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Something For Nothing Deals

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Give examples here on how they work.

For example the free smartphone deal. You think, great, I'm getting a smartphone that costs £400. Of course you sign up to a 2 year contract at £30 a month...which works out at £720 before any extra call charges are collected...

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Rent-a-roof solar panels deals.

You lease them your roof for twenty years; you get free electricity and a £50 annual payment; what could possibly be the downside to that?

Every time the panels are not working for any reason (which is likely over 20 years) you will be required to pay them their lost feed in tariff.

Plus when you sell the house you have granted a sub-lease, which the mortgage company doesn't know about and the purchaser may not wish to take on.

Fingers crossed eh.

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Guaranteed Future Values (GFV) in PCP deals for new cars.

Pay a deposit, and contracted monthly repayments for the use of the car over the agreed term; at end of which the car has a well defined value on the used market. The GFV (calculated to clear the outstanding finance) may be below the market value of the car, in which case the PCP holder has 'equity' in the car (they can sell the car, clear the finance and pocket the difference- in theory)

Of course, if you need a car on an ongoing basis, the equity will be ploughed into a new PCP deal instead as part of the deposit.

Woohoo, free money! All I have to do to get it is take out another one!

People forget that if they need a car they have to plan to save up a succession of deposits over their preferred contract term. Mostly they just look at the monthly PCP payment(often very attractive) instead.

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