Aqua Credit card

demi60

Don't know if this is the right place for this. But I shifted a debt from Aqua credit card to Barclay card credit card 0% for 18 months. The debt is £1411.54 however before I shifted this debt I called them to notify them of the balance transfer at the beginning of February 2020 and the female assistant from Aqua said that once the balance had been transferred then to log onto the Aqua website and close the account which would close naturally. The balance transfer went through on 17th February 2020 so I logged onto their website to close my Aqua account and had to search the tab saying "Close my account" which I found and requested to close my account. I remembered the female customer assistant saying that my account would close naturally.  I thought all was well until I got a text on Saturday 4th April 2020 from them to say that I missed the minimum £5.00 payment and that I owed £51.25. I logged back into the site on Saturday 4th April 2020 and there it was, charges had been applied on the 15th March. Why my account did not close I don't know!

I sent them a message through their site as the only way I can complain is through a 0800 number which constantly rings out, or to write them a letter of complaint and post it. This is difficult to do as I do not know if the Post Offices are open and I'm doing loads of shifts at the hospital where I work and live on-site. I would appreciate any advice as Aqua are hurting my good financial reputation plus keeping me in persistent debt by applying their interest charges on a balance of zero. Thank you

Willing2Learn

It is likely that you are paying 'residual' or 'trailing' interest from your previous Aqua statement.

Marcio45

Demi60, that is a common mistake.
Paying the full balance at any time does not mean that interest since the last statement does not apply. You would see that interest charge on the next statement and you would know that a payment was due. Sometimes you get charged interest on the interest charged the previous month and you still have to make a payment two months after.
Not sure if you got locked out of your Aqua account or if you cancelled your direct debit. I do agree that the Aqua costumer service should have made you aware of this, but personal experience with other providers they dont always tell you this.
When wanting to close a credit card it is always a good idea to let it run for another month or two just to make sure you paid all charges. I am sorry but this is the way credit cards work.
I would make a written complaint to Aqua but not sure if you would get anywhere with them. They dont have the best of reputation. Be aware that this will probably be marked on your credit report.

demi60

Thank you for your reply but the account should have closed as I closed the account before the charges would have been applied and no I wasn't locked out of the account. So if Aqua don't reply, I will take this to the Financial Ombudsman.

Anamox

But did you pay the future interest that would have been owed on your old balance?

Your £1411.54 may have been paid off, but in the months following they would have added interest to this on your Aqua card, which sounds like it was £5 in this case. Then presumably your account would have closed naturally once you settled that debt. 

Just transfer the £51 to your Barclay card if you can't afford it or don't want to pay it?

Marcio45

Demi,
Even if you pay the balance in full there is still interest to be paid on the next statement. 
You are only free of interest if you made a purchase on a credit card (that had 0 balance) and then make payment in full when the first statement comes out.
As the debt was already there in previous statements there is always residual interest to be paid.
When you request to close an account this is never immediate because of the interest charges. You should always keep the direct debit. Its only when everything is settled (sometimes 2 months after) that it is considered closed effectivelly.