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Address: 1 Corporate Dr Ste 300, Wausau, Wisconsin, United States, 54401-1724
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We bought a water filtering system and were told at time of sale that total was $6000.00
to be paid off in 5 years with no late payments, which should have been paid off in November 2019. Contract was
dated 10/14/2014. We held up our end of the deal but now Aqua Finance says we still owe over $3000.00. Farther more
the unit went out in November we had a lifetime warranty. We called twice and reported for service and the serviceman
said after 2nd call to not call him again he would call when he was on way. It's now March and still no service. We needed
it fixed before repairs were made to our home but still not repaired. We have removed unit as it is of no use to us, altho we paid
the 5 yrs we were to pay.
Aqua Finance is in receipt of the complaint filed by Mr.. We have investigated his claims and offer our findings.
In October 2014, Mr. financed a water treatment system for $6,000.00. He financed this water treatment system at an APR of 5.99% for the first 12 months and then the rate increased to 13.99% on month 13. He signed a Promotional Credit Plan addendum which I attached indicating that there is in fact interest on his contract. No where on this addendum does it state he was only to pay for 5 years. To date he has paid $5,190.00 on his contract. This is not an interest free credit agreement and there remains a balance of $4,115.73 due to interest, misc. fees and late charges. While Aqua Finance cannot speak to the warranty or service issues, we are happy to contact the dealership and obtain more information. If he has questions or would like us to reach out to the company who sold him the system he may contact us at ***. Thank you.
Aqua Finance changed the terms of my contract without notofying me of their intent and without cause. The company put a lien on my property which was intially granted as an unsecured debt. They have listed this debt as retail debt with the major credit bureaus. But since they've put a lien on my home without my knowledge that makes the debt a secured debt. I'm not the only person listed on the title and deed of the home, that person was not notified of the in writing either.
Aqua Finance is in receipt of the complaint filed by Mr. regarding the contract dispute. We have investigated his claims and offer our findings. We hope this response provides clarity and brings closure to this matter. For easy reference I have attached the contract and Revolving Credit Agreement signed by Mr.. I have highlighted the several areas of this agreement that reference Revolving Credit and perfecting our security interest. Page 5 of the attached agreement states you are entering into a transaction that will result in a security interest being placed on the home. This document was signed by Mr. on April 12, 2019. Additionally Mr. states Aqua Finance is preventing the refinance of his home. We believe this statement is false. On February 6, 2020 Aqua Finance received a subordination request. The subordination allows customers to refinance their home by lowering our position as lien holder. This is an efficient process that we are happy to assist customers with if the situation warrants such request. The request was processed on Thursday February 76th and sent to the bank/title company the following Monday February 10th. Aqua Finance maintains the position that it was within its right to file a lien and additionally, filed a timely subordination at the request of the bank/title company. We believe this matter has been resolved. If Mr. has any further questions, he is welcome to contact our office at ***. Thank you.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID, and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below. The company is listing my debt as an unsecured debt which appears in the 3 major credit bureaus as credit card! Aqua Finance has made this debt a secured loan by placing an illegal lien on my home. I have not violated the contract they're in violation and not using standard truth in lending practices. The noted it is within their right to file a lien if a person defaultes on the loan my loan is in good standing. So this lien is capricious and unmerited. Can they show cause as to why it is necessary to impinge upon my property. Without duly notifying me and without cause. By the standard language outlined in section 23. Third sentence which reads they have a right to impose a lien if I default. They also glossed over the fact that this loan is listed on my credit report as a credit card not a secured loan. I need this remedied asap if they're not willing to lift the lien they illegally imposed. One of their employees states in plain English language that the company will only impose a lien if you fall behind. I am not behind nor have I violated the terms of the agreement which would merit additional actions by the company. I still have yet to receive a reasonable explanation from the company as to why punitive measures were imposed on me.
