Published on July 20th, 2016 | by FinanceLoophole1
Can’t Pay Buy As You View (BAYV) Bills
There are an increasing number of people turning to rent to own / hire purchase companies like Buy As You View (BAYV). This is primarily because of the harsh financial climate which presently exists in the UK which has increased the amount of stress on household and personal finances. There is no surprise with Buy As You View’s 69.5% APR interest rates, that we see people come to us in increasing numbers who tell us that they can’t pay their bills any more.
If you have found yourself in this very difficult situation and you are finding it hard or impossible to make your Buy As You View repayments on time and they are threatening to repossess your goods then don’t panic – you are not alone – we can help.
To help you out we have gathered together some useful information that will help you get out of debt with Buy As You View quickly and at a rate which is affordable for you.
Beware Buy As You View Costs Can Be Very High
It won’t be much consolation to you and I’m sure you are well aware of how much you have to pay to Buy As You View to buy something from them. Buy As You View are actually a loans company front which is owned by Dunraven Finance. They offer their products on a hire purchase basis at high interest rates of 68.9% which is charged on a weekly basis via their TV installed meters. Until you have made the last payment then they still own the goods they have supplied and can repossess them.
As an example of how much you can expect to pay for a £369 washing machine (our example Beko Machine could incidentally be bought in many places for over £100 less!). If you opt for the 3 year repayment option it will cost you £737.88 – you need to add their insurance onto this if you do not have your own (which must also cover hire purchase goods) and their care package – can add up to £374 to your purchase making a grand total of £1112 for a £260 washing machine.
Our advice – Avoid these jokers at all cost they are simply too expensive. Look for cheaper alternatives and try and save up to buy outright instead as it will save you a lot of money.
What To Do If You Can’t Pay Buy As You View / Dunraven Finance Debt
It goes without saying that you should make every effort to pay Buy As You View the minimum payment on time. If you do not make your payments on time they will send you a notice to tell you they will restrict your TV access.
When you took out your credit agreement with Buy As You View you probably did not expect to have any problems paying them back and did not expect to miss any of your payment dates. But things don’t always go to plan and your financial circumstances are likely to changed – sometimes not always for the best. As a result you may have missed a payment and then you get landed with a surprise charge which will make it more difficult for you to pay off the catalogue debt.
If you think you are going to have a problem making the minimum payment on the due date you should contact their accounts department on 0333 777 3208 (Monday to Friday between 8am and 8pm and Saturdays from 8am to 4pm) and explain the situation (03 numbers are charged at the same price as if you were calling an 01 or 02 landline – including from mobiles). Alternatively you can email them on firstname.lastname@example.org
We think that Buy As You View should give a free number for its customer support, particularly for those who are already finding it difficult to pay off their debts in the first place. The last thing they need is to add the extra cost of the phone calls to their debt.
If you cannot sort out your payment problems with BAYV as you simply cannot afford to repay them and you do not want to return the good (who can blame you as you have probably already paid well over the ticket price in any case). We recommend that you contact a reputable debt management service who can help you out – get help now.
Dealing With A Debt Collection Agency
If you do not pay off your debt and refuse are unable to make repayments your debt with Buy as You View (Dunraven Finance) may be sold on to a debt collection agency. If this does happen the Debt Collection Agency may ask you to fill in an Income and Expenditure statement to show them what you can afford to offer to pay off the debt. Its always best to make an effort to repay at least a little of your debt – but only what you can afford – they won’t be able to do anything to you except harass you. This can clearly be uncomfortable for you – an alternative could be to use an independent debt management company to manage your Buy as You View debt. They will deal directly with any debt collection agency so that you do not have to be harassed by them! We have worked closely with BrightDebt who provide debt management services they should be able to help you out – get help now.
