Urgent: Very(littlewoods) catalogue balance

samo8076

Hi guys, iv secured the funds to pay off my very(littlewoods) account in full..i rang up last monday (31 Oct) and got a settlement figure of £3038.01, i rang up just after having secured my money to pay it off and they have now said my settlement figure is £3137.62 which is appernetly interest on my account. Iv argued the case, and even pointed out that under Consumer Credit Regulations that a settlment figure is valid for 28 days. All they can do is submit an email to their Early Settlement department(cant ring them so they say) and see what the outcome is...however this will take days-week depending on how busy they are

Has anybody had any dealings similar to mine? and does anybody happen to know their early settlement department number? Tried google but no such luck.

Thanks in advance.

opinions4u

Iv argued the case, and even pointed out that under Consumer Credit Regulations that a settlment figure is valid for 28 days

Which regulation is this?

samo8076

http://www.legislation.gov.uk/uksi/2004/1483/pdfs/uksi_20041483_en.pdf

withabix

Does this Regulation actually apply to revolving credit though?

samo8076

my work friend seems to think so.anyway i hit them with it and they seem to fumble around a direct reply

opinions4u

My understanding is that a settlement figure is an official figure provided in writing stating what it is (as opposed to a statement etc).

Ringing up and obtaining a balance is not the same thing.

Quite happy to be corrected though.

samo8076

i hope your wrong, £80 interest in a matter of days is disgusting. They have already had thousands off me in interest, £80 for nothing is taking the p***

CLAPTON

I don't believe the early settlement regs apply to revolving credit agreements like store or credit cards.
they are intended to operate for fixed sums with a fixed number of payments

revolving credit is different partly because additional spending may be working there way throught the system and partly because their systems don't normally keep a total running balance including interest

opinions4u

samo8076 wrote: »

i hope your wrong, £80 interest in a matter of days is disgusting. They have already had thousands off me in interest, £80 for nothing is taking the p***

£3,000 at 3% a month = £90 interest.

I'm guessing at rates here, but if the balance has remained there for a month and they calculate interest daily, then there's no reason I'm aware of why they shouldn't charge you.

It does look like an expensive way of buying a few frocks and household goods though.

samo8076

From what they have told me over the last few weeks, the interest is charge monthly not daily, so where the £80 has come from i dont know. I have had more contact with them this afternoon, i have paid the £3137.62so my account is now paid in full and i do not occur any more interest, however they are looking into why the interest has been added on since last week, and even better a possibility of me getting it back.

jayne2011

Sorry I don't know much about Verys credit thing. I use littlewoods and isme for if I ma paying asap.
They are SUCH A CON! :mad: Hard to get out of using them though
Ouch at a balance of over 3k!
I hope you get it sorted.