Aqua Finance is not listing his debt as an unsecured debt on
the credit report. It is treated as a
revolving line of credit. As stated on
Page 5 of the documents attached, we have a right to file the lien. We have offered to subordinate the lien and
will still do that if that is what he would like. As stated in our previous response, the
subordination approval paperwork was completed and sent to the Title Company on
February 10, 2020. This will allow Mr. to refinance. We are unsure what else
we can do as we cannot change the status of his contract, but we will work with
him to ensure he can refinance his home.
A salesman came to my house and said he worked for Aqua edge usa when we first bought our haouse in 2018. He sold us a water treatment system with 5 year supply of green soaps and all new shower heads. It also included a lifetime warranty where we could always take the system with us if we moved. I only agreed to buy this because the bonus were so great. After the equiptment was installed, he guaranteed us someone would come back with all our soaps and also test oir water again to insure us that the system was working. After paying 80.00 monthly for a year, none of that happened. I have called and called only to find out the business is no longer a business. Now Aqua finance has continuously harassed me about a loan I did not sign with them and is threatening a lean on my new home. I told them I never signed a contract with them and the people I did sign the contract with made a breech of contract. I just want the system out and aqua finance to stop harrasing me daily.
Ever since I signed up for this and called to verify my information with them and what not I have not received a single letter or statement from them. I was promised a welcome package which never came in. I called and I was told that it was due to my billing address being the same as my service; so we got that updated to my correct billing address (po box). There is still no statement to this day after over a year. My online account does not seem to update or provide online statements. Every time I go in to make a payment it states that my payment is due 2/19/2019. I am unable to see any of my statements. I am still making payments on time, however I get a credit alert stating that my account was sold to a collector company. II called a third time and I was told that the reason for me not getting a bill was due to my account being set up as paperless, but I should be able to see my bill online. I explained my online account was not updating but they claimed they had re-synced data and it would work. I also explained what had happened with my credit report and I was assured that the report was incorrect and it would be fixed. Up until today I have not received a statement, not my credit report fixed.
Aqua Finance is in receipt of the compliant filed by Ms.. We take these and all complaints seriously and offer our findings below. First, we would like to clarify that Aqua Finance sold the account to Connexus Credit Union on January 23, 2019; where Aqua Finance remains a servicer of the account. Connexus Credit Union is not a collections agency. Ms.' account has been reporting to TransUnion with a "Current" status since Connexus Credit Union acquired her loan on January 2019.
On March 4, 2019, Ms. did update her address with an account representative, however, it remained flagged in our system as a "bad address" which prevented statements to be mailed to Ms.' updated address and for statements to appear on our online billing website. We sincerely apologize for this inconvenience. We have updated our system so Ms. will start to receive statements and for the statements to be available on our online billing website. Additionally, we will waive the $14.00 in late charges as we apologize for any inconvenience caused. If Ms. has any further questions, she may contact our office at 1-800-234-3663. Thank you
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID, and find that this resolution is satisfactory to me.
Regards
Absolutely do not trust AQUA Finance! I unfortunately allowed Renewal Anderson Windows company to secure a loan for the windows and doors. I don't get my payment consistently. I was told a monthly amount, but yet, I get a bill every other month and suddenly, I owe double that amount. Then, when I finally can click on the statement, I still owe over 11,000. This means, all my payments in a 14 months only went down by 1,000. This is shadyness and ridiculous! This company needs to be stopped NOW.
I have been trying to apply the Louisiana State Servicemember’s Civil Relief Act (SCRA) to a loan I have open with Aqua Finance. This is separate from Federal SCRA and applies since I am stationed/resident in the state of Louisiana. State law (LA SCRA law RS 29:312 - Limits on creditor interest rates:: 2015 Louisiana Laws :: US Codes and Stat.. I sent them a copy of the law and a copy of my military orders.
My wife initially inquired about this back in October 2019 and was forwarded to Ms.. Ms. refused to forward this information and told my wife that we didn’t qualify. She was extremely rude to my wife on numerous phone calls so I sent her an e-mail on 19 November 2019 about the above information. Ms. responded with a one line sentence with an attachment that was an article about SCRA rights. I tried to explain via e-mail that Louisiana State SCRA rights are something separate. I requested to speak with someone else that was familiar with Federal and State SCRA and she never wrote back.
