23 Sat 11-Nov-17 13:48:22

Hello

Just some advice really.

I've been saving super hard over the last few months for a xmas/ bday gift for my DP.

On the 1st of Dec when I get my next pay I will have enough money to buy the gift. He's been talking about it for the last two years and I've been really excited about buying it.

The item (it's a watch) will be a joint bday and xmas gift as his bday is super close to xmas.

I've been in touch with the watch company just asking general questions about it. They also happened to mention (at the time I didn't think anything of it) that the watch is something which sells out often and they can't guarantee it'll be available.

I now understand why they said that. I noticed today (probably because of Christmas) they now do a finance option on it. This option was never there before which is why I took their 'sold out' comment so lightly.

On the 1st December I would easily be able to buy it. But now that there is a finance option and taking their comments into consideration I fear the watch may sell out before I am able to pay for it fully. Which would be seriously heartbreaking for me because I've planned the whole thing for months.

It's 0% interest and you pay it over the course of six months with a 20% deposit. I'm currently £160s away from being able to buy it in one go. Do deposit and first months oayment is not a problem.

My dilemma is that we don't buy gifts on finance. We don't buy anything on finance apart from our cars. The rule we have is, if we can't afford it and it's not a necessity then don't take finance on it. And truth be told I've never taken finance or credit cards out ever. I don't understand them and I guess I've never had to. I've just always saved up for things.

Because this is a super special gift, I can't ask him for his advice on it which is why I'm coming to you with the WWYD?

I understand a lot of people will have taken finance out for many things and probably seems like a silly dilemma but because I've never had to take finance out for gifts I feel a bit uncomfortable because it's a new thing to do it alone. ( like I've mentioned we take finance out in our cars but that was done together with discussion)

I'd be annoyed if the watch sold out just because a lot of planning and saving up has gone into getting it.

If he found out I took finance on it he would say 'why have you done that?' but if I explained the situation to him (should he ask at xmas/ birthday) and said I can pay it off now if I wanted to because I have the money he would understand. I just feel really awkward about it. It's probably because I've not had to make a lone financial decision for years so I'm a bit uneasy about it.

Also any advice on what happens when you choose to go take finance out on something? Is it a few clicks of buttons or do I have to sign paperwork. If I have to sign things and send it off I would probably just take the risk of waiting until December.

Thank you in advance !

MrsOverTheRoad Sat 11-Nov-17 14:31:42

Don't take out finance. They probably just tell people that about it selling out as a way of hooking people.

Many people THINK about big purchases like this but ultimately don't make them.

Ignore the scare tactics. IF they did sell out....present him with a receipt for the purchase...they will let you buy one till' they come in again.

What's the brand?

loobylou10 Sat 11-Nov-17 14:35:05

Why not take out finance if it’s interest free? The money is better in your account than theirs. I don’t understand the issue.

Penguin27 Sat 11-Nov-17 14:38:59

Take out the finance next week. You can cancel it within 14 days without penalty. Then just pay the jewellers in full using your cash.

Squarerouteofsquirrel Sat 11-Nov-17 14:44:55

Can you not just put a deposit down and pay the balance when you've finished saving ?

ClashCityRocker Sat 11-Nov-17 14:52:33

Yes, take the finance now to reserve the watch and then pay it off as soon as you have the cash.

Or pay most of it off now and the final bit when you get paid.

Choctiffin23 Sat 11-Nov-17 14:55:15

Thank you for your responses!

Before I tell you the brand, please understand that this is an xmas + bday present and has taken months of saving so I am not boasting. Also, he works so hard and never buys himself anything special. Money always goes to house and kids first and then kids again for any interests or hobbies they have.

It's Christopher Ward. (I know you've never heard of it! It's advertised in car magazines he buys)

Loobylou - it's not much of an issue to most but for me it's something that's new therefore feel uneasy about it. The issue being we've always made joint financial decisions, so to be making one without him for me is a bit nerve wracking. Especially when it's a gift and not a necessity.

Good advice penguin. I never thought of that. I didn't even think that was something that happened.

And squirrel I genuinely thought of that as an option but didn't explore it because I assumed they would do it. But I'm going to email them because that option is the best one for me.

Thank you so much!

Choctiffin23 Sat 11-Nov-17 14:57:23

Thanks clashcity rocker for your input too.

If the first option of giving them a deposit directly doesn't work then I will explore the finance option but pay it off in full as soon as December hits.

Can you pay off finance early ?

loobylou10 Sat 11-Nov-17 15:07:10

Generally you can pay off early yes. Sorry didn’t mean to sound sharp but at 0% it’s a no brainer to me. Get the watch, pay in instalments - you have the money available (and will have the rest before you need it) so you’re not getting into debt, just buying more sensibly imo.

pinkblink Sat 11-Nov-17 15:09:39

Which one was it you wanted, there's 15% off one particular one today on their website

Margomyhero Sat 11-Nov-17 15:49:54

If you are going to worry over it for the next few weeks until you have the money in your hand - then yes, take it now on the finance. You aren't paying any more if it is 0% interest. Just ensure that you pay it off and the money doesn't get used up elsewhere leaving you owing.

Nice watches btw - not heard of that brand before.

Justbookedasummmerholiday Sat 11-Nov-17 20:20:36

Sorry but I think you run the risk of the shine being taken off when he finds out about the finance of that's an agreement you both made.
The watch would be a reminder of a tiff not of a lovely thought.
My exh took out a catalogue against our agreement and got me a new phone - before he spent 1k on himself. I gave him the phone back. Not exactly the same situation granted but you are still breaking your word.

hendricksyousay Sat 11-Nov-17 20:25:55

Can’t you just put the £165 on your credit card and pay it off when it comes in which will be around xmas and pay the rest upfront ? If you share a credit card then Just take out a new one or use the O% for the £165 only .

MrsTerryPratchett Sat 11-Nov-17 20:29:32

Have you had a look at second hand? But then DH like vintage watchesz

Whatififall Sat 11-Nov-17 20:30:17

I would pay a deposit, get the finance then just pay it off in full when you have the remaining money.
That way you don't have to worry about it selling out and by paying it off straight away it takes away the worry of having something on finance.

Wandastartup Sat 11-Nov-17 20:36:22

My husband got one for his 40th. He loves it(not related to finance answer)

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