Interest on Store accounts

BrianKL

Hello there.

I am hoping someone out there can help.

I have a number of Store accounts which I make monthly payments but seem to pay far more in interest than paying off the debt.

I am in a complete mess and am looking at entering into an IVA.

However before I do that I hope to contact the Stores and explain the situation and come to an agreement whereas I close the accounts and make regular monthly payments that will come off the amount and not pay interest.

Am I in cloud cuckoo land or am I being reasonable and this is something they will agree to?

Any advice would be much appreciated.

Thanks

ceredigion

You need to put the question on the, Debt-Free Wannabe page

molerat

If you are making the minimum payments then unlikely they will agree to anything other than according to the contract. Also any payment agreement outside the contract will likely lead to an AP marker on your credit file.