Paying off a loan - Affordability checks

[Gerry557]

I was going to purchase something but was offered 6 month interest free buy now pay later option. This also had the advantages of a.) giving me some credit history and b.) a quicker process time. So I took up the offer answered all the questions and accepted the loan.

Unfortunately registering online for the loan didnt work. I tried 3 times with their tech teams but they couldn't set me up. As I was going to pay the lump off in one go at the 6m point they said I could just phone and pay it.

So on Friday I tried to pay it off thinking it would be a simple case of ring up, giving loan reference, paying the total. Unfortunately that wanted to go through affordability checks and money laundering. I was sort of OK with the latter a simple moving the cash savings with you to pay it off, So its basically moving from one of your department to another but wondered what would happen if I said no I couldn't afford it or I would be left with nothing after paying it off. etc

Affordability at the point of taking it out sure but why when paying it off. This almost sounded like a mortgage application type thing. I wasn't prepared for this and didnt have the info to hand. It got quite silly at several points. Why are you trying to pay it off early? Err the due date is a Sunday and you are probably be closed. How many dependant? How much are your monthly outgoings? How much spare do you put in savings?

In the end I became quite sarcastic with some of my replies. I have a very valuable dog I could sell and Im going to win the euro lottery tomorrow. You have to pass all the questions I was told. Will you stop charging me interest if I can afforded it then I asked. I was pointed towards the terms and conditions. So I will be charged interest and that will cost me too much money so please just let me pay. In the end I asked to raise an official complaint that you wouldn't take my money and you were forcing me into interest payments by doing so. I said I have £10 monthly outgoings and £10K surplus every month. Where does that surplus income come from? Upheld formal complaints I replied.

He took my money but I wished Id said I was too poor to pay just to see what they would have said.