How long will it take to pay off?

purplegirluk1

Hi, this is a very silly question and I am sure I know the answer but my brain has gone blank. Basically I owe £1571.64 to a debt collection agency. They have agreed that I can pay them £30 a month. They have sent me a standing order form and I cannot, for the life of me work out when the last payment should be set for (how long wil it take to pay back?) I am totally number dyslexic and this is confusing me no end!!!!!

Skippycat

Hi

Are you having to pay interest as well or is it just the £1571.64 amount?

purplegirluk1

As far as I know no, thought I haven't been told this either way, hmmm, now i'm wondering

Little_Miss_Uni-Debt

Hi,

If there is no interest it will be 53 payments which is 4 years 5 months. Start in June 2010 end Oct 2014. The last payment will be a little less than £30.

Once you know the interest rate for sure we can figure that out too.

Skippycat

purplegirluk1 wrote: »

As far as I know no, thought I haven't been told this either way, hmmm, now i'm wondering

I would check with them just to be sure so that you know from the outset. If it is the £1571.64 amount only then I would calculate it as taking approx 53 months to pay off (if you are paying £30 per month). Hope that helps.

purplegirluk1

Just called to find out about interets but no answer, will wait for him to call back. There has been no mention of interest so I had assumed there was none, I hope so! Thanks for the help guys!

purplegirluk1

I have finally got holf of them and have been told I need to contact the original card company to find out if there is any interest and that they could just add it at any time, is that right? I am not entirely happy about that.