I have been in contact with a military lawyer and she reached out to Ms. via phone (left her numerous messages) and she hasn’t contacted my lawyer back.
Please let me know if you need any additional information, thank you for your time.
Aqua Finance is in receipt of the complaint filed by Mr.. We have investigated his claims and offer our findings. We hope this response provides clarity and brings closure to this matter. We have thoroughly reviewed the statutes surrounding SCRA. We sincerely apologize to Mr. and thank him for his service. We will be adjusting his APR to 6 % and will backdate this to the date of his orders. Again we apologize for any and all inconveniences caused by this experience. He will be able to see this reduction on his next billing statement. If he has any further questions, he may contact our office at ***. Thank you.
My final payment was mailed prior to my bill due date, and promotional end date. I was charged interest that I do not find to be correct.
Aqua Finance is in receipt of the complaint filed by Ms. ***. We have investigated and reviewed her account. We hope this response provides clarity and brings closure to this matter. Ms. had a same as cash promotion as indicated on her billing statement which required the account to bd paid in full by the promotion date, not the billing due date which can be different days. In this case the promotion end date was 9 days prior. We recognize this may be confusing and as a gesture of good faith are willing to credit half of the interest paid back to Ms.. We will process this right away and she should see that credit within the next 2 weeks. If she has any questions, she may contact our office at 1-800-234-3663. Thank you.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID 14125205, and find that this resolution is satisfactory to me. The interest charged to my account was $96.15 with a bill due date of 2/15/20. Therefore, I scheduled an online payment today February 4th, 2020 of $48.08. This payment will cover my half of the interest charged and Aqua finance will cover the rest of the interest charged that is due on my account. After my half of this payment and Aqua finance credit, I should no longer have any debts with the company and all interest charges shall be covered and my account closed. I should receive no additional billing statements from the company. I have attached proof of the confirmation of my half of the interest charged being scheduled to be paid on 2/4/2020.
Regards
This company is the worst. The product does not work and and when requested to fix they never showed up and me and my husband stop payment. They have been reporting late on our credit, then wrote it off NOV 1, 2016, then placed a lien on my property. I'm going to get an attorney. Do not do business with this company they are a rip off and the product doe not work correctly. I had to buy another water purification system to compensate for the useless product that was installed and damaged my home.
Complaint ID: *** Aqua Finance is in receipt of the complaint filed by Mrs. On December 10, 2014 a contract was signed for a water treatment system. As part of our routine policy, a call was placed to *** to verify the terms of the contract and to confirm the system is functioning properly. This call was recorded and can be provided upon request. During this call if there are any issues or concerns, Aqua Finance will not fund the contract or proceed with opening the account. During this call Mr. stated he had copies of the contract and that the system was functioning properly. Mr. and Mrs. then made 6 payments on their account. Aqua Finance was never made aware of any service issues on the account. We spoke with Mr. on November 11, 2016. At that time, he stated he could not afford his payments anymore. We stated we had several options to assist him and he said he wanted to cancel and terminated the phone call. Had we been made aware of a service issue we would have promptly reached out to Nuvia Water. We had no further contact with Mr. or Mrs. regarding their account. If they are experiencing a financial hardship, we have several options to help them. They may call our office at ***. Thank you.
We do not want the system. It has foul smelling water. It should not have foul smelling water. We want this system removed from our home.
Aqua Finance is in receipt of the complaint filed. We have investigated the allegations and offer our findings. Aqua Finance has contacted the dealership who sold the water treatment system and they do not have any records for service. Aqua Finance would be happy to set up a conference cal to determine what the issue is and work to resolve it. If they would like to do do this, we ask that they contact our office at ***. Thank you.
