Interest incurred ?

Gazza

Hi all just a quick one my partner has an argos card thin and she bought a laptop on it months back and took out one of the 6 month but now pay later plans. She has been saving each month and has the money bit has jisheng realised its meant to have been paid by today she did pay today but by the time they get it now it will be over the 6 months, can anyon work out or tell me how to work out hat Interrest she will have to pay on it ? Like I said the balance will be nothing as soon as funds clear it will just be the interest.

So it will be £362 at 29.9apr over 6 months so I have worked it out and I think she will be charged about £50 I'd that about right ?

Matt

If they are charging the whole 6 months interest, it should be around the £32 mark

Gazza

Yea what it says is that if you don't pay within the 6 months interst at 29.9 will be charges from day or purchase so it will be 6 months at 29.9

Matt

In that case, it should be around £32 then, as that's what 29.9% APR works out to be on that amount over 6 months.

Gazza

Cool cheers mate she is worried it was going to be in the 100's I tile her it would be less than £50 will teach her to look at the due date in future lol

Matt

Did they not send her any letters of anything reminding her that it was about to expire?

Gazza

She said not that she can remember but she don't always open her post so they could have, she knows its her fault and don't mind paying the interest she just didn't like the thought of it being 100's of pounds that's all as soon as I said it will be under £50 she was happy again lol