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Studio (24Studio.co.uk) APR Variances Warning
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Enfieldian
Posts: 2,893 Forumite
Just a heads up.
If you have an account with these guys: http://www.24studio.co.uk/
Like me, you may have received a small note in with your latest statement and usual rainforest of clearance catalogues which is a "Notice of variation" regarding an interest rate increase.
They are saying that they will be keeping their APR for accounts paid by Direct Debit at 29.5% but increasing the interest rates for all other accounts (with any other payment method) to 48.9%!
I have a small balance on my account which will be cleared in a couple of months but when I went online to set up a direct debit there was no way of doing it.
I called the number on the back of the statement and was told that I couldn't set one up over the phone or online, I would have to wait for form to be sent to me, and to complete it and send it back.
I was told that the form would take 7 to 10 days to arrive and up to 14 days after it had been returned to be processed and the DD set up. In other words, another month at the higher interest rate.
Studio already charge extra for online credit card payments and obviously don't want people paying by DD as it is not as profitable.
My fault for not checking this sooner but it may help others out there.
If you have an account with these guys: http://www.24studio.co.uk/
Like me, you may have received a small note in with your latest statement and usual rainforest of clearance catalogues which is a "Notice of variation" regarding an interest rate increase.
They are saying that they will be keeping their APR for accounts paid by Direct Debit at 29.5% but increasing the interest rates for all other accounts (with any other payment method) to 48.9%!
I have a small balance on my account which will be cleared in a couple of months but when I went online to set up a direct debit there was no way of doing it.
I called the number on the back of the statement and was told that I couldn't set one up over the phone or online, I would have to wait for form to be sent to me, and to complete it and send it back.
I was told that the form would take 7 to 10 days to arrive and up to 14 days after it had been returned to be processed and the DD set up. In other words, another month at the higher interest rate.
Studio already charge extra for online credit card payments and obviously don't want people paying by DD as it is not as profitable.
My fault for not checking this sooner but it may help others out there.
0
Comments
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Hey, I just got my letter too, it doesn't start til the 14th June, so you'll prob be alright for setting up your DD by then eh?0
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7 to 10 days to send out a DD form, then 2 weeks to process it when they grt it back???"You were only supposed to blow the bl**dy doors off!!"0
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Yeah but that'll be worst case scenario won't it!0
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