An Aqua Card makes up one of my Debts. In terms of how much I owe, my Aqua Card Debt is at the lower end of my debt scale. I did have the Aqua Card for several years before I fell into arrears.
This post explains what happened when I didn’t pay my Aqua Card Debt and what my plans for it are in the future.
First of all here is an overview of my Aqua Card Debt: –
Current Balance: £2089.52
Original Balance: £2272.23
Charges and Interest Added: £612.63
Current Debt Collection Agency: Lowell
The build up to default
I was right up to my limit of £1700 when I decided to default on the Aqua card. The minimum payment was around £60 per month, mainly because the interest on the card was so high. Despite this payment, the balance was hardly going down and it would have taken a considerably larger payment to get anywhere.
I cancelled the Direct Debit and waited. As expected the usual letters arrived indicating my payment was late. As a bonus a nice late payment fee was added on to my account which in turn took me over my credit limit.
The charges and interest continued for the next six months increasing the balance considerably. I don’t get how this is in any way a positive thing to do when someone is in financial difficulty.
I did attempt to set up an arrangement to pay directly with Aqua Card. However they wanted my last three wage slips which I didn’t want to provide. They also would not freeze the interest and charges so I thought stuff it. Instead I decided to wait and see what happened next.
The First Debt Collection Agency arrives on the scene
A company called Albion Collections then contacted me asking for payment. However one thing I noticed was that charges and interest were still being added on to the account. They would not freeze these charges, and my payment offer would not cover them either.
I was not willing to make payments to a debt that would only carry on increasing. It would be like throwing a tenner down the drain. What’s the point I thought.
Once more I just ignored them in the hope it would be passed on once more.
Moorcroft Debt Collection Agency join the party
The next debt collection agency to join the party was called Moorcroft. I had already dealt with them previously so I knew what to expect.
I sent off my Income and Expenditure form, along with a letter offering repayment. About a week later I received confirmation that my repayment had been accepted.
I happily paid the account for around 12 months. During a routine phone call to them I was abruptly told Moorcroft were no longer collecting the debt. I asked why I had not been told about this. It turns out that despite me informing Moorcroft of my new home address, they failed to update Aqua Card.
The new debt collection agency called Lowell was writing to my old address. I was none the wiser.
Lowell start their collection
After I found out that Lowell were now collecting the debt, I called them to discuss the account. I set up an arrangement to pay and have been paying them for around four months now.
I also requested copy statements as I wanted to see just how much was added in charges and interest since I defaulted.
I have several other debts with Lowell, and haven’t really had any issues with dealing with them. So long as I keep up my payments, I don’t tend to hear from them.
What are my plans for my Aqua Card Debt?
The main thing I am going to sort out is all the charges that Aqua added on. These charges have increased my balance quite considerably. I have already written the letter and I am currently waiting to hear back from them.
Another interesting thing is that I don’t think that the default notice was executed correctly. I have also queried this with Aqua Card as well. Hopefully I will get a good response. Once it is all over, I shall add a new post to my blog to let you know how it all went.
I think for now I will just continue to pay this debt at the agreed repayment amount. I may settle it in a couple of years from now. I do have quite a few much smaller debts to go at in the interim.
Do you have a Debt with Aqua Card? If so how did things go for you?