Aqua Credit Cards Overlimit Fees Help!!

gazzamba

I have an Aqua credit card which currently has a £2000 limit, i am up to my limit and havent used it for 6 months, i pay around £75 per month and dont miss any payments.

Aqua are charging me £12 every month as an overlimit fee despite the fact i am not using the card so technically i am not putting my account over the limit.
It would appear that Aqua when they charge the interest every month and calculate the minimum payment then this is added to the balance i.e £2000 = £75.00 interest balance of £2075 therefore over the agreed limit.

I have spoke to Aqua who arent interested, i am aware that i need to increse my payments to get it down but surely this cant be legal as Aqua themselves are putting the account over the credit limit and not me.

Can anyone help please?
:question:

woody01

gazzamba wrote: »

I have an Aqua credit card which currently has a £2000 limit, i am up to my limit and havent used it for 6 months, i pay around £75 per month and dont miss any payments.

Aqua are charging me £12 every month as an overlimit fee despite the fact i am not using the card so technically i am not putting my account over the limit.
It would appear that Aqua when they charge the interest every month and calculate the minimum payment then this is added to the balance i.e £2000 = £75.00 interest balance of £2075 therefore over the agreed limit.

I have spoke to Aqua who arent interested, i am aware that i need to increse my payments to get it down but surely this cant be legal as Aqua themselves are putting the account over the credit limit and not me.

Can anyone help please?
:question:

It's not Aqua putting you over the limit, you are.
It's up to you to look at your spending and the interest incurred to meet these payments.

Aqua is a card for people with poor credit, and as such, your interest rates are high (+30% at least i suspect).
With that figure in mind, £75 is nowhere near enough each month on a £2K limit. Most sub prime cards (Cap One, Aqau,Vanquis), you would be paying £50+ per month as a minimum payment on just a £1K balance.

gazzamba

Right so im not purchasing anything but i am putting it over the limit, are you serious, an overlimit fee is applicable when you go over your limit not the other way, try reading what i typed, what i need is a bit of advise not criticism i am aware that i need to increase the payments but as i am out of work it is kind off hard.

Any way thanks for the ....help

tea690

i dont think woody was critising..you are putting yourself over limit by only making minimum payment..increase your payment thus no charges

corbyboy

You shouldn't trust that your minimum payments will keep you below your limit. If you have a balance of £2000, make a payment of £75 but incur interest of £100, you will go over your limit and incur a charge.

It is not only purchases that put you over your limit.

Take a look at your statements for the last few months. See how much you have paid off the balance and how much interest you have been charged.

fozmcfc

Gazzamba, firstly, I admire you for at least trying to keep paying off the card, rather than just say hey I'm not paying. Too many people come on here with the attitude of I'm not paying, but I want your help. The question is though are you actually making the minimum payment required by Aqua, if not you have two choices.

1/ Either find the money somehow to do this, find some work, even if poorly paid, cut down in other areas of spending, sell some stuff, ask a family member for a temporary loan, even if it is till you find some work. Trouble is if you aren't paying the minimum amount then even if you do stop the overlimit fees, by paying off the money to stop it going over the limit, you'll still be hit by other charges.

2/ You will need to basically put the card into default and come to some arrangement to pay off the debt. This will ruin your credit rating though, but all those extra fees will pretty much have shot it to pieces already.

You should definately post over on the debt free wanabee board for more ideas and help on who to contact.

woody01

gazzamba wrote: »

Right so im not purchasing anything but i am putting it over the limit, are you serious, an overlimit fee is applicable when you go over your limit not the other way, try reading what i typed, what i need is a bit of advise not criticism i am aware that i need to increase the payments but as i am out of work it is kind off hard.

Any way thanks for the ....help

I'm not criticising. I am telling you an answer that you don't want to hear.

Aqua have done nothing wrong.......
You left your balance too close to the limit, and once interest was added, which YOU accrued, it tipped you over your limit.

As i said earlier, £75 per month is nowhere near enough on a sub prime card with a £2K balance even if you were within your CC limit, as their interest is way higher, along with their minimum payment %.

CannyJock

gazzamba wrote: »

Right so im not purchasing anything but i am putting it over the limit, are you serious, an overlimit fee is applicable when you go over your limit not the other way, try reading what i typed, what i need is a bit of advise not criticism i am aware that i need to increase the payments but as i am out of work it is kind off hard.

Any way thanks for the ....help

Advice is to pay enough to cover the interest, fees and minimum payment. This isn't anything special to Aqua, they all operate the same way.

Not really sure what else you were hoping for?

Sub-prime cards aren't designed to carry a balance, exactly because of their high interest rates. Their rates are supposed to be a deterrent to spending more than you can afford to repay each month.

corbyboy

Sorry, I think I misunderstood the original question. £75 isn't the minimum payment Aqua are asking for, it's the minimum you can afford to pay. Is that correct?

If Aqua won't do anything until you start missing payments I am not sure there is much you can do. The only thing I can suggest it to go to the Debt-Free Wannabe board and get some advice about maximising your budget.

gazzamba

Thanks to everyone for your help