Aqua Default - £0.02p!!!

bripod2610

Hi all, first time user looking for some advice.

I paid off my balance on my Aqua card in 2013/2014 and never heard another peep about it until very recently.

I then got a letter dated 30th May (only got this a few weeks later as was on honeymoon) advising that a default was to be placed on my file for the sum of £0.02p. In the letter it acknowledges that they did not serve me with the correct default notice prior to this letter and if this issue has caused me any inconvenience then to contact them.

So I called them, and they suggested that this was due to "residual interest" and myself and the advisor (and the subsequent advisors) had a joke about the fact that it was 2p. Anyway, I was advised to send in a copy of my credit file and a covering letter which I did on 11th July.

As an aside, I noticed that I changed address shortly before paying the card off - instead of updating my address they seem to have amalgamated my old and new addresses, which may explain why I didn't receive any follow up mail.

So after calling and calling they've acknowledged receipt of the letter but say that the credit file is illegible so have asked me to send it in again. Starting to get pretty nervous as I'm in the process of going for a mortgage and to lose it for 2p...do you think it's likely that they'll remove it once they've got all my paperwork together?

Thanks in advance for any advice

[Deleted User]

bripod2610 wrote: »

do you think it's likely that they'll remove it once they've got all my paperwork together?

Yes. .

boo_star

Probably.

The fact that they've even asked for the evidence is positive, they could (and should) have dismissed it out of hand if they wouldn't do anything.

GingerBob_3

When it comes to incompetence and corporate stupidity the financial sector takes some beating.

darkidoe

Ridiculous. 2p. All these paperwork for 2p. Crazy peeps.

Asnu

bripod2610 wrote: »

Hi all, first time user looking for some advice.

I paid off my balance on my Aqua card in 2013/2014 and never heard another peep about it until very recently.

I then got a letter dated 30th May (only got this a few weeks later as was on honeymoon) advising that a default was to be placed on my file for the sum of £0.02p. In the letter it acknowledges that they did not serve me with the correct default notice prior to this letter and if this issue has caused me any inconvenience then to contact them.

So I called them, and they suggested that this was due to "residual interest" and myself and the advisor (and the subsequent advisors) had a joke about the fact that it was 2p. Anyway, I was advised to send in a copy of my credit file and a covering letter which I did on 11th July.

As an aside, I noticed that I changed address shortly before paying the card off - instead of updating my address they seem to have amalgamated my old and new addresses, which may explain why I didn't receive any follow up mail.

So after calling and calling they've acknowledged receipt of the letter but say that the credit file is illegible so have asked me to send it in again. Starting to get pretty nervous as I'm in the process of going for a mortgage and to lose it for 2p...do you think it's likely that they'll remove it once they've got all my paperwork together?

Thanks in advance for any advice

If they agree with your story, yes.

However, I suspect they will demontrate they have sent you monthly statements showing the amount owed since 2014. :cool:

As you suggest, a change of address in 2013/2014 occurred, hence why you may have failed to receive such monthly bills. You should have perhaps notified the credit provider that on advising them, you didn't seem to have received any further bills from them - even if it was not noticed for a few months (rather than a few years when they finally cought up with you)

How would you feel if you lent someone some money and they did a runner, before repaying you in full?

But if it really was their error in messing up the change of address, they probably will write of the 2p owed. But a mess up of an address is not common nowadays, as addresses are usually automatically populated based on the postcode you provide.

bripod2610

Asnu wrote: »

If they agree with your story, yes.

However, I suspect they will demontrate they have sent you monthly statements showing the amount owed since 2014. :cool:

As you suggest, a change of address in 2013/2014 occurred, hence why you may have failed to receive such monthly bills. You should have perhaps notified the credit provider that on advising them, you didn't seem to have received any further bills from them - even if it was not noticed for a few months (rather than a few years when they finally cought up with you)

How would you feel if you lent someone some money and they did a runner, before repaying you in full?

But if it really was their error in messing up the change of address, they probably will write of the 2p owed. But a mess up of an address is not common nowadays, as addresses are usually automatically populated based on the postcode you provide.

You may have missed the bit about me clearing the balance previously.

The 2p is residual interest, as I've recently been made aware.

Thanks, though.

Asnu

bripod2610 wrote: »

You may have missed the bit about me clearing the balance previously.

