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Original poster

To consider buying on interest free credit?

19 replies

Eeksteek · 23/07/2022 17:52

I almost never buy on credit. Not even my car. I do use a credit card for petrol and groceries to get points and Tesco vouchers, but I pay it in full every month and it’s limit is £350. I really, really don’t like credit.

But I’ve been waiting for a new sofa for what feels forever (been the ‘next’ thing I’m going to buy for at least five years, but we’ve just had one thing after another go wrong and nothing to spare) and it’s soooooo tempting to get one on credit. I’m selling a house I inherited as it’s not doing well, so I’ll have the money eventually and it’s not completely on the Never-Never, but it still feels wrong. Only I’ve waited such a long time and I’m so fed up being sensible and patient. But I’m very attached to (and possibly a touch smug about!) my lack of debt.

TL:DR I’m uncomfortable with consumer debt but I want things I can’t afford! 🤣😉🤣

OP posts:
gogohmm · 23/07/2022 17:55

Interest free credit is ok if you are disciplined and have a stable income. I've once bought a sofa using it, I'm like you but I got to the point of backache from mine hand me fine one

girlmom21 · 23/07/2022 17:56

I wouldn't. Particularly with something like a sofa. If it gets damaged or something in 3 years and you're on 5 years interest free, or you just fancy something new, you're stuck with the payments.

If you lose your job you don't want debt you need to pay every month.

Just wait til you have the money!

Startuplife · 23/07/2022 17:56

It’s fine if you can afford it. We had a DFS one a few years back that worked out to be about £20 a month which we didn’t even notice going out. Once we had lots of savings there was about £500 left on it so we just paid it off as a lump sum.

Fiveinthebed22 · 23/07/2022 18:09

That’s the only way we’ve ever been able to afford sofas, never had an issue with it

InFiveMins · 23/07/2022 18:09

I often buy items on interest-free credit, and have bought a sofa on interest free credit twice in the past.

I am not in debt and never have been, thankfully.

My current sofa was bought outright however I bought my previous sofa from sofology on interest free credit over 3 years and it was great, no problems.

TheGoogleMum · 23/07/2022 18:21

I often buy things this way, the fixed monthly payment is easier to budget for than save for for me. If you can afford the payments it shouldn't be a problem!

OnTheBoardwalk · 23/07/2022 18:30

Apart from my house my sofology sofa is the only debt I’ve got, I’ve not got an issue with it as it's 0%

I could afford to buy it outright if needed but at zero percent I’d rather keep the cash for other things

if something happened to it over the 4 years then i'd simply get it cleaned or put a throw over it

brighterthanaluckypenny · 23/07/2022 19:02

I wouldn't. You've said one thing after another always seems to go wrong and you never manage to put away any savings... so what is magically going to change by the end of your interest-free credit deal?

Things are generally getting more expensive, so if you can't find any spare cash now, you're going to struggle in the future to find the funds to pay up once the deal is over.

It's not worth that uncertainty for a thing you sit on.

Original poster
Eeksteek · 23/07/2022 19:10

InFiveMins · 23/07/2022 18:09

I often buy items on interest-free credit, and have bought a sofa on interest free credit twice in the past.

I am not in debt and never have been, thankfully.

My current sofa was bought outright however I bought my previous sofa from sofology on interest free credit over 3 years and it was great, no problems.

I think your definition of in debt must be different to mine. You must have been in debt if you bought on credit, surely?! (It doesn’t matter. I’m only puzzled, not judgy!)

OP posts:
Original poster
Eeksteek · 23/07/2022 19:12

girlmom21 · 23/07/2022 17:56

I wouldn't. Particularly with something like a sofa. If it gets damaged or something in 3 years and you're on 5 years interest free, or you just fancy something new, you're stuck with the payments.

If you lose your job you don't want debt you need to pay every month.

Just wait til you have the money!

Negative sofa equity!!! 🤣🤣🤣

You’re right, of course. Only I’ve been waiting forever (or so it seems)

OP posts:
Original poster
Eeksteek · 23/07/2022 19:17

brighterthanaluckypenny · 23/07/2022 19:02

I wouldn't. You've said one thing after another always seems to go wrong and you never manage to put away any savings... so what is magically going to change by the end of your interest-free credit deal?