I am having the same exact concerns and problems now it seems, and im only 7 payments in!! WHAT DID I GET MYSELF INTO!!! I WAS LIED TO AND THESE PRACTICES ARE A SCEME ANS SHOULD BE A CRIME. THIS IS MAKING ME FALL INTO A DEEP DEPRESSION. I AM AFRAID THIS LOAN WILL CAUSE ME SO MUCH STRESS AND CAUSE MY PREGNANCY ISSUES.
I purchased the water filtration system from your water testing salesman. He lied repeatedly telling me it would oly be 76.00 per month and then go up slightly after a year. I was told that I could only get this deal if I signed the contract that night. The salesman … (a nice young man...) was a liar. I have been paying on a 7,000.00 contract for 4+ years and have only paid a little over 1500.00 toward the balance. I now pay (3+ years) 105.00per month and, almost 69.00 go toward interest. Isn't there some kind of law against this? Why is your company able to charge more than 66% in taxes and interest. I believe this is criminal. I contacted the company back when the interest was close to 50% back in the transition from the 76.00 payment to the 105.00per month payment. I am disgusted with your business practices. The people that I was able to contact are jerks, and I never contacted them again. After reviewing my balance (I make my payments online and generally do not pay attention to the balance) I noticed that my loan is not extended to 9 years if I continue to make my minimum payment. I want this corrected I should have 3 years left to pay … at 105.00 per month. I have done business with a lot of creditors but I believe you are the most crooked, underhanded, greedy company I have ever dealt with. I would like to warn everyone to run from any offer of credit from your company
Aqua Finance is in receipt of the complaint filed. We have investigated her claims and offer our findings. We hope this response provides clarity and brings closure. We understand that interest computations can be a little confusing. A great place to review the financing information is the Revolving Credit agreement she received when completing the credit application. Additionally we will mail her a copy. This contract is a simple interest credit agreement. This means interest accrues on a daily basis. The daily interest charge is calculated by taking the current balance, multiplied by the interest rate and then divided by 365. As an example- If the contract is for $3,000.00 with an interest rate of 10%, we multiple $3000.00 by .10 which equals $300.00. This is then divided by 365- days in a year to get the amount of interest paid daily- in this example it equals $.82. If a payment is made every 30 days on time, the amount of interest paid is approximately 25.00. This can change if there are more days between payments, the payment is late, etc. Aqua Finance is not charging 66% interest. We hope this calculation provides clarity. Additionally we will mail a statement of account to her to show the breakdown of payments and interest each month. If she has any questions she is welcome to contact our office at ***. Thank you.
In 2016 I became disabled and did not have any money to pay total amount. Called Aqua Finance and was told by them "It was my problem and they wanted their money." Called on two other occasions was talked to rudely and told again that they weren't willing to help me solve the problem. I offered to return it and they said they wouldn't pick it up. They said for me to borrow the money and I told them I couldn't because my credit is bad.
We have reviewed Mr. statement, and his account as we view complaints form our customers very seriously. However, the facts are that after reviewing recorded calls between Mr. and our representatives, at no time was Mr. talked to in a rude fashion, or the statement Mr. claims was made towards him ever said. Mr. application back in 2014 stated he, and the co-applicant were retired and on a fixed income. Therefore, while we sympathize with any medical issues Mr. may have been dealing with 2 years later, it would not have affected his income. Also, many many attempts were made to contact the *** to discuss their outstanding debt with Aqua Finance, however, the *** would not answer our calls, or return the call to us even tho messages were left. We wanted to work out an agreement whereby the *** would pay some amount towards their outstanding balance, either monthly or an amount we could mutually settle on via a lump sum amount. We would still consider some type of settlement, however, we cannot simply waive the balance or come and pick up the collateral, and consider the account settled. The outstanding balance will continue to accrue interest at the contract rate until such time as a settlement can be reached.
will not refund 2,500 for tristar vaccum that failed to work and has been out of my hands for 2 years.
All they want to do is exchange it or replace it..
I'd like a refund..
