Studio 24 service charge

[Garyt251]

Hi everyone!

 

my partner has an account with studio for a good few years

and she's been getting charged so much money for service charges.

This has been financialy difficult for us.

 

her latest stament goes as follows.

 

Balance before statement £1492.09

she paid £95

Service charge of £54.76

Balance after that is £1451.85

 

The minimum payment to pay was £87.11 and she pays by bank payment.

 

This has been the same story for years we can't pay it off!

This charge is too much to handle,

at this rate we will be dead before we can pay it off.

 

Please please tell us we can sort this out and maybe claim this money back.

 

Thanks for the time.

[sir_gilmour]

Hello Garyt251, welcome to the CAG.

 

Enjoy your visit, but take some time to look around the forum and understand where everything is.

 

It can seem confusing at first but you will start to find your way round and to understand what a helpful community we are.

 

You haven't received any replies to your post yet. Try posting your query again in a relevant sub-foum. You will get the help and support you need there.

[Bazooka Boo]

Hi, do you mean Studio 24, who are a web design company?

 

Or do you mean Studio the catalogue company?

[dx100uk]

I would suspect service charge is interest?

 

 

studio 24 has a very high interest rate

as do all catalogue & mail order accounts

 

 

do you get statements?

 

 

dx

[Garyt251]

Yes studio 24 as in the catalogue version.

 

We get paper statements every month.

 

I worked the maths and we will end up paying over £3000 just to clear £1492.

 

Yes the service charge is interest but I've been reading around that they are very sly and don't use the word interest.

Edited August 20, 2016 by Garyt251

[Bazooka Boo]

Have you made them aware that you are in financial difficulty?

 

Are there any charges/fees or PPI that you can reclaim?

 

When did you take this account out?

[Garyt251]

We ain't sure on when we took the account out but it's been more than six years now.

We've not made them aware about the financial difficulty as we can just about pay it. It's just the fact it's going to cost so much on the long haul.

We ain't sure if we can claim anything back or not.

[dx100uk]

when was the last time you actually bought anything

 

 

dx

[Garyt251]

Possibly about 6 months ago now.

[dx100uk]

ah right so no reason for them to freeze historic interest etc then.

at theend of the day

its a cat debt

its VERY low priority.

 

 

theres nowt to stop you writing to them

[lots of letters in the library section]

and explain your financial woes

and ask them to freeze int and charges etc

and drop them down to a very small payment.

 

 

I take your credit file is shot anyway

so a default wont hurt you??