Do I have to inform lender of change in income?

[Deleted User]

Sadly I have a hard copy only and Ctrl F doesn't seem to work.

18.1. You must let us know if your circumstances change in a way which we might not otherwise know about and which is likely to change our assessment of your financial standing. Examples include if you lose your job, your income reduces significantly for any reason, if you are off work for long term sickness.

In the OPs case, I guess the word 'significantly' is the key.

Edit: not to say that this clause appears in all agreements of course.

chattychappy

Deleted_User wrote: »

Sadly I have a hard copy only and Ctrl F doesn't seem to work.

18.1. You must let us know if your circumstances change in a way which we might not otherwise know about and which is likely to change our assessment of your financial standing. Examples include if you lose your job, your income reduces significantly for any reason, if you are off work for long term sickness.

In the OPs case, I guess the word 'significantly' is the key.

Edit: not to say that this clause appears in all agreements of course.

Interesting, thanks. From their examples, they obviously have in mind a situation where you might not be able to meet your repayments - though "change our assessment of your financial standing" would cover positive changes too.

Maggie.Moo_2

Thanks guys. Aqua know that I'm currently a student with a zero hours contract and seeing as I didn't even earn £300 last tax year, I'm typically considered unemployed so the loss of job isn't applicable but I guess the end of student finance might be something they're interested in. In terms of changes which impact my ability to pay in theory this wouldn't happen as not only should my income be increased but I'm also only borrowing about £30 per month (although my limit is actually £600).

I will probably let them know anyway because I'm paranoid about consequences but this is all useful information for the future anyway

chattychappy

Despite the above, personally I still wouldn't tell them. The last thing you want is some call centre op not listening properly and you find that you've had your card withdrawn because they thought you were trying to tell them you are in distress.