letter from Aqua

princess18

finally recieved word from aqua today regarding my offer following my self-managed DMP, i think they've refused but the letter and how its worded has confused me a bit. can anyone translate it into simplier terms for me please?

the letter says:

"following an in depth review of your financial assessment and repayment offer, we are unable to set up a repayment plan on your account. this is because your offer is over our qualification critera to enable us to set you up on a plan.
however, we will set a 3 month arrangment on your account with full intrest and charges being applied, this will not effect your credit reference. "

i'm a bit confused as to what this means?? i dont know what their qualification criteria is either so i'm not sure how i dont qualify

tenbob84

sounds like they think you are not in a bad enough financial situation to qualify for a repayment plan and they are happy for you to pay off the balance in your suggested way, but leaving the account in full operation, thus still charging you interest.

princess18

ahhh, ok. thank you. i suppose its probably a good thing they think my financial situation isnt as bad as i think it is!

Time_to_face_the_music

princess18 wrote: »

finally recieved word from aqua today regarding my offer following my self-managed DMP, i think they've refused but the letter and how its worded has confused me a bit. can anyone translate it into simplier terms for me please?

the letter says:

"following an in depth review of your financial assessment and repayment offer, we are unable to set up a repayment plan on your account. this is because your offer is over our qualification critera to enable us to set you up on a plan.
however, we will set a 3 month arrangment on your account with full intrest and charges being applied, this will not effect your credit reference. "

i'm a bit confused as to what this means?? i dont know what their qualification criteria is either so i'm not sure how i dont qualify

How close is your offer to your usual minimum payment?

tenbob84

they will be more than happy for you to pay off the minimum payments as they make most money out of you this way, if your happy to do that then alls fine and your credit will improve because it will take you a long time to pay it

princess18

Time_to_face_the_music wrote: »

How close is your offer to your usual minimum payment?

my minimum payment is about £9, my offer is £18.50.
i'm also currently £56 over my limit due to charges etc.

tenbob84

try and get under your limit asap because they crucify you for this at aqua, after that, 18.50 will be fine, although you will only pay it off very, very slowly, if this is all you can afford it will do for now to stop you defaulting and !!!!!!ing yourself for 6 years

princess18

yes its all i can afford for now as i'm on maternity leave but will be back at work february so i intend to increase all payments then.

Time_to_face_the_music

princess18 wrote: »

my minimum payment is about £9, my offer is £18.50.
i'm also currently £56 over my limit due to charges etc.

If you are offering above your minimum payment, there is no way that you will get interest frozen. We have been on a DMP for 7 months and are already getting interest reintroduced as we are starting to reach minimum payment levels with our DMP payment.

As tenbob84 has already said, you really need to get this back within your limit or they will hit you with extra overlimit charges, in addition to their extortionate interest rates. Do you have any spare cash that you could pay to get rid of the £56?

princess18

ah i see, i offered in accordance with the DMP and my left over money.
at the moment i ont have any spare cash but i'm trying to sell some things and will be doing a car boot on the 14th oct so hopefully that might raise it

Heffi1

Have you cut up the card so you can't use it again?