This option offers you the option to defer payments for 12 months during which you have the choice to settle interest free by paying the amount borrowed. If you don’t settle by the end of the deferred period, interest will have accrued from the inception of the loan agreement and you can then repay by the monthly instalments.
Representative Example: Cash price of £10,000. No deposit. Total amount of credit £10,000.
If not settled in deferred period, 120 monthly payments of £141.12, 9.5% per annum. Total charge for credit £6934.40. Total amount repayable £16,934.40 Representative APR 9.9%