Knowledge Base

Over 75 - phone finance

Started by: johns01740
On: 24/08/2018 | 04:57
Replies: 41

by: johns01740
on: 24/08/2018 | 04:57 edited: 24/08/2018 | 09:37

You do not advertise that persons over 75 years of age are not allowed to have contract payments over a number of months for the purchase of phones and can only purchase by a single payment . You should make this very clear in your literature at the outset of applications.

Message 1 of 42
by: kath72
on: 24/08/2018 | 09:59 edited: 24/08/2018 | 10:00

I presume that’s a ratesetter (the finance company) rule ... but yes, gg should be clear and upfront about any age restrictions


interesting that this should come up at the same time there are discussions about removing payback for under 16s ! 

Message 2 of 42
by: mcilwraith
on: 24/08/2018 | 11:16

@endorphin wrote:

Hi @johns01740 @kath72 it's mentioned in the "2nd Note" here

another bit of useful information

i never knew that

Message 4 of 42
by: woodyuk
on: 24/08/2018 | 11:16

As mentioned by @endorphin above,this information is shown in the relevant Knowledge Base article about buying a phone with a loan but I wonder how many buyers read that before starting the purchase process?


My guess would be only a tiny % unless their directed to that article via a help request in H&S so I agree that this information should be shown somewhere at the beginning of the purchase process,something like "in order to apply for a pay monthly phone you must be aged between 18 and 75".

Message 5 of 42
by: endorphin
on: 24/08/2018 | 11:26 edited: 24/08/2018 | 11:27

@woodyuk there is mention of having to be 18+ on the phone purchase pages and in the popup of the referenced Ratesetter's Terms but no mention there having to be under 75 (or is it 76)!




Simply changing the caveat to read "Applicants aged 18-75..." should suffice.


One for you @antonlg?


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Message 6 of 42
by: antonlg
community giff-staffer

on: 24/08/2018 | 11:37
Cheers @endorphin for the flag!

I imagine this info might be included in either 'RateSetter terms' or 'Loan agreement' pages.

I'll tag @tommy_92 for this one as a representative of phone's team. Is there anything we can do here?
Message 7 of 42
by: endorphin
on: 24/08/2018 | 11:50 edited: 24/08/2018 | 11:53

@antonlg the Ratesetter's terms popup only mentions being 18+, the Loan Agreement popup does not mention age limits at all.


@antonlg wrote:

 Is there anything we can do here?

I would suggest in this page changing the bullet point which reads:


"You must be at least 18 to apply for a RateSetter loan;"




"You must be aged 18-75 to apply for a RateSetter loan;"

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Message 8 of 42
by: isabel1066
on: 24/08/2018 | 12:00
thank you @endorphin this I didn't know either.
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Message 9 of 42
by: jaymailsays
on: 24/08/2018 | 17:24 edited: 24/08/2018 | 17:50

It is not umcommon to have age restrictions for lending or mortgage schemes but it is unusual not to include them within T&C. This is the relevant paragraph from Ratesetter. No mention of 75yr olds.



You represent and warrant the following to us:

2.1 You are 18 years of age or over and capable of taking responsibility for your own actions if you wish to lend or borrow through RateSetter.



@johns01740 Surprisingly the giffgaff T&C's make no mention of the age requirements of 18-75yr olds either.


giffgaff Member lending scheme

10.1. This Clause 10 only applies if you have applied for a loan facilitated by RateSetter's loan exchange service through giffgaff money, or when purchasing a device on where such purchase is facilitated by such a loan.

10.2. The facilitation of your loan is provided as a service to you by RateSetter. In order to take out your loan you will have entered into a contract with RateSetter, and also a loan agreement with the lender you’re matched with via RateSetter’s exchange. Although we may provide you, via, with information about your loan, this information is provided to us by RateSetter and you should contact RateSetter if you have any queries or wish to take any action in respect of the loan.

10.3. In order to assess whether or not RateSetter are able to provide you with a loan via its exchange, RateSetter will carry out an independent credit check on you and will use the exchange to identify if there is a suitable lender available. If RateSetter is not satisfied with the credit check results or if there is no suitable lender available to lend at the applicable interest rate, then RateSetter will not be able to facilitate a loan for you.

10.4. If you exercise your right to cancel a purchase paid with a loan, in accordance with Clause 9.4 above, or the returns policy, you will be deemed to have terminated your loan agreement arranged via RateSetter and we will return the related monies we originally received to fund your device (in the event of handset loans) to RateSetter. RateSetter will remain responsible for refunding any loan payments to you that you have already made

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Message 10 of 42