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Charged More than I pay


ColinJWatson
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Interest is variable, but WFS have to inform you in writing 2 weeks before any interest rate change. It does say this on the back of the contract. I know a load of secured agreeements had interest rate increased, which resulted in payments increasing by around £30 per month.

 

The reason your interest is higher than your payments is because the balance got higher in the months you missed payments. crude example - month 1 opening balance 20k, payment made = £250, Interest = £200 closing balance = £19,950. Month 2 payment missed, interest = £249, closing balnce = £20,199. from month 3 onwards you will be charged more interest. This are just rough figures.

 

Bes thing to do is to contact the branch and ask to increase payment slightly (50 per month would be good), but in return you want interest freezing or reducing for 3 months. It's a case of scratch my back and I'll scratch yours.

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