buying a horse on a credit card

soulfull

soulfull

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I've seen adverts that people can do this? Odd
but while I would never go into debt for a horse I wondered what if any protection you could have from card company
 
A dealer I used to work for offered credit card payments and also payment plans, a contract was drawn up and after an initial payment the horse was essentially yours and was clearly stated that if your failed to keep up with monthly payments the horse would be collected and any money paid to that point would be lost. Was very popular. However these were not what I would regard as hugely expensive horses (1-3K) and of questionable quality (one of the reasons I left). Some of the buyers were clearly putting themselves in severe hardship in order to purchase a new neddy. In my 12 months there several defaulted on payment and horses swiftly collected by a transporter, never had any issues with getting them back... I found the whole thing very bizarre and have never really heard of anything like it since.
 
Lakota_Lizzie said:
A dealer I used to work for offered credit card payments and also payment plans, a contract was drawn up and after an initial payment the horse was essentially yours and was clearly stated that if your failed to keep up with monthly payments the horse would be collected and any money paid to that point would be lost. Was very popular. However these were not what I would regard as hugely expensive horses (1-3K) and of questionable quality (one of the reasons I left). Some of the buyers were clearly putting themselves in severe hardship in order to purchase a new neddy. In my 12 months there several defaulted on payment and horses swiftly collected by a transporter, never had any issues with getting them back... I found the whole thing very bizarre and have never really heard of anything like it since.
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I don't think it is ideal because so many people can't seem to see that credit isn't someone being really nice to you, its DEBT and with horses you are definitely going to find yourself with some very big bills unless you are incredibly lucky. I always say to people that buying the thing is the cheapest part of being a horse owner.

BUT. I have to say I bought my current car with my credit card. I had the cash saved up, but by using a card with 0% interest for an 18 month period, I was able to put the cash in an ISA account, earned a few pennies in interest, and as I was paying my credit card minimum of £50 a month, the total bill on that was gradually going down too so I had even more cash left over at the end. A win-win situation for me, plus the added bonus of having total consumer protection by paying even just a portion of the bill with a credit card. Oh yes, and Tesco points, I nearly forgot them. Ker-ching, get in there :)
 
The credit card company would legally have to take responsibility if the horse was not fit for purpose and cost more than, I think, £100. Much easier than suing a dealer. It's a very interesting idea!
 
Yes, Just paying on a credit card is very different to using it as loaned money. You could pay it off straight away but still get the protection.
 
ycbm said:
The credit card company would legally have to take responsibility if the horse was not fit for purpose and cost more than, I think, £100. Much easier than suing a dealer. It's a very interesting idea!
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Yes, that struck me. But I have a feeling the reality might be slightly different..."So, why exactly is this rocking-horse faulty? Oh, so it's an actual horse? The sort which goes NEIGH? Can I put you on hold a moment please"?

Well worth checking T&Cs to make sure live critturs aren't excluded from any protection...
 
fatpiggy said:
I don't think it is ideal because so many people can't seem to see that credit isn't someone being really nice to you, its DEBT and with horses you are definitely going to find yourself with some very big bills unless you are incredibly lucky. I always say to people that buying the thing is the cheapest part of being a horse owner.

BUT. I have to say I bought my current car with my credit card. I had the cash saved up, but by using a card with 0% interest for an 18 month period, I was able to put the cash in an ISA account, earned a few pennies in interest, and as I was paying my credit card minimum of £50 a month, the total bill on that was gradually going down too so I had even more cash left over at the end. A win-win situation for me, plus the added bonus of having total consumer protection by paying even just a portion of the bill with a credit card. Oh yes, and Tesco points, I nearly forgot them. Ker-ching, get in there :)
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I completely agree with you, if you have the cash set aside for your new horse but want the protection of a credit card, fine. But i cant help but think it will encourage people to go above and beyond their realistic budget by popping Ned on the plastic?? Following with interest.
 
Lakota_Lizzie said:
I completely agree with you, if you have the cash set aside for your new horse but want the protection of a credit card, fine. But i cant help but think it will encourage people to go above and beyond their realistic budget by popping Ned on the plastic?? Following with interest.
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Totally agree - and once you've bought the horse on the never-never, then there is all the kit, rugs, tack, and everything has to match doesn't it, so that will be brand new...
 
Lakota_Lizzie said:
I completely agree with you, if you have the cash set aside for your new horse but want the protection of a credit card, fine. But i cant help but think it will encourage people to go above and beyond their realistic budget by popping Ned on the plastic?? Following with interest.
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It's no different to taking out a bank loan for one really. I know several people (including some on here) who have done it. Not something I would do, but if I could simply use it as a payment method, I would as it has many benefits.

I too have paid for a car on a credit card - could have paid for it with cash but it made far more sense to put the cash somewhere where it could earn interest and pay off the car over the 15 months of the 0% deal. I too got Tesco points, which paid for 5 nights at a hotel in Tenerife. We got some cheap flights and had a bargain holiday too! Also, as I could afford the monthly payments without dipping into my savings, I still had the money left after 15 months which vastly reduced the amount I had to add to my mortgage when I had the house extension done. That in turn meant I had more disposable income and could save more every month. A virtuous circle!
 