Aqua Finance is in receipt of the complaint filed by Mr. Both Aqua Finance and the dealership who sold Mr. the vacuum have been in constant communication with him. It has been agreed upon that a new Vacuum will be delivered to Mr. on January 3rd when he returns from a trip out of town. Aqua Finance had no knowledge of Mr. system not being returned from him until he contacted our office this month. We believe a mutually beneficially agreement has been reached and consider this matter closed. If Mr. has any further questions he may contact our office at ***. Thank you.
Aqua Finance, Inc.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID, and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear beloq
I've called for 2years and put letters in bills..
The company says the vacuum will be delivered on such and such date it never happened as 1st delivery was to happen 12-20-19currently this is fraudulent I've requested a cash refund ona duck cleaning & a vacuum that is a lemon & been gone to long request $2700.
We have received and reviewed Mr. response, however, Mr. agreed to the arrangements made by the selling Dealer to supply him with a new machine and Mr. agreed to those arrangements. Per our notes at Aqua Finance and the Dealer's records, Mr. has not contacted the Dealer regarding this issue, or mentioned it to Aqua Finance, the Lender. Mr. was gong on vacation and asked that the new machine be delivered on January 3rd, and that is the date the selling Dealer is planning on delivering the NEW machine. It is imperative that Mr.s is available to receive the NEW machine when it is delivered that day. Mr.agreed to bring his account current only after he received the NEW machine, and Aqua Finance agreed to this stipulation. If Mr. has any further questions or concerns he is welcome to call our offices.
Aqua Finance pulled my credit in June to finance a home improvement project.
Worked with *** as my contractor. The project took a while to complete.
My sales person with *** reached out to me to state that a representative from Aqua was trying to reach me to confirm information and he shared that they may need to pull you credit again.
I immediately responded to the sales person with *** to please not pull my credit again. They pulled my credit on 11/6/19 without my permission.
We have reviewed Ms *** complaint and the circumstances surrounding it. Ms. application for her Home Improvement project was received on or about 6/8/2019, and a credit report was pulled on that day. Her loan application was approved, however, Aqua Finance can only hold that approval open for 120 days. If the project is not completed in that time, the application needs to be re-approved, which of course involves confirmation that the applicant has not obtained excessive new credit in that time, therefore another credit report had to be pulled. The date of that 2nd pull was 11/6/2019, approximately 148 days after the initial credit report was pulled. Without that 2nd report being pulled, we would not have been able to approve the loan beyond that time period. Also, the original application authorizes Aqua Finance to pull that report, to facilitate the loan application process.
I did not understand what I was being sold. I did not understand I was being sold a loan. Now I'm going into debt. I thought it was a water system by the month. I was told I didn't have to make a payment for three months yet Ives already been charged 100 I'm interest.
Product_Or_Service: Eco water
Aqua Finance is in receipt of the complaint filed by ***. We have investigated her claims and contacted Ecowater Systems; where she purchased the water treatment system from. We offer our findings below.
On September 13, 2019 Ms. purchased a water treatment system from Ecowater Systems. She signed the attached Credit Application and Retail Installment Credit Agreement. By signing the attached document, she acknowledged that she received a copy of the Revolving Credit Agreement which outlines the terms of her loan. Page 4 of the attached document indicates Ms. signed the Notice of Cancelation indicating she had three business days to cancel the transaction without penalty.
Ms. is correct that her payments are deferred for 90 days, however as indicated on the attached Retail Installment Credit Agreement she signed, it states interest beings accruing on day 1 and is not waived at any point during the promotional period.
On October 24, 2019 Ms. contacted our office inquiring if she could cancel the loan. We advised her that her cancelation period expired on October 3, 2019. On December 2, 2019 when we received this complaint, we promptly reached out to Ecowater. I personally spoke with the general manager who stated that Ms. contacted them on or around October 24 ,2019. She had indicated to their office that she no longer wanted the system. Neither Ecowater nor Aqua Finance has had no further communication with Ms. Dick.
Aqua Finance maintains the position that this is a legally enforceable loan. If Ms. has further questions, she is welcome to contact our office at 1-800-234-3663. Thank you.
