Moneyfacts Forum

The Everest salesman would have done this to get himself an extra commision for selling the account to you.

It is not that the product is bad it is exceptionally good.

I received a letter from Customer Services asking if we were satisfied, I sent an email explaining that whilst their product and fitters were very good their Customer Services were dire and attached the two letters I had sent which had received no reply.

I immediately received an apology and they said they have requested that the appropriate persons reply as a matter of urgency, I will update when I receive this.

Having used Anglian several years ago I don't remember them trying to sell me finance.

A tip from my boss he got local quotes then got Anglian to quote and they matched the price, which was a lot less than they usually charge.

Speaking to the fitters Everest and Anglian are very short of work at present so I am sure you will be able to drive a hard bargain, just refuse to even get into the conversation re Finance, especially the rubbish about double protection.

Check Everest website I am sure they were offering a discount if you book your apt online, also when they give you a price just take 50% off and tell them thats your starting point.

Yes well not everyone is an Accountant.

Regardless of your somewhat sarcastic comments not everyone is in the same position as you to work out the positives and negatives of a deal.

The discounts I obtained were because of booking the appointment online.

My best advice to you is to learn to spell and learn how to negotiate the cash price should always be the best deal.

As you know Everest salesmen are programmed to lie, I received no apology no correspondance at all. I paid by chque and the Barclays Finance account has not appeared on our Credit History - I checked.

Where the Salesman think you can make interest on savings which would offsett such a high APR is a mystery to me.

My suggestion to use is the following

1) When the work is done pay by cheque, they cannot activate the account without an additional signature

1)Write to the Managing Director of Everest and tell him if you do not get a satisfactory outcome you will report them and Barclays to the FSA. Ring them up for his name and send recorded delivery.

2) Report them to the FSA



Good Luck and let us know what happens.

Hello Sue781961 ~ we're in the same boat! The salesman convinced us that we'd be better off with the Everest Home Account, even though we've been saving for years and have the money available to pay for our conservatory and windows up front. He gave us a 12 month schedule which he claimed would ensure that the interest paid would be offset by the 10% cash back (received after 6 months, but only if the accelerated monthly payments were below a certain level) and interest received on keeping hold of our capital. Once the cash back is received his repayment schedule includes a couple of large lump sums to help clear the account and reduce the monthly interest. There is a balancing act between paying the minimum interest, getting the cashback, and not incurring penalties for early repayment (in fact there is a final penalty, but it's negligible since it's a proportion of the final outstanding sum. It sounds as if your salesman had a similar 12 month plan in mind.

We haven't yet activated our account and we're still hopeful that it's possible to manage the account in the way the salesman claims. If it's not, there'll be trouble!

ok let me see if i can help you cause you seem all up set i have looked it to this home account set up and worked it with help from the FSA and i will try to show you how you will be better off

ok they way everest sell is very smart so if you have something that cost 10k they give a discount if you use there finance of 10% so it would be 9k so there doc fee is now 110 so then you will have ballance of 9110 to pay so if you payed it over 24 moths you would have to make 24 of £474.08 what is a total £11377.92 but they do give you £900 cash back so you true net cost is £10477.92

so relly it has cost you 477.92 2 borrow the money over 2 years cause it a FCD discount what is approved from the FSA cause if you paied cash it would 10 k for the paying cash i know it seams mental but thats they way they do it

but there is a good pay even less money pay 21months of 474.08 and 0ne month of £205.19 cause if you take you cash and send it them as a lump payment it will take 2 and half months payments so it will cllear n 21 and half months and you pay back a total of 10160

so it gives you net cost 160 to borrow there money for 2 years what is a AIR 1%

and if you have savings you can get keep them investet say 3% and that will make you work £300 better off

also the APR will never come into play cause most people think the APR is the intrest you pay in a year but it is not cause if it was it would 2500 year in intrest so over the 2 yeas you would pay 5k in intrest and thats not the case

but the APR is something that really means if you defalt on payments they will charge it theballance every year and till the ballance is cleared but the way the in intrest on the home account works it 1.86% monthly added to the ballance what is payed every monet even if you pay it for 10 years it still is only 12% intrest i hope this helps you get your head around it

I went ti the FSA about ti cause i did not understand it and it was driving me mental but after me dealings and understanding of it all i found out everest are clean as a whistel

and it really is a good deal

of yeah how you work better off cause since they can prove it cost you 1% a year to borrow you money and you can invest money at 2-3% i tried to catch them out that way and it never worked hahahahah

LIke a few of you, the Everest Home Account and 10% cashback deal seemed too good to be true. We have the cash to pay it all off, but only with the discounts you get for taking out the account. Our salesman said this:

1. Let the monthly fixed payment direct debits be taken until you get the 10% cashback cheque (6 months)

2. Cash the cheque straightaway

3. Make a large lump sum payment, leaving no more than 1 month remaining to pay

4. The next direct debit will close the account, no early repayment fees.

I checked this out with a very helpful person at Barclays Finance, and they confirmed that provided the account is closed by a direct debit payment (i.e. do not make a final one-off payment yourself), then the account closes without any early payment fees.

One thing to add though - you'll be aware by now that for every day that goes by in that first 6 months, interest is accruing on the balance of the loan. If you can, as soon as you can, make that large lump sum payment, but not so large that account closes within the first 6 months. The quicker the balance is bought down, the less interest you accrued during the first 6 months, and the more chance you have of the 10% cashback covering (or exceeding) the total amount of interest you pay before the loan closes with the final direct debit.

With savings interest rates this low, it makes sense to throw the cash at the loan, rather than hang on to it, which I think is the point Hamish123 was making.

We've taken the plunge with Everest now, fingers crossed we get a quality outcome, both financially and for our home.

My Salesman lied to me repeatedly - three times in fact - indefensible as far as I am concerned and Everest did not give a damn when I complained.

Face facts all consumers want is a fair price and as you can only put 3600 pa in an Isa ??? your point is invalid most Isas were down to 1% before April 09.

Don't insult me I do figures for a living Everest should give their customers a written explanation showing the figures that apply to their particular deal so they don't have to explain it verbally without a personal illustration. Also why are you not FSA trained if your are selling finance - they are when you buy cars.

You will never convince me to use Everest again.

'If anyone out there wants an easy to understand clarification on their home account, reply to my post stating the home account order value.'

Yes I do please. The net order value is £3001 and a 20% advance deposit was paid of £600. How can I be better off using the Everest Home Account scheme by borrowing the remaining £2401 at 26.4% variable APR?

Many thanks. I wait with extreme anticipation!

The Everest account works well to finance a project as the work is ongoing (during which time no interest is charged). Without the account you will miss out on the 10% discount and will be required to make milestone payments as the project progresses.

However, you should pay back the whole loan once the project is complete before the first month's interest is added. Whether or not you do this with savings or take out a regular long-term loan you will be better-off. The rate of interest on the Home Account is very high particularly if you compare it to the rate you would get if you took out extra mortgage finance. Helpfully there are no early repayment charges on the account so it is never too late to simply take out a regular loan and pay the entire balance off.

Financially this approach makes sense but you should also consider the loss of control over payments to Everest. I had to sign-off on delivery of my conservatory (as opposed to it being erected and the interior completed). Once you sign-off Barclays will pay Everest and the clock is ticking to the first month's interest charge (30 days). Fortunately the build was straight forward and Everest did the work to a very high standard so I had no problems. If there were a dispute though I don't think you would have the option to withhold payment as your liability would be to Barclays not Everest. I can't see Barclays deferring interest charges until any snags with your building works are resolved.