The 2p is residual interest, as I've recently been made aware.

Thanks, though.

To clarify, I didn't miss anything

It would appear it was probably you that missed the residual interest

I thought the issue of residual interest was well understood as it is both well publicised and included in the terms you would have agreed to abide by.

But put simply, unless you pay off your credit card bill in full (as Martin likes to shout) every month, then interst will accrue. So if you, as you put it, clear the balance, by paying a bill that includes some interest, then interest will still accrue from the date that bill is produced until the date the payment is made/received. That final interest will be shown on the next bill.

Until that final amount is paid (and assuming no other purchases etc) then the account balance will not be cleared.

Even more surprising, therefore, that you didn't look to receive that final bill ... yet alone another that would show you have a zero balance, when you moved house about 2 years ago.

I appreciate your thanks. Did you know there is a thanks button here on MSE to permanently award thanks to MSE'ers that you wish to thank?


Btw - most people who provide credit also request a telephone contact number for the debtor; I know Aqua do.
I'm not sure what number you would have given initially? Presumably not a mobile number? You could have provided a landline number, but if you did, it would be surprising the credit provider didn't also request an update to that contact number when you advised a change of address.
Or maybe they somehow scrambled that telephone number as you say was done with the address?

Because otherwise, the creditor, I am sure, would have called whatever telephone contact number they had for you if their letters were being returned as non-deliverable. Or when you did a runner, did you not notify the new occupabts of your old address a forwarding address either?

As you can see, I'm sure Aqua will have lots of things to look into regarding your claim. But in the event they do agree with your compliant in full, then as I said, I'm sure they will waive the 2p. But if not, I suspect now that debt collectors have been involved in tracing you, I suspect the amount they now claim you owe will be alot more than 2p ... and the default will unfortunately stand.

bripod2610

Asnu wrote: »

To clarify, I didn't miss anything

It would appear it was probably you that missed the residual interest

I thought the issue of residual interest was well understood as it is both well publicised and included in the terms you would have agreed to abide by.

But put simply, unless you pay off your credit card bill in full (as Martin likes to shout) every month, then interst will accrue. So if you, as you put it, clear the balance, by paying a bill that includes some interest, then interest will still accrue from the date that bill is produced until the date the payment is made/received. That final interest will be shown on the next bill.

Until that final amount is paid (and assuming no other purchases etc) then the account balance will not be cleared.

Even more surprising, therefore, that you didn't look to receive that final bill ... yet alone another that would show you have a zero balance, when you moved house about 2 years ago.

I appreciate your thanks. Did you know there is a thanks button here on MSE to permanently award thanks to MSE'ers that you wish to thank?


Btw - most people who provide credit also request a telephone contact number for the debtor; I know Aqua do.
I'm not sure what number you would have given initially? Presumably not a mobile number? You could have provided a landline number, but if you did, it would be surprising the credit provider didn't also request an update to that contact number when you advised a change of address.
Or maybe they somehow scrambled that telephone number as you say was done with the address?

Because otherwise, the creditor, I am sure, would have called whatever telephone contact number they had for you if their letters were being returned as non-deliverable. Or when you did a runner, did you not notify the new occupabts of your old address a forwarding address either?

As you can see, I'm sure Aqua will have lots of things to look into regarding your claim. But in the event they do agree with your compliant in full, then as I said, I'm sure they will waive the 2p. But if not, I suspect now that debt collectors have been involved in tracing you, I suspect the amount they now claim you owe will be alot more than 2p ... and the default will unfortunately stand.

Yep, provided my mobile number which I've had for several years. Not a peep on that either.

And I certainly did provide a forwarding address to the landlord and potential new occupiers of my old property when I "did a runner" as you chose to put it.

Bit confused though, you initially said they'd probably write off the 2p, now you're saying you suspect the default will stand and it'll be more than 2p now? Happily though, at least part of your suspicion is entirely wrong - again you may have missed it but the advisors I've spoken to have had a giggle with me about the 2pand confirmed that this is the balance - this is after checking with the collections team too

GingerBob_3

Just make sure they de-blacklist you at the credit reference agencies. You'll need to check, even if they say they have. Financial institutions are not the most trustworthy of organisations we have to deal with.

[Deleted User]

GingerBob wrote: »

Just make sure they de-blacklist you at the credit reference agencies.

We've already established that CRAs don't operate blacklists.