New Day Ltd (Comet)

hitchen92 · 2 July 2015 at 8:22PM

Hi

If anyone could help it would be really appreciated.

I bought a TV through Comet some years ago on an interest free deal, I stupidly forgot to settle the account and have now been paying £17 per month for years. I have just called "New Day Ltd" (was formerly Santander cards) to find out whats remaining, which is aprox. £110, or I can continue to pay the £17 per month until April next year. The APR rate is around 34%.

When I said I wanted to settle the account in full, I was told that a settlement figure would need to be produced, which would include 10 months interest (as that is how many months remaining). Is this correct?

It doesn't seem fair that if I settle the account early, I am being penalised by having to pay the interest that I would have paid if I just leave it and pay the £17.

Are they allowed to do this?

If anyone could help, it would be appreciated.

Thanks

DCFC79 · 2 July 2015 at 8:25PM

What does the agreement say, if you have your copy.

hitchen92 · 2 July 2015 at 8:27PM

I don't have the agreement I'm afraid. However, New Day are adamant that they are correct with what they have said. They told me to refer to the agreement I had signed

Nearlyold · 2 July 2015 at 8:29PM

If the loan was taken out after Nov 2004 the maximum penalty interest they can charge should be 58 days interest which is 2 months approx. Are you sure she said 10 and not 2? She might have just got it wrong so I would wait until you get the official settlement figure