Things are generally getting more expensive, so if you can't find any spare cash now, you're going to struggle in the future to find the funds to pay up once the deal is over.

It's not worth that uncertainty for a thing you sit on.

I’m selling a house. The darn thing has got to turn into money eventually, surely?! (This is me, though, anything could go wrong. At this point it wouldn’t surprise me if the bloody thing spontaneously combusted)

Inflation is a good point for credit, mind. I hadn’t thought of that.

OP posts:
Elphame · 23/07/2022 19:25

I'd do it if it really is 100% interest free credit with monthly payments that extinguish the loan by the final monthly payment and it'snot more than 24 months. Prices are only going up so if you need a new sofa it will cost you more in the future.

I did this a couple of years ago for a new iphone. Occasional credit agreements that you pay off on time are actually an excellent thing for your credit score. Ironically the less you need credit, the easier it is to get.

Swizandswap · 23/07/2022 19:27

If it's a largish ticket item like a sofa or washer, cooker. I always use my PayPal credit and choose 4-5 months interest free. I can usually afford the items ourltright, but it helps me buget and have usually paid it off within 2 - 3 months depending on my spend each month.

Just makes it a bit easier and I like the protection I get from PayPal I'd buying online. I have never lost a case against a seller if I have issues.

ChimChimeny · 23/07/2022 19:29

We.did and like PP.said it was about £20 a month so. Hardly noticeable.

also bought an Ikea kitchen on internet free credit, could have paid outright but I'd rather keep the money ib.my. Account longer than give it all to them in one go

Original poster
Eeksteek · 23/07/2022 19:30

gogohmm · 23/07/2022 17:55

Interest free credit is ok if you are disciplined and have a stable income. I've once bought a sofa using it, I'm like you but I got to the point of backache from mine hand me fine one

TBH I’m not very disciplined, nor do I have a stable job. But at this point I just don’t sit on it. The radiator doesn’t work so the room is cold (which is higher on my list to fix, of course) and the sofa is huge and I can’t sit on without needing my feet up. So I just don’t. I sit at the kitchen table or just go to bed.

It’ll take weeks to arrive though. I think ten is the absolute best I could hope for.

OP posts:
Elsiebear90 · 23/07/2022 19:31

I’ve bought a lot of things on interest free credit over the past few years, I also pay for larger purchases in three interest free installments as well, it’s never been an issue for me and has done wonders for my credit score which is excellent.

Thatsenoughnow · 23/07/2022 19:37

I would look for one secondhand before i would commit to credit. My mum picked up a lovely sofa barely used on Facebook for £40. The owner was moving and had no space in their new house for it.

ItsDinah · 23/07/2022 19:39

I'd wait until you sell the house. At the moment, the house is a potential liability which you have no savings to cover. I wouldn't take on another liability for something that you can manage without. Once the house sells. you may get a better deal for cash. It's certainly worthwhile looking for second-hand.

Original poster
Eeksteek · 23/07/2022 22:54

ItsDinah · 23/07/2022 19:39

I'd wait until you sell the house. At the moment, the house is a potential liability which you have no savings to cover. I wouldn't take on another liability for something that you can manage without. Once the house sells. you may get a better deal for cash. It's certainly worthwhile looking for second-hand.

I generally buy used. But I’m SO short that I need an adjustable headrest. Otherwise I can’t sit on them at all, as the headrest pushes my head forward in an awful slouch. (I’m 44 and have never bought a new sofa before in my whole life!)

I just feel like I’ve been managing without forever, and I’m over it. I was thinking if I ordered on credit, for delivery when the sale completes, then I could just pay it then. But knowing my luck sale would fall through! Damn thing has to sell eventually, though. I will have some savings, because I’m about to sell my camper to get us through (I don’t want to, but I’d rather take a hit on the camper than the house). I’m not sure a sofa ought to be my highest priority, but it will soften the blow a bit (I’m pretty broken up about selling the camper. But I can’t afford to use it, and it will mean I can afford to be more choosy about a house buyer, rather than taking the quickest offer. Covid has a lot to answer for, frankly.)

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