Curry's HP agreement

[mikexlr8]

So my girlfriend has this huge plasma TV she brought on HP from Curry's in 2006. The total cost was around £1200 at 24.9%APR. She is stil, paying it off at around £36 per month over 48 months = $1728.

 

I don't understand how they have over £500 in interest from 24.9%?

 

I have seen the credit agreement... this can't add up, can it?

[dx100uk]

could do with ppi?

 

post up a scan

 

dx

[mikexlr8]

Can get this in a couple of days time and will post. In the meantime if anyone has an inkling, please comment.

 

THANKS~!

[Renzokuken]

Just to note, currys don't deal in hire purchases.

 

This will be a credit agreement.

 

(Not getting at the OP, just pointing it out as they are different from a legal standing)

[mikexlr8]

yes I believe its a credit agreement. she has a "pre contract" note with all the details.

[mikexlr8]

Oh and also it says she would have to pay a fee £300 - if she wanted to pay off the agreement early - even if the amount owed is less than £300. Insane.

[BSC]

..

Edited January 29, 2010 by BSC
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[Kirksson]

It's 24.9% APR (Annual percentage rate). APR is an industry standardised method of calculating interest. Over 4 years (48 payments) 24.9% APR will work out as *approximately* half the price of the product again as interest

 

The standard early settlement charge on this agreement (Easiplan as it is referred to instore) is two months worth of interest - as explained to me by the HFC advisor on the telephone when I paid off my own personal agreement. Not sure where the £300 has come from...?