The majority of catalogues will offer by now pay later terms, this is mainly offered on high value items, or collective items over £50. Depending on the catalogue, terms and interest rates will vary. Some of the older more established catalogues such as Grattan and Littlewoods will still have payment books that can be used to pay off accounts at the Post Office or banks, but most newer ones will have online payment facilities for personal account holders.
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Some buy now pay later terms can delay any payments for up to 156 months with certain catalogues like Littlewoods for example, with this you can decide to pay in full with no interest or pay in instalments with interest added to the monthly payments after the delay period.
The buy now pay later scheme does rely on the consumer having a good credit record, for those with a less than perfect credit score there are other solutions such as Brighthouse, but the interest rate is very high and will also depend on references from 3 friends or relatives. The buy now pay later scheme is very popular giving people the chance to own expensive items with the ability to delay the payment, this is ideal for customers who may be moving into a new home, are expecting a new baby or are looking to own high priced computer goods or TVs.
Budgeting with buy now pay later deals can lead to payment problems, as many who intend to pay off in full with no interest penalties often end up paying in instalments at the end of the term. This can lead to high interest added payments that can go on for years after the goods have been purchased and will affect budgeting for a long time.