What are estimated monthly repayments? PLEAASE HELP

[welly59]

Hi all

 

I'm wondering if any one can help:

 

in dec '04 I purchased a leather suite from scs for £2513, I was asked by the salesman if I wanted it over 12, 24, or 36 months.

 

I took the 36 month option, it should end in january '08.

 

I have missed a few payments over the life of the agreement but I have managed to catch up. I calle Blackhorse the other day to see how much I owed and they said that it still £745, plus there are collection activity charges of £205. I have received a copy statement now.

 

I objected on the phone and the operator confirmed that I have made 32 payments, and told me that the 36 months on the agreement was just an estimate. Now when I look I do see, "Estimated Number of Monthly Repayments."

 

I truely thought that the agreement was for 36 months and that most of the debt was paid.

 

What on earth has happened and is there anything that I can do about this?

 

What advice can you give me?

 

kindest regards

[Bookworm]

"estimated" should relate to situations like yours, where if you hadn't caught up with repayments, your agreement wouldn't have ended up at 36 months, would it? You would have ended up paying for longer.

 

If you have received a statement, it must show what you have actually paid, and what constitutes the remainder. How much were your payments per month? Where does the difference come from? These types of credit are usually fixed credit, so there shouldn't be such a discrepancy, unless of course, the balance has lots of penalties on it (which I'd take a bet is what it is).

 

If not sure, post the figures here and we'll see if we can help you work it out.