Overclockers Fianance - or other company

[original.wood]

Hi, I'm looking at splurging about a £1k on a new rig, excluding peripherals such as Monitor and Keyboard (I've got a new mouse, nothing exciting) and considering it would take me some time to save up, about 10 months, I thought about using OCUK's finance, and getting a BNPL 12 months offer, and use the money I would have used saving up, to pay off the finance and pay the £29 admin fee. If I went with the BNPL offer, I could afford better hardware than my theoretical £1k rig is at the minute.

is this a common? has anyone else used OCUK's finance and would you recommend it?

 

[monster_munch]

I looked into this LOADS recently. The OC options aren't good basically as massive interest.

I ended up getting a Barclays platinum credit card. 25 months no interest. bought the pc on that and paying it off at my own pace, as I can afford over 2 years.

 

[original.wood]

I looked into this LOADS recently. The OC options aren't good basically as massive interest.

I ended up getting a Barclays platinum credit card. 25 months no interest. bought the pc on that and paying it off at my own pace, as I can afford over 2 years.

yeh, but only massive interest if you don't pay it off after 12 months. I never considered the credit card, as...I don't have a credit card, never have. Could be a good one time purchase thing tho.

 

[Deleted member 66701]

I've used OCUK finance (provided by Hitachi finance) a few times and found it ok - no issues setting up or paying it off either (I always pay at the end of 12 months so no interest - just the £29 arrangement fee or whatever it is). Being retired/a student has never stopped me getting approved with them either.

 

[original.wood]

I think my wife would be more forgiving if I went with OCUK's finance options, rather than taking out the credit card, I think once you have the piece of plastic, it can be a slippery slope of debt, especially at this time for me right now, where we are looking at renovating and furnishing our first house.

 

[HungryHippos]

yeh, but only massive interest if you don't pay it off after 12 months. I never considered the credit card, as...I don't have a credit card, never have. Could be a good one time purchase thing tho.

Credit Card can be good for building some credit history, just don't go too crazy on it as you do have to pay it off.

I use my CC for pretty much everything, it offers better consumer protection on online purchases. I even get a little cashback through Amex, not princely sums but the initial cashback rates are good, I got back £200 odd last year.

Mine is set for Direct Debit and automatic maximum payments each month, so I treat it like a debit card. It's a good alternative payment option too.

 

[WantoN]

I think my wife would be more forgiving if I went with OCUK's finance options, rather than taking out the credit card, I think once you have the piece of plastic, it can be a slippery slope of debt, especially at this time for me right now, where we are looking at renovating and furnishing our first house.

For reference I only ever spend on my credit card, I have a direct debit set up to pay it off in full every month. I'd rather the money was making interest in my account, rather than theirs.

I've bought things like sofas on finance before, found it very painless. I'd be very happy to use the credit card method, or the finance method, if I couldn't afford my new gaming rig.

Repayments can be a yoke though, and if you lack self control debt is a destroyer.

EDIT: It seems i share the same mentality with the poster above

 

[HungryHippos]

For reference I only ever spend on my credit card, I have a direct debit set up to pay it off in full every month. I'd rather the money was making interest in my account, rather than theirs.

I've bought things like sofas on finance before, found it very painless. I'd be very happy to use the credit card method, or the finance method, if I couldn't afford my new gaming rig.

Repayments can be a yoke though, and if you lack self control debt is a destroyer.

EDIT: It seems i share the same mentality with the poster above

You must be a genius like me

It's the only sensible approach tbh. I've seen and heard of people going into stupid cc debt and I know it's something I want to avoid.

 

[Stealthploit]

Well you could always plan from before hand and save some money

 

[original.wood]

Well you could always plan from before hand and save some money

the problem I foresee with me saving up is, takes roughly 10 months to save up a decent amount (1-1.5k) then when it comes to biting the bullet, something new will be due to be released, so I will hold off until that new GPU/CPU is released. Where as if I bought on finance now, I could just get the rig that I would like right now, GTX 1070, i5 6600k and be done with it, and pay off £100 a month. then when the finance is up, 12 months time, I can stick another 1070 in there IF the games have become more thirsty in those 12 months.

 

[IvanDobskey]

Not worth getting into debt for a PC if you ask me.

Either save up some cash or pick up some bargains second hand on the members market.

 

[AdamScott85]

If you haven't got the money then save it up, don't use silly finance options.

 

[[Damien]]

I've used the finance option several times and it's worked for me. The main things to bear in mind though are:

Stick to your budget.
Pay it off before the 12mths interest free are up.
Do not forget about the interest free deadline.
Seriously, do not forget.
Put the cash aside well in advance of needing it.
Definitely never don't not remember to not forget to pay it off before the deadline hits.

 

[AdamScott85]

I have actually used the finance options myself 2 times in the past, but I learned to save up then. The only positive is, if you pay it back before the deadline you pay no interest.

 

[Jumper118]

if you can't save up £1000 then I worry for you. You should either get a cheaper machine that you can afford and upgrade it as you get more money or save up.

 

[original.wood]

if you can't save up £1000 then I worry for you. You should either get a cheaper machine that you can afford and upgrade it as you get more money or save up.

well, I've been saving up for a fair few months now to get a substantial deposit on our first house. Saving up £1000 wouldn't take a long time normally, (I've been putting £1k in savings every month out of my wage) however, as soon as the house sale goes through, I don't want to short of income, so would only be saving up £100 a month or like I said, paying off the finance agreement.

 

[HungryHippos]

well, I've been saving up for a fair few months now to get a substantial deposit on our first house. Saving up £1000 wouldn't take a long time normally, (I've been putting £1k in savings every month out of my wage) however, as soon as the house sale goes through, I don't want to short of income, so would only be saving up £100 a month or like I said, paying off the finance agreement.

Just get an interest free cc. Buy the pc on it, set to minimum payments and then cut it up so you can't use it for anything else.

 

[WantoN]

Well you could always plan from before hand and save some money

I save a not insubstantial amount every month.

I make use of interest free credit wherever possible, because it allows me to earn more interest.

I think some people are missing the point of using credit without interest?

 

[Jamesyboyjim]

Just get an interest free cc. Buy the pc on it, set to minimum payments and then cut it up so you can't use it for anything else.

Basically, this ^^.

I wouldn't cut the card up, in case you need to refer to it for online accounts or security verification over the phone but I would leave it in a drawer at home tucked away and certainly not in my wallet! Just set the DD to a fixed amount and let it run its course

 

[MooMoo444]

honestly, it's not worth getting in debt over a PC. Just save up for one.