Aqua - No longer HBOS????

Simon7685

I have this morning received a letter from Aqua as follows:

We are writing to notify you that with effect from 01 March 2012 your aqua credit card agreement will be between you and Progressive Credit Ltd.

We will shortly be sending you a new card along with your updated agreement. Once received please destroy your current aqua card and start using your new card.

T&C's include;
Bank of Scotland replaced by 'aqua card services'
We, Us and Our mean Progressive Credit Limited.
All references to LLoyds banking group have been removed.
Bank of Scotland PLC reference replaced by aqua card services.
The aqua trade mark is used by Progressive Credit Limited under license from SAV Credit Limited.

Does this have any implications for the customer, I assume it just means that HBOS are no longer the ones providing the money as it were?

I assume that on my monthly credit report it will no longer say Halifax Card Services. So will it start a new lender showing and I will have to start building up my green ticks again??? I hope not:(

izools

HBOS were never providing the money - SAV Credit were providing the money to lend out, HBOS were providing the actual account services - i.e. call centres, cards, online account servicing, statements etc.

It used to be an HBOS card using SAV's money.

SAV Credit appear to be taking it in house which will mean no longer having to share their profits with HBOS but having to hire their own call centre staff, design their own online account servicing system, their own cards and merchant system, etc etc.

I guess their customer base is now big enough to make this possible

Good or bad?? We'll see.

Curr946

rate hikes coming to pay for it all one would guess

chanz4

Its one company that never has liked me, but I have a Halifax one card...go figure

[Deleted User]

I got this letter today too.

I already have a Halifax Classic visa card and the last time I checked my credit record, it listed both the Halifax and Aqua accounts down as HBOS.

boogiemaster

I tried for Aqua but they sent an email telling me to get a credit builder card and apply again in six months.

I've been accepted for Vanquis and Capital one so hopefully I will start to get other cards more easily.

Simon7685

So in theory then everything should remain the same, Mr Stupid here just had it backside first and thought it was HBOS supplying the money.

There is still one or two bits I don't understand..........:o

Why does it show as Halifax Credit Card on my Noddle account, if the money comes from someone else? It doesn't follow then, that the people who you borrow the money from report to the CRA. Isn't that a bit dodgy and open to lots of potential mistakes???

So do I expect for a new report to be created for SAV credit or Progressive credit or whoever and have to start again with the green ticks? If so does the Halifax one just stop reporting or get removed or how does it work???

Sorry for all the questions guys;)

Simon7685

boogiemaster wrote: »

I tried for Aqua but they sent an email telling me to get a credit builder card and apply again in six months.

I've been accepted for Vanquis and Capital one so hopefully I will start to get other cards more easily.

I was accepted for Aqua just after I was accepted for Vanquis. Vanquis rang me told me I was accepted and I got a rush of blood, went straight online and applied for Aqua. The following month I decided to try Capital One and they said yes too.

So I guess you might get Aqua soon Boogiemaster, their interest is much less than Vanquis for me, 20% less to be correct:eek:

jen245

Your credit report will remain the same, the provider name will just change to Progressive Credit instead of Halifax

boogiemaster

Simon7685 wrote: »

I was accepted for Aqua just after I was accepted for Vanquis. Vanquis rang me told me I was accepted and I got a rush of blood, went straight online and applied for Aqua. The following month I decided to try Capital One and they said yes too.

So I guess you might get Aqua soon Boogiemaster, their interest is much less than Vanquis for me, 20% less to be correct:eek:

I will apply again then and see if they will accept me and if not I still have two.

Thanks for the info Simon