Interest Charges

[Bob906]

I have an account with a company whom i bought a laptop and various other items from, the terms and conditions state that the interest chargeble was variable, i started with them about 2 years ago at 29% APR which is what some card companies charge now. What i want to know is can they charge what they like because they put the interest charges up to 39.7% 12 months ago and now they have just put it up again to just under 50% APR, can they get away with it, or is there something i can do, other than not pay.

[Poppetchops]

It's easy to say this now Bob, but why on earth didn't you save up for these goods and use your own money ? These people are not called Cetelem or something like that are they ? If so you will probably get a letter from some other company offering to buy up your debt at a discount. Don't do it. Contact the Citizens Advice Bureau, I would think that what these people are doing is illegal.

[Bob906]

Thanks Poppetchops, the company is Additions Direct, which one time was part of Littlewoods Mail Order Group, who they belong to now i don't know. You can buy things out of a catalogue and pay monthly but it's the interest they charge it is terrible.