Aqua Minimum payment changes

A4445

urb wrote: »

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.

Have you been making minimum payments for more than 18 months? If so they may increase them due to the new FCA ruling about persistent debt.

urb

A4445 wrote: »

Have you been making minimum payments for more than 18 months? If so they may increase them due to the new FCA ruling about persistent debt.

A mixture of both, but since January I've only repaid the minimum because my higher APR card is the priority. Do you know if a 1 off higher repayment will offset that rule? Or if that were the case I could just set my DD to repay a fixed sum of £285 per month which should eventually repay more than the minimum. I will call them on Tuesday and see what is what. I have no issue paying what I owe but I don't want to be forced to repay more than I can afford just because some new rules say so. This is a big worry for me at the moment because I am aiming to repay my other card (Vanquis) by July 2019 then I will be able to repay an additional £450 per month from my Aqua. If I can manage to avoid any increased payment until then I will be on the final stretch to being debt free.

Willing2Learn

Good luck on your journey to becoming debt free...

urb

Willing2Learn wrote: »

Good luck on your journey to becoming debt free...

Thank you. Long way to go but slowly getting there!

A4445

urb wrote: »

Thank you. Long way to go but slowly getting there!

Are you able to get any new cards with Balance transfer options to reduce the amount of interest?

urb

A4445 wrote: »

Are you able to get any new cards with Balance transfer options to reduce the amount of interest?

Unable to work due to ill health at the moment, not been able to find any card that accepts me yet, but I do look from time to time.

dazzaofdagenham

I hope you are not paying loads of interest on the aqua with that balance.

mro

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.

They can't flag you as being in "Persistent Debt" as persistent debt conditions over 18 month period starts today (1 Sep 2018).
.

Anthorn

mro wrote: »

They can't flag you as being in "Persistent Debt" as persistent debt conditions over 18 month period starts today (1 Sep 2018).
.

What I understand is that enforcement of the new rules started on 01 September but the first 18 month period over which persistent debt is identified is the last 18 months not 18 months starting 01 September. So therefore the second 18 month period over which an increased payment is requested starts on 01 September.

What we should understand is that the increased payment is not a contractual requirement unless the lender has changed the Ts&Cs to make it a contractual requirement which Aqua has done. What happens next is unclear: Probably those who cannot afford the increased payment will have their card suspended but if the account is still in persistent debt for the next 18 months then Aqua will have to provide assistance to clear the debt such as suspending interest and charges.

Snowedunder

Hi, was about to start a thread and then saw this one.

I have had a CC with Nationwide for many years, never had any problems, and occasionally have had a nil balance. However, on 7th August I received a strange (to me at that time) letter from Nationwide. I will not state all the content of the letter, which skirts around this issue without actually mentioning any changes in law, but the gist is pay up or lose your card!! I must immediately increase my payments over and above the minimum I have paid for many years, so that I am paying the loan as well as the interest. If not, then as below:

If your'e still paying more in interest, charges and fees than your'e repaying your credit card debt in nine months' time, we'll write to you again to remind you how to reduce your debt.

We're sorry but if you don't increase your payments, we could end up having to suspend your credit card. Or, we could agree a payment plan with you to help pay off the debt witch could affect your credit file - this could make it harder blah blah blah.

That's that then,