*** K
AVP Compliance
***@aquafinance.com
Bath planet, aqua finance financed this job, it was paided for Oct.8,2019 the full amount. I got a bill that I owed finance charges of about $80.17 so I sent that before the date they told me to send it, but Sat. Nov. 23 I received a bill for 25 cents and I need to pay it by Dec. 15, 2019. I have asked them to send me a paided in full letter but havent received it. When the work got done I didn't have to make a payment until December 2019.
Aqua Finance is in receipt of the complaint filed by Mr.. We have investigated his claims and offer our findings. We hope this response provides clarity and brings closure to this matter.
Mr. is correct that his first payment was not due until December 2019. His loan was a revolving credit agreement so he received a billing statement each month, but for the first three months, the billing statement shows zero due (see attached).
Additionally because this loan is a 'revolving line of credit', it would not reflect as paid in full until the account is closed. In order to close the account, much like a credit card, a written request must be completed and sent to Aqua Finance. If Mr. wishes to close his account we ask that he submit this request in writing. He can mail this to our office or email it to ***. Upon receipt we will provide Mr. with a letter indicating his line of credit has been closed and paid in full.
If he has any further questions he may contact our office at ***. Thank you.
I have had a long outstanding issue with Aqua Finance. I have had multiple systems put in by *** and financed by them for roughly 15 years now. The first system and finance went pretty smoothly. The second system, which was adding a softner to the existing setup, has been non stop hassle. I had auto draft payment set up on this account to minimize any forgotten or late payments from the start. The problems arose when they would stop billing me on the auto draft, and let it go for months on end, all the while charging interest and fees for missed and late payments. Randomly I would get a notification by mail of the missed payment, months into delinquency, requesting additional fees and interest. Multiple times they were updated with the same banking information, in which they had, to get this account back on track. This cycle has occurred multiple times, until I finally decided to stop following up with their sub par business practices. My only regret is to not file a complaint sooner, or to pursuit mu legal options against them and their business practices.
Aqua Finance, Inc. is in receipt of the complaint filed by Mr.. We have investigated his claims and offer our findings. We hope this response provides clarity and brings closure to this matter. Mr. states he was not receiving bills. We are unsure when as he enrolled in our online billing portal on 1/28/2015. Additionally I have attached a screenshot of all the dates a statement was generated and sent to him. Mr. made payment son his loan until October 2017. Our last interaction with Mr. was in December 2017 when he requested a detailed statement of account, which we provided him. We are unsure how else we may assist Mr.. If he wishes to arrange payments on his account, he may contact our office at ***. Thank you.
AVP Compliance
I paid off my loan to Aqua Finance on 29/July/2019. I can not obtain a lien release from them.
Aqua Finance is in receipt of the complaint. The lien was released on 9/20/2019. We apologize for the delay and hope the release emailed to her provides clarity and brings closure to this matter. If she has any further questions, she may contact our office at ***. Thank you.
I started using this company for upgrades to my bathroom, monthly payments were made on time for the first year. I called in to inquire about a payoff and gotten it. On the 22nd of August 2019, I called in to cancel the auto draft payments and was informed that it was taken care of, only to find out a payment was still taken out of my account without my authorization. I called in to inquire about it and was told I have to wait six to eight weeks for my money they took out after the fact. I’m so through with these people out here taking their time on refunding people their money that’s owed back to them. I WILL NOT USE THEM AGAIN!!!
Aqua Finance over the years has collected funds but failed to submit to "payment only" status. Additional funds were withdrawn from payments and used as interest.
Aqua Finance, Inc. has investigated the complaint filed by ***
*** loan originated in November of 2013. This was a simple interest loan payments are applied to late charges, interest and then principal - in that order. The first payment was received 43 days after it was due. It appears *** was experiencing a financial hardship and was sending sporadic payments of $5.00, 14.00, etc. In an effort to assist ***, Aqua Finance offered to refinance the loan and reduce the interest rate from 18.00% to 6.00% in December of 2014. It is not possible to apply payments to "principal only" or "interest only" as that is now how the loan is set up. This loan was paid in full in May of 2019. We are not able to refund any interest as there is no interest to refund. We believe this complaint is a result of a misunderstanding and believe this matter is closed. If Giande has any further questions, we welcome him to contact our office at ***. Thank you.
