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Interest added during payment holiday
dmbalf
Posts: 11 Forumite
in Credit cards
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?
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Comments
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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 normal1 -
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.2 -
Payment holiday, not interest holiday.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.
From the Aqua website
www.aquacard.co.uk/faqs/payment-freeze1 -
Pay the interest you owe-2
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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
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How on earth is that pompous comment helpful?!D3xt3r5L4b said:Pay the interest you owePlease note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.0 -
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.Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.0
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Interest will always accrue whether making payments or not. If the borrower does not pay the interest, who will?0
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Do you have a copy of the letter so that we could see the actual wording?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?0 -
It's why his last account was banned.MalMonroe said:
How on earth is that pompous comment helpful?!D3xt3r5L4b said:Pay the interest you owe
Isn't it Gary?0
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