If you’ve struggled making repayments on an Aqua credit card before, and believe you were mis sold that product, you could be eligible for compensation.
Who Are Aqua?
Aqua are marketed by London-based credit firm NewDay. Aqua is just one of a number of credit card brands NewDay owns – others including Marbles and Opus.
Aqua’s credit cards are designed for ease and simplicity, one of them being specifically built as a credit builder card. This credit builder card is designed to help users build up their credit score.
Why Could I Be Owed Compensation From Aqua?
You could be owed compensation from Aqua if you were mis sold a financial product from them. If you’ve struggled to keep up with repayments on your Aqua credit card and believe you were mis sold to, you can check to see whether you’re eligible for a claim.
Late last year, Aqua were in the press after the Financial Ombudsman Service sided with some of their customers who had made complaints against Aqua. These complaints argued that Aqua should not have lent them the money or increased their credit limits as they struggled to pay this back. These people included the following:
- Those on benefits
- Those already in a lot of debt
- Problem gamblers
One customer, for example, claimed that they used the money from their Aqua credit card for gambling. This customer was nearing their credit limit, which New Day then increased.
It’s been reported that New Day commented they were unaware about the gambling problem and that there was no way of knowing about this, however, they have also admitted they were wrong to increase this customer’s credit limit.
If something similar has happened to you, you may be eligible for compensation.
Am I Eligible for Compensation From Aqua?
Those who have had an Aqua credit card and struggled to make repayments on this might have been mis sold the product in the first place. If this is the case, you may be eligible for compensation.
Eligibility for compensation, like with any type of claim, will depend on your situation and the circumstances which have led to you struggling to pay back your Aqua financial product.
If you feel like you were mis sold an Aqua credit card/credit limit, and have had difficulties paying this back, it might be worth exploring whether you’re eligible for compensation.
How Do I Make a Claim Against Aqua?
Typically, when making a compensation claim, you’ll have to provide a few details for this, including the following:
- Your name
- Your contact details
- Details about the situation
- Why you believe you were mis sold to
- The product you believe you were mis sold
While these details can commonly be requested when making a compensation claim, the exact details you’ll be expected to provide when making a compensation claim will vary and can differ from claim to claim.
Is There a Deadline?
Currently, there is no deadline for submitting a claim. If you’ve struggled to make repayments on your Aqua credit card, and feel you may have been mis sold the card entirely, it could be worth checking out the options available to you, and whether you’re able to make a claim.