Aqua Finance, I purchased the water filtration system from your water testing salesman. He lied repeatedly telling me it would oly be 76.00 per month and then go up slightly after a year. I was told that I could only get this deal if I signed the contract that night. The salesman … (a nice young man...) was a liar. I have been paying on a 7,000.00 contract for 4+ years and have only paid a little over 1500.00 toward the balance. I now pay (3+ years) 105.00per month and, almost 69.00 go toward interest. Isn't there some kind of law against this? Why is your company able to charge more than 66% in taxes and interest. I believe this is criminal. I contacted the company back when the interest was close to 50% back in the transition from the 76.00 payment to the 105.00per month payment. I am disgusted with your business practices. The people that I was able to contact are jerks, and I never contacted them again. After reviewing my balance (I make my payments online and generally do not pay attention to the balance) I noticed that my loan is not extended to 9 years if I continue to make my minimum payment. I want this corrected I should have 3 years left to pay … at 105.00 per month. I have done business with a lot of creditors but I believe you are the most crooked, underhanded, greedy company I have ever dealt with. I would like to warn everyone to run from any offer of credit from your company.
Aqua Finance, Inc. is in receipt of the complaint filed by Ms.. We have investigated her claims and offer our findings below. We hope this response provides clarity and brings closure to this matter.
Ms. states she purchased a water filtration system from “our salesman”. This is incorrect. Ms. purchased a water treatment system from Tri-State Water in Texas which was financed through Aqua Finance. We are a separate entity from Tri-State Water. Ms. was offered a promotion for the first year of the loan. I have attached the Promotional Credit Plan Addendum signed by Ms.. It states the APR will be 5.9% for the first 12 months and the monthly payment will be 1% of the amount financed. After 12 months the rate increases to 13.99% and the monthly payment will increase to 1.5%. Each month this promotion was displayed on the billing statements sent to Ms.. On the 11th month prior to the promotion ending, the billing statement indicates that the rate and payment will increase in accordance with the end of the promotion. Ms. is correct that she contacted our office when the payment increased. She stated she could not pay more than $70.00. We advised her that we were unable to reduce her payment as the promotion had expired. We apologize for any miscommunication or mistreatment by our employees at that time.
Aqua Finance is not charging 66% in taxes and interest. Her current rate as stated on the promotional credit plan addendum is 13.99. As stated in the contract, INTEREST CHARGES begin the date a purchase is posted to your account and accrue as long as your account has a balance, except in states with a mandatory grace period. The INTEREST CHARGE is computed by applying a daily periodic rate of between 0% and .02712% (corresponding to an APR of 9.9%) for an Introductory APR, or between .01616% (corresponding to an APR of 5.9%) and .04929% (corresponding to an APR of 17.99%) for a Non-Introductory APR, to the daily balance. The daily balance is calculated by taking the beginning balance in the account each day, adding any new purchases, and subtracting any unpaid interest or other finance charges and any payments and credits. The INTEREST CHARGE is calculated by (i) taking each daily balance, (ii) multiplying that daily balance by the applicable daily periodic rate, (iii) adding together the resulting amounts for each day in the billing cycle. The total periodic INTEREST CHARGES for the billing cycle is the sum of the periodic INTEREST CHARGES for each purchase type rounded to the next highest cent. Any Daily Balance less than zero will be treated as zero. A minimum INTEREST CHARGE of no less than $0.50 is added to your account in any billing cycle your account is subject to an INTEREST CHARGE, except in states where prohibited by law.
The billing statement Ms. receives each month states if the minimum payment is made it will take approximately 7 new years to pay the loan off. To date there have been 43 payments made on the loan. There is no prepayment penalty and if Ms. would like to pay her loan off sooner, she is welcome to do so. If she has any additional questions, she may contact our office at ***. Thank you.