Aqua Minimum payment changes

Willing2Learn

Holy hell, I've just noticed that Aqua have the wording wrong on their direct debit set up/amend dialog screen. I wish I didn't have OCD. This going to drive me nuts if they then go on to make a mistake with my DD...I've just got a complaint upheld with Amazon/New Day card about this exact same issue, but the problem seems to be across the New Day portfolio...

[Deleted User]

Willing2Learn wrote: »

I've just got a complaint upheld with Amazon/New Day card about this exact same issue, but the problem seems to be across the New Day portfolio... (:

It will be. Copy is replicated across all card brands.

mro

Anthorn wrote: »

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.

Why do you understand it like this ?

It would mean people would immediately go from no issue to "persistent debt" from
day 1.

Anthorn

mro wrote: »

Why do you understand it like this ?

It would mean people would immediately go from no issue to "persistent debt" from
day 1.

Users are already reporting an increased requested payment from day 1 of the enforcement of the new persistent debt rules. Read back in this very thread!

SnowTiger

mro wrote: »

Why do you understand it like this ?

It would mean people would immediately go from no issue to "persistent debt" from
day 1.

They were already in persistent debt. Up until now no one had told them.

The FCA's full document is here.

Page 7 contains this:

Implementation period: we proposed to give firms up to 6 months to comply with the new rules, an increase of 3 months on our original proposal. This was so they can take the necessary steps to change their contracts to reflect the new rules and provide any necessary advance notices to customers. It may also provide an opportunity for firms to phase implementation, where firms are able to begin contacting customers before the 6 months implementation period has ended. We did not propose to extend the implementation period to 12 or 18 months, as some firms suggested, as this would significantly delay getting help to customers already in persistent debt, many of whom have been in persistent debt for an extended period of time.

According to pages 19, 20 and 21 the persistent debt rules came in to force on 1 March 2018, but firms were given until 1 September 2018 to implement them.

The bottom of page 21 contains this:

The final rules and guidance we have made in Appendix 1 come into force on 1 March 2018. Firms have until 1 September 2018 to be fully compliant.

This means that firms have a total implementation period of 6 months in which to complete any necessary preparations and systems changes and begin to issue their 18 month communications to customers.

It seems quite clear to me that 18 month notices should be sent out from 1st September 2018.

Page 12 contains this:

One debt charity thought a fast-track approach was needed when these rules came into effect for customers who, at the 18 month stage, had already been in persistent debt for longer than 36 months.

The FCA rejected that idea. They reject everything put to them during the consultation period. Page 23 contains this:

The rules we have made do not differ from the version that we consulted on in a way...

The document answers many of the questions that have been asked here.