0% Interest Free Finance

A question about : 0% Interest Free Finance

Hi all,

I'm considering buying an engagement ring for my hopefully soon to be fiance and I think I have found one!

It is a bit pricey and I was hoping to do interest free credit over 3 years to pay it off with a 10% deposit up front on 0% intrerst free finance.

My situation on credit isn't fantastic, I've been accepted for mobile phones here and there but seem to fail quite a bit with a lot of other things. I checked my Noddle report which is showing as Poor -Very Poor (518), I also have a credit card which I pay on time each month but its not fully paid off. I'm also on the electoral role.

I guess my question is if I would fail on something like this? I've never done a finance option like this which is 0% interest on jewlerry and was wondering if decisions differ? I know 100% I can certainly pay it off and they are asking for things like bank statement, utility bills, etc. which I have.

Thanks in advance

Best answers:

• Your score doesn't matter, ignore it.
  What do you have in your history in terms of missed payments, defaults, CCJs?
• What is your debt to credit ratio?
  Annual salary?
  What is the amount you are looking to spend?
• 3 years to pay a ring off mate is just stupid
• Would your fiancee prefer this ring or to start out married life debt-free?
• For someone on Ј28k with only a small credit card debt, on electoral roll and no late payment markers or CCJs or defaults, something seems amiss that you were declined for finance on a TV (assuming the TV wasn't 10 grand or something silly).
  Check your Experian and Equifax files. Do you have any financial associates on your files?
  What 'notes' or pointers show on your Noddle file that they explain why they have given you a 'Poor' rating?
• So you do have defaults. That's the big red flag right there as to why you're being declined. Also being over your credit limit is a massive no-no.
  Why not clear your credit card balance and then save the Ј250 per month for 1 year? That way you don't have to worry about taking out finance unnecessarily and in any event, considering your file shows you have a default(s), I doubt you would be accepted regardless.
• the more you drip-feed information, the more it is looking unlikely you are going to get this finance.