Aqua auto set Booster payments

Options
Dandytf
Dandytf Posts: 4,820 Forumite
First Anniversary Name Dropper First Post
in Credit cards
That was not totally unexpected though quite a considerable shock.
On receiving text reminder to check my aqua statement and DD payment, the message had my set DD (slightly above min payment) advising to read statement from website as there could be extra to pay.
I accessed my statement and found £58 min payment had £107 added as booster payment.
Called aqua and thankfully they advised I could opt out of extra booster payments-permanently -which I since have with help of their advisor.
Thought I was caught with Gov's attempt to 'help' consumers pay less interest.
Thankfuly I explained my slightly above min payment dd has a 3 year target to clear total balance with intention of increasing late 2019 when I have more funds free to add.
Which was kindly accepted and DD returns to what I had been paying on time.
If the booster payment was forced for me to pay next week , I wouldn't have afforded it at all.
Maybe I should attempt to clear aqua cards sooner than planned.
Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
«13

Comments

  • eskbanker
    eskbanker Posts: 31,076 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    Dandytf wrote: »
    Thought I was caught with Gov's attempt to 'help' consumers pay less interest.

    [...]

    Maybe I should attempt to clear aqua cards sooner than planned.
    That last sentence would seem to indicate that the FCA moves to address persistent debt are having the desired effect - paying a little more than the minimum may avoid the minimum payment marker on credit files but will still mean that you're not making much of an inroad into your debt, so if you're stopping and thinking about how you might repay quicker then it seems that this is exactly the reaction they're seeking.

    Assuming you're not on a 0% deal then of course you'll pay less interest if you repay your debt earlier - if some need the FCA (via the card companies) to point this out then it will have served its purpose....
  • Dandytf
    Dandytf Posts: 4,820 Forumite
    First Anniversary Name Dropper First Post
    Options
    @eskbanker
    I don't disagree with Gov's way of thinking, though think Consumers could be contacted before considerably large extra payments are added a few days before chosen DD payment.
    Maybe if Aqua or Gov would have contacted me 1st by desired communication channel, I could have re considered if I had any extra funds to add to existing DD.
    It is an excellent idea, sadly not currently possible in my current circumstances.
    Personally I know of at least two 'savings I'll make through 2019 which are going to free up some extra funds which I'll happily add to CC DD's as best as I can.
    Thanks for your kind reply, interesting times indeed.'
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • A4445
    A4445 Posts: 1,103 Forumite
    Options
    On what balance are they expecting you to pay that much? It is a bit unlealistic to just slap on an extra £107.
  • Dandytf
    Dandytf Posts: 4,820 Forumite
    First Anniversary Name Dropper First Post
    edited 23 February 2019 at 10:36PM
    Options
    A4445 wrote: »
    On what balance are they expecting you to pay that much? It is a bit unlealistic to just slap on an extra £107.

    I'll need to re check I think this will be the balance that's grown considerably to 1850 approx.

    Edited total DD+Booster payment is 107 made up of 58.12 DD +49.99 Booster payment -balance 1711.
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • Dandytf
    Dandytf Posts: 4,820 Forumite
    First Anniversary Name Dropper First Post
    Options
    Aqua persistent debt rules continue
    Which I kind of thought even after making the original tel call when their advisor stated I could opt out.
    Not that I'm in denial of balance.
    9 months before action is taken.
    Thankfully the often mentioned help2 save is my reducing amount from April next year hopefully in time to keep Aqua happy.
    Making another call next week anyway and ask them to re explain that opt out option which I was advised was implemented..
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • A4445
    A4445 Posts: 1,103 Forumite
    Options
    The issue being is as the interest is higher so is the payment to compensate.
  • Dandytf
    Dandytf Posts: 4,820 Forumite
    First Anniversary Name Dropper First Post
    Options
    A4445 wrote: »
    The issue being is as the interest is higher so is the payment to compensate.

    Thanks is that daily,Monthly or Annual interest
    What do I compare to my existing repayments as not sure.
    Thanks
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • Dandytf
    Dandytf Posts: 4,820 Forumite
    First Anniversary Name Dropper First Post
    Options
    New aqua

    Interest was 50.62
    DD 60
    1 purchase added sine last statement 415- washer dryer
    Payment requests End of Aug'
    70.84
    I don't think interest is higher as yet
    Interest 30.35% Annual simple rate
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • A4445
    A4445 Posts: 1,103 Forumite
    edited 15 August 2019 at 9:26PM
    Options
    If I remember correctly you need to pay off more capital than interest. The payment need to be more than double the interest. I believe they will suspend your card if you don’t pay more than that. They can put you in a payment plan.

    I’ve no idea if this will effect your credit rating.

    I’ve checked and step change states it can effect your credit rating.
  • Dandytf
    Dandytf Posts: 4,820 Forumite
    First Anniversary Name Dropper First Post
    Options
    Thanks @A4445

    Considering 9 months from today's letter
    H2S extra payment is 1st April 2020
    This is going to be very close indeed though worth pending considerable sum to Aqua until April if possible.
    Meanwhile the best I can consider is increasing min payments again for a few pounds at least to show some activity in reducing interest.
    Thanks!
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.3K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards