Argos

veejay43

I have an account with Argos, and generally pay more than minimum monthly,but have recieved a letter saying i am in debt because i only pay the minimum amount, which as i said i dont, although it's not a huge amount more,

I am furious, why say pay a minimum amount if now i am classed as being in debt, [ i owe around £400 ]

My credit rating is excellent,

I have previously asked to pay it off by credit card, as i have a 0% interst one for another 18 months which would be better for me, but they say they don't accept payment by credit card only by debit card
I dont' have that amount in my bank to pay it off except an overdraft,as i am a pensioner and only have my pension going in weekly
I really feel like not paying it at all now, as in the letter it recommends going to stepchange,they reckon it would take 14 years to pay off, that is probably because they charge an enormous amount of interest

Sorry if this isn;t posted in the right place ,but couldn't find anywhere else suitable
Thanks for reading

MovingForwards

https://www.stepchange.org/debt-info/persistent-credit-card-debt.aspx

This is what all credit card providers are following.

There are many threads about it.

'excellent' credit rating isn't worth the electricity used to power your pc, phone etc to view it. It's the content of your credit history is amount of available credit, credit applications, late/missed payments, defaults, CCJs, IVA, bankruptcy, DRO etc financial institutions see and base their decision to lend, or not, on.

Missmarie

This is a generic letter sent because of new rules.

You have posted in the wrong place. This should be in credit cards area. That said, don't worry about your ARGOS letter.

D_M_E

They charge an enormous amount of interest - I would not normally suggest this, but have you considered taking a cash advance for £500 on your credit card and using it to pay off Argos?

If your 0% includes cash transfer to your bank account then I would suggest using that. If not, then check your card's terms for the interest rate charged for taking out cash, you may well find it's far less that that charged by Argos.

veejay43

I will have a look, but i thought it might cost more,i got this % credit card just to pay argos off, i think it is disgusting that people are not allowed to pay by whatever means, thanks for your suggstion i will look into it
Aros interest charges are terrible, but i am really annoyed that they would rather people get into debt than accept a credit card payment,i hink it should be illegal

[Deleted User]

veejay43 wrote: »

I i think it is disgusting that people are not allowed to pay by whatever means,

It's hardly disgusting.

They just don't want to pay additional fees in return for you paying what you owe them.

They are many other payment options available to you.

Stuart_W

veejay43 wrote: »

i am really annoyed that they would rather people get into debt than accept a credit card payment,i think it should be illegal

Paying one credit account with another credit account is asking for trouble, although some store cards allow credit card payments.

If your credit rating is excellent as you say, then surely you're able to get your debt moved off such an appalling card, and why pay barely above the minimum? Get it cleared or shifted one way or another.

boo_star

veejay43 wrote: »

but i am really annoyed that they would rather people get into debt than accept a credit card payment,i hink it should be illegal

But you're already in debt, not allowing you to pay by credit card certainly isn't getting you into debt.

And all you're doing is shifting the debt if you pay by credit card anyway.

A4445

The Argos Card is great for the 0% offers as long as you pay in full before the offer ends. You must of being buying on normal credit. This is 29.9%. It isn’t sensible to be using it at that rate. You must of known the rate that would be charged?

Argos don’t allow you to pay by credit card. It’s not illegal it’s down to them to take the cards they see fit.

Terry_Towelling

The 14-year pay-off estimate is based on you only paying the minimum each month. As the balance reduces each month, so does the minimum payment. This is why it takes so long to pay it off.

If there are no other avenues open to you - e.g. getting a 0% Money Transfer Card - then are you able to say how much you can realistically afford to pay each month and could you stick to that same amount each month?

Could you manage £30 per month consistently? If you can, and if the interest is about 30% APR then the debt would be gone in about 15 months.

There is another way but I'm a bit wary of suggesting it. Here goes anyway.

How much do you spend on petrol, groceries and household stuff each month? If it is, say, £80, and you would normally pay for it with cash, then why don't you put all of that expenditure on your 0% credit card and then throw the £80 at your Argos card each month?

That would clear your Argos debt in about 5 months and effectively transfer it to your 0% credit card. You'd need to meet the minimum payments on your credit card as you go along but those would be very small - or as much as you can afford.

veejay43

Hi, just seen this, so answered your pm first,

I dont just pay minimum payment, but usually about £7-10 more, i think my minimum payment is around £13, so why they are saying i only pay minimum i dont know,i always have paid more
I am a bit worried about spending on a credit card at all, as i just have my pension, and find it easier that way, but i pay £80 a month for fuel[,gas and electric] which is a bit more too than asked for,

I dont drive, but also have house insurance, pet insurance for 1 dog and 3 cats, so as you can see most of my money is going on DD
I was actually shocked when told it would take 14 years,to pay off by minimu payment,it is the high interest, that is causing it
I couldn't believe they wouldn't accept credit cards,surely they do in store so why not to pay a balance,it seems they would rather not be paid at all,which is what i feel like doing,to be honest i was so annoyed, also to be classed as being in debt