help please re paying off debt

lvm

It's a good choice to pay back the Additions card.

There's a loophole in these sort of agreements and if you have a DD/SO to pay them, they would pay this towards whatever you weren't paying any interest on. They did this with a credit card I had. It was something like 0% transfers for 9 month but when I bought somethingin say the 4th month, they charged interest on it til the end.

If you do end up not paying it off, I would send them a cheque and explicitly say you want this money paying off a certain part of the debt (although I'm not even sure if that works or not!!)

Good luck!

sunnysea83

Think I am going to pay the additions in full and then close the account next month, my next statement is due on 15th Jan - if I pay in full by then will I have incurred interest to pay off in Feb or will the balance be 0? sorry I am awful at working out interest payments.

As for the credit card, well that will be my only interest paying debit and im going to try to pay £300 for the feb, march and april to clear it. I will just have to cut back on other spending,

lvm

For some reason I'm thinking if you pay in full now then you won't have to pay interest (although I'm not sure why that would be the case).

If you can access your account online I would just pay it now so the payment clears before your bill then have a quick check of your bill comes in to make sure so interest have been charged.

In any case, I suppose if they did charge interest by the day, the quicker you pay it off, the less it will be!

MFWannabe

sunnysea83 wrote: »

Hi

the additions isnt too bad on interest but thats because a lot of it was bought on buy now pay later schemes and they all start needing to be paid from Feb so the interest will go higher. the interest on my accounts at the moment are

CC approx £25 pcm APR is 30.40%
Additions APR is 39.7% :eek::eek::eek: currently £9.17 (but as I said a lot is buy now pay later) my balance without the buy now pay later stuff is about £340

I have decided to use the savings to pay of additions and then pay more on the credit cards and hopefully have it paid off by May and then can save the money I would have used for this to put back in to savings.

this sounds like the best plan to me. It's really not worth paying such high interest if you don't have to

MFWannabe

lisamckinney wrote: »

For some reason I'm thinking if you pay in full now then you won't have to pay interest (although I'm not sure why that would be the case).

If you can access your account online I would just pay it now so the payment clears before your bill then have a quick check of your bill comes in to make sure so interest have been charged.

In any case, I suppose if they did charge interest by the day, the quicker you pay it off, the less it will be!

Agree with poster; pay it off now if you can. Then as soon as you know payments has cleared ring them up and ask to close the account then you can never be tempted to spend on it again

sunnysea83

I sadly cant pay it off today as need to get transferred over from my ISA which will take a couple of days I think and all though I do have enough sat in my bank today I have a lot of DD coming out tomorrow, Mortgage, council tax, car loan etc so cant sadly pay it till probably friday

Wee_Pilsbury

For Argos and Argos Additions, I understand that if you pay off a full balance before the end of a Buy Now Pay Later period then no interest is charged. Horribly, if you reach the end of the BNPL period without paying it, then interest will be charged on the entire amount due FROM THE DAY YOU FIRST SPENT THE MONEY :eek:.

I'd get rid of Additions as quickly as possibly and certainly before the BNPL deal ends if you can.