Secure Trust Bank - Just checking.

MarkW82

Hi, not sure if I’m on the right board but here’s my problem; I had a couple of appliances from AO.com a couple of years ago which I’ve been paying and although I have a year left to go I want to call up and pay the rest off as I’m now in a position to do so.
The amount of credit was £1000.48 given at 10.21% per annum for over 3 years. I’ve just logged into the secure trust bank(I’d never done this before, I just let the direct debits go out and left it at that,) who the credit is through and seen that the all the interest had been added at the start. I.e 30.63% and I’ve been paying off from there.
Is this normal?
My idea was that 10% is taken each year so that the interest decreases each year that you have paid off.
I’m only asking because I’m calling tomorrow to pay off the balance and want to be prepared. Any help would be appreciated. Thanks.

[Deleted User]

It's not added at the start. It's just how they choose to display it.

Your current balance will be based on daily interest.