Creation Finance Credit Company

lisaevans70

I purchased a bed from dreams 12 months ago. The due settlement date was 20th February. However, I was 5 days late. Soon as I realised I rang and immediately paid what I owed. I already paid 922 and owed £100.

When I spoke to the rep he told me that because I was 5 days late, I owed £431 interest and if I didnt pay this by 20th march I would be charged an amount of 983!

Can they possibly charge me with this extortionate figure?! Can anyone help me

Tixy

You'd need to check your original agreement and what the APR reverts to if you didn't pay within 12months.
I guess if you don't pay within the 12month period they charge interest on the whole amount for the whole period of the loan. Now that certainly looks like quite a high APR but if thats what the agreement said then that is what they can charge.