If you have money in the bank earning some interest and can get a 0% credit card then your better off paying on the card and keeping the money in the bank!
 
my oh parents got ripped off abroad for £5000, and the card issuer was fantastic, they managed to get most of it back. We did have to get an independant report done on the item, which could be a lot more complicated for a live animal.
Like others i have used interest free to pay for things just to keep the money in the bank and for protection... credit cards aren t all bad, but they obviously rely on people not paying within the interest free period.
I allways wonder if people have nt got the money up front for a horse then how are they going to afford to keep it?
 
luckyoldme said:
my oh parents got ripped off abroad for £5000, and the card issuer was fantastic, they managed to get most of it back. We did have to get an independant report done on the item, which could be a lot more complicated for a live animal.
Like others i have used interest free to pay for things just to keep the money in the bank and for protection... credit cards aren t all bad, but they obviously rely on people not paying within the interest free period.
I allways wonder if people have nt got the money up front for a horse then how are they going to afford to keep it?
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Ummmm, because some people don't have lump sums of cash in their bank for various reasons. Such as me... I haven't got a dime to my name but I earn a decent salary and my horse has a life of luxury!
 
Yep I did it, £4k and paid it back within 6 months. Now I have a very healthy credit rating so happy days for me! I would do it again.

annagain said:
It's no different to taking out a bank loan for one really. I know several people (including some on here) who have done it. Not something I would do, but if I could simply use it as a payment method, I would as it has many benefits.

I too have paid for a car on a credit card - could have paid for it with cash but it made far more sense to put the cash somewhere where it could earn interest and pay off the car over the 15 months of the 0% deal. I too got Tesco points, which paid for 5 nights at a hotel in Tenerife. We got some cheap flights and had a bargain holiday too! Also, as I could afford the monthly payments without dipping into my savings, I still had the money left after 15 months which vastly reduced the amount I had to add to my mortgage when I had the house extension done. That in turn meant I had more disposable income and could save more every month. A virtuous circle!
Click to expand...
 
Lakota_Lizzie said:
I completely agree with you, if you have the cash set aside for your new horse but want the protection of a credit card, fine. But i cant help but think it will encourage people to go above and beyond their realistic budget by popping Ned on the plastic?? Following with interest.
Click to expand...

I thought I had been clear that I would never go into debt for one. I was only interested to see if the protection would cover the horse. Interesting to see on the link YCBM posted that there doesn't seem to be any exclusions I am sure horses are covered by the fit for purpose law through trading standards so I suspect it should cover a horse too.
Although as someone else said probably have some difficulty actually sorting it out
 
soulfull said:
I thought I had been clear that I would never go into debt for one. I was only interested to see if the protection would cover the horse. Interesting to see on the link YCBM posted that there doesn't seem to be any exclusions I am sure horses are covered by the fit for purpose law through trading standards so I suspect it should cover a horse too.
Although as someone else said probably have some difficulty actually sorting it out
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Sorry OP I didn't mean for my reply to sounds as though it was aimed at you. It sounds great for those who have the ability to repay on time etc and the protection it may offer. I do worry about some folk who want things like yesterday when in fact they may not have the means to repay and end up in a serious pickle, especially where an animal is concerned.

A friend of mine paid for her horse on a credit card as her current sold had not sold. She had found her ideal competition prospect and didn't want to lose out. worked for her. She made sure she did her sums before committing to anything.
 
soulfull said:
I thought I had been clear that I would never go into debt for one. I was only interested to see if the protection would cover the horse. Interesting to see on the link YCBM posted that there doesn't seem to be any exclusions I am sure horses are covered by the fit for purpose law through trading standards so I suspect it should cover a horse too.
Although as someone else said probably have some difficulty actually sorting it out
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Provided it was an active dealer regularly taking credit card payments, is no skin off the credit card company nose to rule in your favour, because they can charge the refund back to the seller. In theory, that would be a lot easier than adding the dealer direct.

In theory.

I'd also say that a dealer who takes credit card payments is pretty unlikely to be a dodgy dealer, for exactly the same reason.

I often buy things on my card to get the 'joint liability' protection, but I pay it off immediately, I don't like debt.


I don't think it works of you pay" your credit card via an intermediary like PayPal. Does anyone know?
 
Lakota_Lizzie said:
Sorry OP I didn't mean for my reply to sounds as though it was aimed at you. It sounds great for those who have the ability to repay on time etc and the protection it may offer. I do worry about some folk who want things like yesterday when in fact they may not have the means to repay and end up in a serious pickle, especially where an animal is concerned.

A friend of mine paid for her horse on a credit card as her current sold had not sold. She had found her ideal competition prospect and didn't want to lose out. worked for her. She made sure she did her sums before committing to anything.
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No worries
ycbm said:
Provided it was an active dealer regularly taking credit card payments, is no skin off the credit card company nose to rule in your favour, because they can charge the refund back to the seller. In theory, that would be a lot easier than adding the dealer direct.

In theory.

I'd also say that a dealer who takes credit card payments is pretty unlikely to be a dodgy dealer, for exactly the same reason.

I often buy things on my card to get the 'joint liability' protection, but I pay it off immediately, I don't like debt.


I don't think it works of you pay" your credit card via an intermediary like PayPal. Does anyone know?
Click to expand...

No doesn't cover you through a third party
 
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