Huge Interest Payments VERY catalogue!! HELP
Hiya all I hope someone can offer me some advise,
I have a 'Very' catalogue that ive had for years, Ive always paid and was aware of their
interest
rates being high however they have changed their buy now pay later to something called Take 3 and the buy now pay later option leaves you payment free for a year and after that time the interest & goods value is added to your account, last year I thought ok fine no probs TILL NOW
In 3 months ive gone from having a managable ballance of £600+ with interest of £16+ to having a ballance of £2000+ and interest ranging between £200+ with apr last month being 39.7% to this month interest was £145, apr on this statement 19.9%
I asked on the phone WHY the interest changed so much and was told it was variable!!??
My minimum payments on this account are £88 & should my interest remain at £145 per month im going to have my ballance go up every month by £56 unless I can pay £223 just to cover interest & minimum payment, I cant possibly afford that
My husband is in employment but in a Debt payment plan & Im not working as we have 2 small children
To make matters worse Ive another £314 & £279 'maturing' in october & November, To opt out of god only knows how much interest on top of what I already have added to my account each month ive to pay £314 before the 16th of this month,
I cant do this I dont have the money & in addition to that would have to also pay £223, this months interest & minimum payment
I hope this is making sense, My interest could double in the next few months because of my buy now pay laters maturing so I would effectively owe them money forever and that amount would increase as would my minimum payment??
What am I to do??
Ive never had credit where the minimum payment does not include your interest, even if my interest remained at £145 for a year (which it wont) paying the minimum payment my ballance would increase by around £800....When I rang to confirm the interest I saw on my statement I said to the woman 'so if I only pay the minimum payment my ballance will go up every month and she just said well yes'
I hope this makes sense, Im at a loss as to what to do, am feeling very stupid at not reading the 'Terms & Conditions' but having used this catalogue for many many years without bother I just didnt think it mattered, Stupidly thought they were just Jazzing up their buy now pay later, More fool me,
Im in Scotland by the way and would really appreciate any advise
Thanks In advance