Buy Now Pay Later Debt Management Plan (DMP)
A DMP is an informal arrangement between your creditors (who you owe money to) and yourself so that you can make reduced repayments to pay off your debt. Your creditors are much more likely to accept any reduced repayment if the plan is set up by a reputable debt management company such as Bright Debt Solutions. This is more than likely to be the most suitable way forward for most people with debts with Buy as You View (Dunraven Finance) debt.
Advantages of a Buy as You View DMP
- one affordable repayment to your debt each month
- Instant help and support throughout your DMP
- pay off debt at a rate you can afford
Write Of Your Buy as You View Debt
If you have limited assets you also have the option to take out a Debt Relief Order (DRO).
A DRO is used by people who have only got a few assets and a relatively low level of debt. To be eligible for a DRO your total debt must be less than £15,000, and you must have less than £300 in assets (your car if you have one must be worth less than £1,000) AND you need to have less than £50 surplus income at the end of each month (after you have paid all of your bills).
DRO’s can be a cheaper alternative to a bankruptcy, however it will still cost you £90 to set it up and you need to live in England, Northern Ireland or Wales. If you live in Scotland there are different rules which apply see debt advice in Scotland for more information on options which are available to you.
A DRO can be used only for a “qualifying debts”. Any debts which qualify for a DRO will be written off 12 months after your DRO has been approved and can include any of the following:
- Items bought on finance, including anything bought on a buy-now-pay-later agreement Buy as You View
- Consumer debts such as credit cards, payday loans, overdraft, catalogues or store cards
- Benefit over-payments (not if fraudulently acquired)
- Arrears of rent, gas, electric, telephone and council tax
- Hire purchase or conditional sale agreements
- Loans from your family or friends
Compensation To Be Paid To 59,000 Customers Of Buy as You View
Finance watchdog, the Financial Conduct Authority (FCA), has raised concern about practices which obscure fees and how they treat customers in arrears.
They have also queried the way its customers were given payment meters which restricted access to TVs.
Dunraven Finance trading under the name of Buy as You View will pay £939,000 in compensation to its customers because of its poor practices which do not meet the high standards required by the FCA.
Dunraven Finance will pay nearly £16 back per customer (on average) by adjusting bills or in cash payments.
The company has had to change its policy of restricting access to the customer’s television if payments are missed. Instead it will issue a payment default notice no less than 14 days before any TV restrictions are imposed.
The FCA is also conducting a review of customers of Dunraven Finance who were offered more credit than they should have been to meet FCA loan affordability rules.
The repayments date back to 2001 and primarily apply to excess charges applied primarily due to defaults on direct debit payments.
The FCA, said: “It is important that firms meet our standards, including carrying out proper creditworthiness assessment and making sure that those in difficulty are treated fairly.
You can find our more on their website at https://www.bayv.co.uk/help/faq
What fees are going to be compensated because they were not clearly laid out in your credit agreement:
- Unpaid Direct Debit fees applied between 2001 and 2015 (when they stopped charging these fees)
- ‘Fresh Start Refinance’ administration fees applied between November 2012 and March 2014 (when they stopped charging these fees)
Complaints About Buy As You View
If you think you have a complaint about how Pay As You View have treated you then you should make a complaint to them – in the first instance you should contact their customer support team in writing at:
Customer Service Department
Buy As You View
Bridgend Industrial Estate
They should then respond to you in a timely fashion and meet the FCA rules for complaints –
- They should deal with your complaint fairly, confidentially and effectively.
- Respond to you within 24 hours. If this isn’t possible, we will write to you within 5 working days.
- Keep you up-to-date on progress made. If they need more time to investigate, they should send you an update within 4 weeks.
If you are still not satisfied with their response to your complaint takes more than 8 weeks to resolve, you should take your case to the Financial Ombudsman Service. You should make your complaint to them within 6 months of BAYV’s final response letter to you.
You can also post your complaint to their twitter or Facebook @BuyAsYouView (we have found that this can resolve complaints much more quickly than conventional postal complaints)
Submit your review
I would rate them lower if I could - not happy with them at all. Poor customer support and no help when I found it difficult to pay my weekly payment.