There's no point in whining about them.

We know they're ripping the public for all they can, any way they can. 58% rates, 28 day account periods when almost everyone gets paid monthly nowadays.

My wife has a debt of £2096 with Marisota and I don't know how much with Very.

(She says she doesn't know the password! I'm resetting it.)

And a credit card, and who knows what else hidden.

She doesn't work, I have to pay everything.

I want to work out a prediction of where this will all go unless dealt with now.

I can use spreadsheets but I'm not sure how they calculate the minimum amount.

T's&C's say:

Your minimum payment will initially be 4% of the total cash price of goods and services ordered using your account or £5, whichever is the greater. We re-calculate your minimum payment in the same way whenever you buy more goods or services, return goods to us or cancel any services.

The word is INITIALLY. That insinuates there will be something different later. Or is it so simple as 4% of the £2096? That is £83.84 but they are saying amount due is £251. How is it worked out?

Thanks.

depends if she failed to make minimum payment for a period of time, they then will ask for 3 months m minimum payments as one payment. that is what this appears to be so they wont default the account for a short term problem

Suggest you ask in writing for a breakdown calculation of the minimum payment amount required and copies of all documents showing any variation to the original account terms.

It seems that the initial 4% has increased as the debt has increased. If they kept it at the original 4%, then the debt would keep increasing with the amount of interest they are adding. So they must have increased minimum repayment to a level where the debt is being reduced.

Have you looked into what consolidation loan you might be able to take out at a much cheaper interest rate ? Then get these debts paid off and accounts cancelled.

You can't keep allowing this to continue. There was another thread on here which was very similar. It ended up with a total debt of over £30,000 and some debts were proven to be a case of irresponsible lending with debts written off. There were loads of brand new clothes hidden away in cupboards and drawers, which had never been worn. Often behind some of this behavioir is a health issue that has yet to be tackled. But obviously not alway the case.

See if you can get your wife to obtain her credit record. Perhaps suggest both of you get credit reports at the same time so they can be reviewed.

Just a quick reply to say thanks for the responses. I'm trying to deal with it, getting very (pardon the pun) little help from DW. I have the credit reports. Ugh...

its all down to their 28day billing cycle