Yes, spreading the cost of a bed can be very cost effective but it’s important to check the agreement that you sign for a pay monthly bed.
Read the Credit Agreement Carefully
Hire purchase agreements are commonly used for pay monthly bed sales. These are regulated by law and you should check the key terms before signing. Further information about hire purchase agreements and your rights as a borrower can be found on the Citizens Advice website.
Check the Total Cost, Not Just the Monthly Figure
Make sure you add all payments up and compare this to the cash price of the bed, even if the monthly repayments seem low. Some agreements can include a long repayment period of greater than 12 months to keep payments low.
Confirm Bed and Mattress Standards
Will the mattress be to UK flammability regulations and will there be a choice of firmness and sizes? It’s rare that you can change your mind on this type of product once you’ve placed your order.
Ask About Delivery and Setup
Find out whether the retailer will set up your new bed and whether they will collect your old one. Check if there is a charge for these services and ensure that all details are written down before you agree.
Understand Early Settlement and Returns
Find out what it will cost to pay off the bed early and whether there is a cooling off period.
There is more on Pay Monthly Beds Bristol at https://www.simplypayweekly.co.uk/pay-monthly-beds/bristol/.
It is easy to spend a few minutes checking a contract for potential pitfalls to avoid entering into an expensive agreement.
