Aqua card

[Adrasteia]

I think I may have done something stupid and I don't know if I have.

In amongst my debts which on the whole I can manage there is a small one with Cabot . They have told me that they can not enforce it because they have not been able to send me a copy of my agreement.

Today when I was on Amazon wanting to buy some Ink there was an invitation to apply for an Aqua card with the promise of £20 of Amazon Vouchers . I didn't think I had a chance but went ahead and applied, lots of small print that I didn't read and then I was accepted with a rather large APR , about 45% . During the application I had to give my bank details, Sort code and Ac No. I have no intention of using the card other than to get the voucher but right at the very end I noticed that there address used to be in West Maling which rang a bell so I looked through my paperwork and it is the same address as Cabot I think

Can Cabot now raid my bank account to pay the other debt.

I feel stupid now, to be honest I never thought they would give me credit as I applied before and got turned down

[Kati]

Re: Aqua card

[MENTION=55034]nemesis45[/MENTION] [MENTION=37786]FlamingParrot[/MENTION]??

[nemesis45]

Re: Aqua card

I think I may have done something stupid and I don't know if I have.

In amongst my debts which on the whole I can manage there is a small one with Cabot . They have told me that they can not enforce it because they have not been able to send me a copy of my agreement.

Today when I was on Amazon wanting to buy some Ink there was an invitation to apply for an Aqua card with the promise of £20 of Amazon Vouchers . I didn't think I had a chance but went ahead and applied, lots of small print that I didn't read and then I was accepted with a rather large APR , about 45% . During the application I had to give my bank details, Sort code and Ac No. I have no intention of using the card other than to get the voucher but right at the very end I noticed that there address used to be in West Maling which rang a bell so I looked through my paperwork and it is the same address as Cabot I think

Can Cabot now raid my bank account to pay the other debt.

I feel stupid now, to be honest I never thought they would give me credit as I applied before and got turned down

Aqua is a Newday Ltd. Brand not as far as I know linked to Carboot.
Get your voucher and cut up the card.

nem

nem

- - - Updated - - -

@nemesis45 @FlamingParrot??

Replied Kati xx

[judgemental24]

Re: Aqua card

Aqua at one time was HBOS

They are Newday now, AKA Sav credit

They give store cards for debenhams, top shop etc

I very much doubt they have your past detals as they only took over the Aqua name 12 months ago

[FlamingParrot]

Re: Aqua card

I think I may have done something stupid and I don't know if I have.

In amongst my debts which on the whole I can manage there is a small one with Cabot . They have told me that they can not enforce it because they have not been able to send me a copy of my agreement.

Today when I was on Amazon wanting to buy some Ink there was an invitation to apply for an Aqua card with the promise of £20 of Amazon Vouchers . I didn't think I had a chance but went ahead and applied, lots of small print that I didn't read and then I was accepted with a rather large APR , about 45% . During the application I had to give my bank details, Sort code and Ac No. I have no intention of using the card other than to get the voucher but right at the very end I noticed that there address used to be in West Maling which rang a bell so I looked through my paperwork and it is the same address as Cabot I think

Can Cabot now raid my bank account to pay the other debt.

In a word, no, they can't! Just because a company has your bank details it doesn't mean it can automatically set up payments from your account.

You may be referring to the right of set off, but this only applies to accounts with the same bank or sometimes banks that belong to the same group, i.e. if you have a credit card, a current account and a loan with, say, Santander, and you default on the card or stop paying the loan, then the bank can take money from your current account, however, Santander couldn't take money from an account you have with another bank. Debt purchasers like Cabot are not banks, they only buy defaulted accounts so you can't have any account with them that's in credit so set off doesn't apply.

I feel stupid now, to be honest I never thought they would give me credit as I applied before and got turned down

As for the card, you can use it to rebuild your credit, provided you pay the full balance every month before you get charged interest. You don't want to go wild with it but in an emergency, even 45% APR is quite low when compared with Wonga, etc. so it's a good thing to have, as long as you keep it locked away out of reach and bury the key in your backyard. :lol: :lol: :lol:

[nemesis45]

Re: Aqua card

[QUOTE=nemesis45;583971]

Aqua is a Newday Ltd. Brand not as far as I know linked to Carboot.
Get your voucher and cut up the card.
The only possible problem is when the new card is reported to
the CRA's Cabot & others may see you applying for new credit
and review their collections activities.

