Huge Interest Payments VERY catalogue!! HELP

[2Grumpy]

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'm having difficulty reconciling the balance, APR & monthly interest charge. Either I'm getting more senile than I thought or something isn't quite right.

 

Can you be a bit more precise with the balance and confirm that the statements say APR next to the interest rates.

 

Are these the monthly interest charges on the outstanding balance or do they include some from the payment-free period?

 

Unless I'm missing something (easily happens) then 19.9%APR is approx 1.5% per month or £45 on £3000

 

According to my calculator (provided that I'm using it properly) £145 interest on £2500 (you only say 2000+) is 97% pa & 200 interest on 2500 is around 150% pa

 

Is there something on the net that you can point to about how they calculate their interest / charges?

[2Grumpy]

I have looked at the T&C for the BNPL very account.

 

It is possible that some of the interest shown is for the amounts just added to your balance from the BNPL scheme - that would be a whole years worth of interest on those amounts plus a months interest on the outstanding balance. If you had either £314 & £279 available in October / November then phoning them & paying off the appropriate BNPL item would be relatively good value. Otherwise your balance will go up bu those amounts + interest at the end of Oct / Nov. Not good news but the interest will just be on the outstanding balance after that