Aqua Minimum payment changes

urb

I have noticed on my Aqua account it's saying that I owe an additional payment of £280. It then says my contract amount owed is £0 because I've already paid the minimum this month. Does anybody know if these new changes mean that I can continue to pay the minimum each month? Or do I need to start paying the minimum + additional payment? If this is the case then I'm not sure how I will manage to get out of debt. I owe £7000 on this card and £4800 on another. I am repaying the other card first because it has the highest APR.

Willing2Learn

Hi,

I received the following in an email on the 9th August. The change started on the 29th August:

Payments in addition to your Direct Debit

If you make a payment 3 or more working days before your payment due date your Direct Debit amount will be reduced. For example, if you have a Direct Debit to collect a fixed amount of £50 each month and you make a payment of £30, using another payment method, two weeks before your next payment due date, we will reduce the amount we collect by Direct Debit to £20.

So, my direct debit was due to come out on the 29th, but because I had already paid the balance in full, no money was taken by direct debit. I like this change in policy

urb

Willing2Learn wrote: »

Hi,

I received the following in an email on the 9th August. The change started on the 29th August:So, my direct debit was due to come out on the 29th, but because I had already paid the balance in full, no money was taken by direct debit. I like this change in policy

Do you know if these extra payments will be required every month? I really don't want to default on payments by an additional £280 per month just isn't within my budget. I will never hold any balance on a credit card ever again once I've rapid all I owe. Lesson learned for me!

[Deleted User]

Yes it will apply every month

Willing2Learn

There is no extra payment required.
All that is required is for the borrower to pay the minimum contractual amount each month.
If you pay the minimum contractual amount by standing order or faster payment more than three days before the direct debit is due, then Aqua will no longer take the Direct Debit.

urb

Willing2Learn wrote: »

There is no extra payment required.
All that is required is for the borrower to pay the minimum contractual amount each month.
If you pay the minimum contractual amount by standing order or faster payment more than three days before the direct debit is due, then Aqua will no longer take the Direct Debit.

So exactly as before, except now they "recommend" the additional payment? I canceled my direct debit just to make sure they didn't take the £280 else I'd default on 2 payments at the same time. I know repaying just the contractual amount is bad but in my situation, its what I've been told to do until my higher APR card is repaid.

A4445

Why not call and ask?

SnowTiger

Aqua have made a few changes to their website recently.

Is this the sort of thing you're seeing?



My last statement was for £1,668.37. I paid it off from a few different places. £400 was the last payment I made.

I don't have a direct debit set up with them. What they refer to as 'payment requested' is the minimum payment, which is 1% of my last statement balance. In your case it should be 1% plus interest.

I've already paid the balance in full, so 'contractual minimum payment' is now set to zero, meaning I don't owe them anything.

When you say you owe an additional amount, are you referring to the 'payment requested' amount? That should be the same as your minimum payment. If it's higher they may have flagged you as being in persistent debt and are suggesting you pay more.

urb

SnowTiger wrote: »

Aqua have made a few changes to their website recently.

Is this the sort of thing you're seeing?



My last statement was for £1,668.37. I paid it off from a few different places. £400 was the last payment I made.

I don't have a direct debit set up with them. What they refer to as 'payment requested' is the minimum payment, which is 1% of my last statement balance. In your case it should be 1% plus interest.

I've already paid the balance in full, so 'contractual minimum payment' is now set to zero, meaning I don't owe them anything.

When you say you owe an additional amount, are you referring to the 'payment requested' amount? That should be the same as your minimum payment. If it's higher they may have flagged you as being in persistent debt and are suggesting you pay more.

Yes, this is what I am asking about! It's asking for a payment of £280 and I've already paid £285 this month so my contractual says £0. All these changes are confusing and that part of the website appearing isn't very clear to me. If this value is just next months minimum due to payment then I will be fine and continue to pay the minimum until my other card is repaid in full.

Willing2Learn

That actually confused me too. I rang them up twice this week to confirm whether I still have to pay the "payment requested"!! lol

urb

Willing2Learn wrote: »

That actually confused me too. I rang them up twice this week to confirm whether I still have to pay the "payment requested"!! lol

I wonder what this new value is for. Seems confusing and stupid to show your minimum payment value after already paying the minimum amount.