Understanding This

[jennyjoan]

Have bought a steamer and without going into too much - ordered it on the phone. Have received it there now and a note saying how much it is etc. I will write a cheque but what does it mean in the note

"the total amount to pay is xxxxx. you currently have £264 left to spend. your buying power will increase upon receipt of payments as requested on your monthly statement."

With this company this would be my only second order - so what are they talking about re £264. Thanks

[factor-fiction]

It looks like the amount of credit you can use if you wish to do so

[2sp_]

It sounds like you have a credit limit with this company.

After buying this steamer (but not yet paying for it), you can order goods up to the value of £264. After you pay for the steamer, your credit limit will be increased.

[Amphilogiai]

Sounds as if they have opened you a 'Credit Account' jennyjoan

[craft1948]

They have opened a credit account for you..........

[jennyjoan]

how kind of them - will ignore and just pay for item with cheque. Now, I will be inundated with catalogues as they have just enclosed one.

[Retrochic]

They've given you credit up to a certain amount -this credit is your 'buying power' but you don't have to use it, its a marketing tool to try and get you to buy more stuff. Once you've paid off your purchase of the steamer then your 'buying power' (credit) will increase. So if they gave you credit of £500 and the item you purchased was £246 then you would have £264 left 'to spend' (credit). If you then paid off only £100 of the original cost of the steamer -or the amount agreed on your monthly statement -then your credit would increase to £364

[jennyjoan]

LOL Retrochic - never was good at maths/economics.

I am a pay as you go person.

[black_cat51]

lol retrochic's maths isn't all that great in that example either :)

[jennyjoan]

It does say - you will receive an invoice stating how to pay. Now is it okay for me to pay before I receive that invoice. Like to get bills out of the way.

[factor-fiction]

Yes, but there is a risk that the invoice may go out before your payment is received and processed.

[jennyjoan]

And FF - what problem would there be.

[factor-fiction]

No problem, but if you like to be sure your account is clear you will have to wait until you get a statement a month later

[jennyjoan]

thanks FF and to every one else.

[EcclesCake]

The invoice may come with a pre addressed envelope to ensure prompt delivery.

The invoice will also clearly state if you should annotate the reverse of the cheque with an invoice or account number.

[jennyjoan]

i have annotated the cheque with my name and address and account number - will send it off asap.

[EcclesCake]

Yes but is it what they want on the rear of the cheque and how do you know you have addressed it to the right department, their accounts dept may be at a different address.

You could have added an unnecessary delay to the payment by not waiting for the invoice,

[jennyjoan]

right, am convinced - will wait for the invoice.

[jennyjoan]

Eccles - come to think of it - their accounts dept is in a different area as when I purchased on the phone - I wanted to pay for it there and then and she wanted to give me another number to pay for it but as it was difficult enough for me to purchase/hear her I didn't bother taking the number down. So deffo I will wait.

[anneasquith]

happy steaming conn :)