Interest added during payment holiday

dmbalf

I currently have an issue where Aqua credit card company have added three months of interest to my account just recently. I queried this as my last letter stated that no interest would be added during the holiday. The payment holiday ended on June 22nd, however I had some money from a relative that enabled me to pay the balance off in full, which I did on the 19th June. Fast forward to today and they now want £480 in interest because I paid it off three days too early, what do I do? 

happy_hazelnuts

During a payment holiday interest is added as normal

what the holiday means is that you don't have to pay anything (including the minimum payment) and they will not charge you late payment fees

however you will pay interest on the outstanding balance as normal

sambaird

I doubt that you have received a letter stating that no interest would be applied to your account during the Covid payment holidays scheme - it literally mentions it everywhere you look that interest is still applied to your account while during a payment holiday.

Think you’ve got the wrong end of the stick somewhere.  You should give them a call to clarify.

X

sambaird said:

I doubt that you have received a letter stating that no interest would be applied to your account during the Covid payment holidays scheme - it literally mentions it everywhere you look that interest is still applied to your account while during a payment holiday.

Think you’ve got the wrong end of the stick somewhere.  You should give them a call to clarify.

Payment holiday, not interest holiday.

From  the Aqua website 
www.aquacard.co.uk/faqs/payment-freeze

D3xt3r5L4b

Pay the interest you owe

molerat

You would not need to make a payment to us during the three months and you would be able to continue to use your account as normal. Where relevant, interest will be charged during the Payment Freeze on your current balance, new transactions and any interest accrued. This means it may cost you more and take you longer to repay your balance.

www.aquacard.co.uk/faqs/payment-freeze

MalMonroe

D3xt3r5L4b said:

Pay the interest you owe

How on earth is that pompous comment helpful?!

MalMonroe

Yeh, you didn't read all the blurb. You really have to read everything because it's all open and above board, they haven't swindled you, and they have not penalised you because you paid three days early. You didn't read all the information. It's a common mistake but it's one that most of us (I hope!) only make once.

Grumpy_chap

Interest will always accrue whether making payments or not.  If the borrower does not pay the interest, who will?

cymruchris

dmbalf said:

I currently have an issue where Aqua credit card company have added three months of interest to my account just recently. I queried this as my last letter stated that no interest would be added during the holiday. The payment holiday ended on June 22nd, however I had some money from a relative that enabled me to pay the balance off in full, which I did on the 19th June. Fast forward to today and they now want £480 in interest because I paid it off three days too early, what do I do? 

Do you have a copy of the letter so that we could see the actual wording?

Malkytheheed

MalMonroe said:

D3xt3r5L4b said:

Pay the interest you owe

How on earth is that pompous comment helpful?!

It's why his last account was banned. 
Isn't it Gary?