 Can i withdraw as a co-signer on an car loan? |
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Additional Details
something like a 5000-10000 dollar ... |
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x4vi4_r3d | Is there something I can do (legally) about ridiculous credit charges? |
I've been a customer with this clothing catalogue for a while now and I have a credit limit of £1,000 with them. However, I decided not to use that facility and buy on a pay-as-I-go customer. About three months ago, I needed a whole new wardrobe, but I was low on cash so I used £400 of the credit. I got my first bill which asked me to make a minimum payment of £40.00 seven days before the preferred date to avoid incurring charges, which I did. Next thing I know, I get a new bill and I've been charged £18.00! When I asked why, I was told that if I don't pay the WHOLE £400, then I would incur charges. If this continues for the duration of my agreement, I'll end up paying £800! Is this even legal? What can I do about it? Any help would be appreciated.
Additional Details
Citizen: first of all, I don't have anything against Tesco's - they just don't stock my size and as for the whole 'live within my means' thing - it was clothes! £400 in plus size clothing is two bottoms and three tops.
I didn't (and haven't) signed anything and it's not a credit card. It's a credit agreement with a clothing catalogue. I appreciate all the (helpful) comments. |
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ABSYNTHMINDED
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I had the same problem with a certain catalogue and i phoned them up and spoke to their credit department, not the people that answer the phone, they are not the ones to speak to as they cannot decide what happens with your payments.
Speak to the credit/accounts department they should help and you should be able to sort it out.
They would rather sort it out as its less hassle for them.
Good luck let me know how you get on |
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sierra33ok
 |
You need to pull out a copy of your original agreement from this charge card. Unless you have a card with 0% interest, making the minimum payment within the alloted time only keeps you from incurring late fees, interest charges would still apply. |
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SG Elite
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When you signed for the credit card, the terms were spelt out in the agreement thus there isn't much you can do. The addtional amount charge is interest. Remember, never buy things you can't afford. You don't have to change your wardrobe in one-go. Buy the clothings on an as-and-when can afford basis. On credits, you'll likely to land up paying more than double what you would have paid by cash. |
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Citizen DeCat
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The charges are probably outlined in the smallprint of the agreement (which you signed at some stage).
Next time (if there is a next time), it would be more sensible to get a bank loan for £400 at the lowest A.P.R. rate you can find. Either that, or get a pair of jeans for £5 from Tesco.
Maybe you should try living within your means. |
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§§pecial Unicorn
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Look at your original credit application and any notices that came after that. (they like to sneak those in) Most of the time it is legal for them to do so based on their loose terminology in the agreement. And what you are paying is interest...even if it is outrageous, it's how they make money on LOANING you the money. So, as long as they aren't racking up ridiculous bogus late fee charges, you are stuck. Just pay it off as soon as you can. And beware the next time you get a credit card. |
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EMMA C
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There is a good consumer money expert called Martin Lewis...he gives very good advice about all things money related. There are forums on his website where if you ask the same question above, people may be able to answer it for you. The website is www.moneysavingexpert.com
Hope this helps in getting the answer to your question. |
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TaxMaven
 |
Unfortunately, it is probably totally legal (though I am not in UK). The best way to deal with this sort of thing is to pay the card off ASAP (sell something, get a part-time job, etc.) & CANCEL the stupid thing. For that matter, I would find somewhere else to buy my clothing if this place is that RIDICULOUS!
Sorry you got skunked. :-( |
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Akbar B
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It's called interest, love and all of us pay it. My advice is to pay off the balance as quickly as possible to avoid future interest payments. Good luck. |
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stajin
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Well it depends...
Firstly look at the catalogue, was the credit pay so much a week or don't pay for xx days.
If its the former then you need to point this out.
I think it is the former as (and you should ask this) if its the whole amount then whys the minimum payment £40? surely its £400 if its all at once?
THEN you should tell them that when it comes to credit charges they can ONLY charge you what it costs them (Or £12 if a credit card), it doesn't cost them £18 to send a letter, they MUST give you a breakdown of the charges (look on money super market)
Then (If you can't get them to see sense) go the Citizens Advice Bureau and ask about getting a voluntry payment scheme, this may effect your credit rating but it'll stop the charges (They -will- be able to stop your charges as it'll come under extortion/usuary as they know you can't pay it yet try and make you and also (Obviously) didn't explain the credit right which means it was mis-sold to you)
Also ask them who is thier financial ombudsman (write to the company tell them you want solution or a deadlock letter, then when you get that write to ombudsman), just asking about that should make them a bit more co-operative...
As for the agreement - in short if I was to tell you I was gonna slap you then do it, it doesn't make it legal cos I told you first.. |
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BIG D
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As well as using the Martin Lewis site it might be slightly cheaper to see your bank manager and borrow the balance outstanding , pay it off and do your best to clear the bank loan asap.
Companies like catalogues have little expectation of seeking redress throught the courts so rely on every one else to foot the exorbitant fees they charge. They feed of working people and are little better than loan sharks. |
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Bell
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Unfortunately, I think they've got you on this one. You should always read the small, fine print! Just pay it off and learn from experience. |
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charliecizarny
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Some words af advice... stop using credit! Does the ability not to have to carry cash outweigh the actual price you and up paying o the credit co? Why not write checks when you want to buy something? Or , if you can't afford to buy, wait 'till you do. |
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