[Berniethebolt]

Re: Aqua card

45% is one hell of an APR although it is certainly less than some other lenders . I would do as FP suggests, keep it for emergencies, check what you need to spend to get the voucher , very often these things set the targets very high. I received an email from nectar with a special offer for an AMEX nectar card and to get the bonus nectar points I had to spend 1000's . Ironic really as I owe Amex a bob or two via a Nectar credit card

[judgemental24]

Re: Aqua card

I have a Vanquis card with an APR of 59.9% for over 12 months

They have just put my credit limit up to three grand and lowered the APR 39.9% and given me a "Gold Card " Lucky me

I spend maximum £50 a month and pay in full for the positive credit markers

You have to be very disciplined with these cards. The moment you do not pay back the full amount each month the APR really hurts and your balance never seems to reduce

Use it for petrol/weekly shop and pay back in full each month

[FlamingParrot]

Re: Aqua card

IYou have to be very disciplined with these cards. The moment you do not pay back the full amount each month the APR really hurts and your balance never seems to reduce

Use it for petrol/weekly shop and pay back in full each month

The balance never seemed to reduce even on the mainstream cards. :mad2: For example my Egg card expired while I was abroad in 2005 so I never got a new one but kept the DD running for the minimum payment until the end of 2009, the balance was still over £3k and the limit was £5k and I don't think I used it to the max. Five years of minimum payments, the balance hardly went down.

[Adrasteia]

Re: Aqua card

I am going to have to be very disciplined with it. Luckily I doubt the credit limit will be more than £250

One thing that may appeal is there is no sterling conversion fee but that will depend on what exchange rate they use . If they use the money market rates like the Halifax Clarity card does it might be worth using to pay for goods when abroad .

I have some money put aside to pay for Christmas presents so I could make one purchase each month with it

[judgemental24]

Re: Aqua card

Mine started off with £250 credit limit with Vanquis

Raised to £600 within 6 months
three months later £1250.00
another three months £2250.00 (Gold card)
At the 15 month stage raised to £3000.00

And i have never spent more than £50.00 a month since i had the card issued. They are deliberately trying to ge me to run up a balance so i get hit with the high APR.

Every month they try and get me to sign up for this pseudo PPI racket as well, all compounded by the high APR yet again.

These card providers are great for positive Credit reference markers, but lousy if you actually want to spend anything on them

[Berniethebolt]

Re: Aqua card

If I remember my vanquish went from 250 to 1200 to default and has now been sold to lowells and closed haha.

[nemesis45]

Re: Aqua card

New Day cards with interest at 45% are constantly advertised on the internet a " short "
application form with basic data only and almost instant acceptance is far to easy to my
mind.

Credit " builder " cards can have a negative effect on other credit applications when
viewed by potential lenders the willingness to apply for and use a facility with a such
a high interest rate may well be seen as desperation, a quick for current financial difficulties.

nem

[Adrasteia]

Re: Aqua card

Thanks everyone for the feedback

I knew that payday loans could harm your creditworthiness as Paul Lewis has reported on it. I was not aware of credit builder credit cards having the same impact.

Is this fact or supposition ?

If it is fact should I report them to the ASA if they exist still for false advertising?

If it is fact I think I will cancel the card before it is issued

[judgemental24]

Re: Aqua card

Credit builder cards are advertised to improve your credit rating through payment history

I had a capital one card for years and now this Vanquis card. I have never missed a payment and my credit rating is now through the roof and i never get turned down with finance applications

I have a AAA credit rating and have never needed to change my vanquis card to another provider as i pay it off in full each month

Payday loans such as wonga will impact your credit rating.

The difference betwen a Credit card main stream provider and wonga is that payday loans are temporary short term solutions. A credit card is by design a long term relationship and commitment between the borrower and credit card provider

Wonga got spanked for making such spurious claims as aiding your credit rating when in reality, they trash it