comet - edge card

Priest86

I bought a tv from comet late last year on a 6 months interest free credit which ended at the beginning of february. This has since taken on the form of a store card which i have to pay off monthly.

For whatever reason i am only paying the minimum payments each month via direct debit, which is obviously going to take forever for me to pay off. I have been in contact with the company with the intention of increasing my monthly payment, but have been told this is not possible to do.

Is this right?? and am i now stuck paying for a TV over a longer period of time, which will ultimatley cost me a lot more on interest in the future?

any help would be appreciated.

thanks

nzseries1

They're not letting you pay off extra amounts monthly? That seems a bit bizarre to me, I've never heard of anything like this, although the last time I bought something on a store card was quite a while ago.

Let's get a second opinion - hopefully someone else will be able to answer too.

Robert_Sterling_3

I am very surprised indeed.

Swans1912

http://www.gecapitalbank.co.uk/financeoptions.htm

Buy Now Pay Later
No interest and no payments for a fixed term, for example 6 months. After this period, you have the option to clear the balance in full and incur no interest charges, or alternatively, you have the option to spread repayments whilst making a minimum monthly payment. If you chose not to clear the balance in full at the conclusion of the interest free period, interest will then be charged at the standard retail transaction rate.

It doesn't appear to state you must pay a fixed amount which you can not change.

Have you perhaps agreed to a payment plan?

http://www.gecapitalbank.co.uk/financeoptions.htm#payment

Payment Plan
Spread the cost of your purchase with fixed monthly repayments at set interest rates.

http://www.gecapitalbank.co.uk/faqs.htm#payplan

Q. What if I take advantage of a 'Payment Plan' promotion, how would that work?

A. If you've made a purchase on a 'Payment Plan' promotion, then the total value of your purchase, including interest, is spread into equal monthly repayments.

Just to note:

http://www.gecapitalbank.co.uk/keybenefits.htm

29.9% APR variable Typical

That is VERY high, what rate are you paying? I also find it cheeky for them to put this on the 'Key Benefits' page, such a high interest is only a key benefit for them and not their customers!

Priest86

hey all

thanks for your replies.

been checking my paperwork, and i have nothing for any payment plans, although i do vaguely remember this being mentioned on purchase.

There is a section on the paperwork that i do have which states whether i wish to pay the minimum monthly payment or full amount. which pretty much limits my choice.

the Annual interest rate is at 22.482%.

perhaps i should just get a loan, pay it off, as well as some other issues, and sort it out that way?

withnell

Is it that they will not set up a direct debit for anything other than the minimum payment? There's probably an account number on the back of the statement where you can make additional payments by bank transfer - or you might be able to pay instore at Comet.

tummy6

GE Money (now Abbey) runs the programme. They do not allow direct debits unless it is the minimum amount or the full amount. You can call them and pay additional amounts via a debit card, go into Comet and pay at the counter or mail a check to the address with your account number. I would recommend keeping the direct debit on to ensure you prevent late fees being charged as well as an APR increase.

Jimi...

Hey guys, any idea how I can get in touch with someone from GE Money/Abbey to cancel an Edge card I've got with them?

cockneyspillers

You can alternatively arrange a standing order with your bank .
For some reason credit companies like GE can only give you the option of paying off the minimum payment each month or the full amount, it is through no fault of their own.

It is really easy to pay off money for this particular card over the phone.

I believe this is their most up to date number: 0871 522 5566

merry Xmas x