• Report: #483394

Complaint Review: Aqua Finance, Inc.

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  • Submitted: Fri, August 21, 2009
  • Updated: Tue, September 01, 2009

  • Reported By: Stacey — Hinesville Georgia USA
Aqua Finance, Inc.
P.O. Box 1584 Wausau, Wisconsin United States of America

Aqua Finance, Inc. MBC Investments Judgment filed prematurely - Bank account frozen Wausau Wisconsin

* : Update - MBC Investments (Aqua Finance)

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Aqua Finance filed a judgment against me prematurely.

In 2001 we purchase a water purification and financed it through Aqua Finance.  My husband was in the military and was away a lot; thereby being late on payments.  I wasn't working at the time or else I would have made payments.  At the end of 2002 I contacted Aqua Finance to notify them of our relocating to S. Carolina.  It was then I found out that payments weren't being made.  I decided to make monthly payments to them using my credit card, at first, then by checks once I was able to find a job.  In June 2004 I made a payment of $400, thinking that it was my last payment; after which I never heard anything from Aqua Finance again.

In September 2005, I received a letter from Aqua Finance stating that money was owed and that they would settle for $950.  I was given until September 30 to respond.  On September 28 I called Aqua Finance to find out what was going on with the intentions of paying them if, in fact, money was still owed.  The woman I spoke with told me that she couldn't discuss the account with me since it had already been sent to an attorney.  I asked her why it was sent so early, as I was given a Sept. 30 date to respond. She repeated that she wouldn't speak with me and gave me the number to the attorney.

I called the attorney requesting a breakdown of payments so that I can see how my payments were allocated.  He told me he would get me that information.  I did not receive anything from the attorney within 2 weeks and called again.  I could never get in touch with him.  Finally in December 2005 I was able to get in touch with the attorney and told me that Aqua Finance moved my account to another attorney, but he didn't know who.

I never heard anything from anyone until July of 2006 when the sheriff rang my bell and handed my husband and I judgments filed with the court for payment to Aqua Finance.  By this time, Aqua Finance had charged off the debt.  I called the new attorneys listed on the judgment and I was told that they filed judgment because they sent me letters (with no response) and that they didn't have any other contact information for me.  I wondered how could that be since I had been in contact with Aqua Finance before this.  I told the lawyers that I didn't receive anything from them.  I was told that they had proof that I received the letters.  When I asked what proof they had, the answer was that no letters were returned to them.  I told them that was not proof that I received the letters.  In any case, I agreed to make payments, but I needed a statement of how my previous payments were allocated.  I was promised that information and never received it.  Our correspondence went back and forth for 2 years (filed with the courts).  I agreed to pay $100 a month, but I just needed a breakdown of my payments.

I never got the information I received and in July of 2008, a freeze was put on my bank account.  Any money that was in my account or was to go into that account was taken.  I had no money to pay my bills and I had 3 children to feed.  Needless to say I started making payments to the attorneys.  There was a new lawyer working on the account by then and he finally gave me the information I requested.  By this time, interest had accrued on my account and now I owe twice as much (over $2000). 

I continued to make monthly payments to the attorneys and in March or April of 2009, I am notified that Aqua Finance aka MBC Investments has retaken the account.  They are now receiving double of what they originally said I owed back in 2005.  I am annoyed at this because I feel that the judgment was filed prematurely.  The original letter gave me a due date to respond and I was not granted that date.  I could have paid Aqua Finance and been done with them.  I can't help but to wonder if this was done deliberately to extract more money.  As of now, I am still making monthly payments because I take pride in my credit.  Unfortunately, I have no job at the moment and not sure how I am going to pay them.  One good thing is that MBC Investments sees that I am willing to pay and is working with me.  I wish they could just cancel any remaining payments and call the account paid in full; as I don't owe much more.

This report was posted on Ripoff Report on 08/21/2009 09:03 AM and is a permanent record located here: http://www.ripoffreport.com/r/Aqua-Finance-Inc/Wausau-Wisconsin-54402/Aqua-Finance-Inc-MBC-Investments-Judgment-filed-prematurely-Bank-account-frozen-Wausau-483394. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1

Update - MBC Investments (Aqua Finance)

AUTHOR: Stacey - (USA)

I spoke with a representative at MBC Investments (Aqua Finance) and discussed an arrangement previously made with my account handler.  The deal was that I would make monthly payments through September ($100) and in October make a lump sum payment of a settled amount and my credit report would say paid as agreed.  We came to an agreement that my lump sum payment would be $600 paid by September 15, since I am no longer working and will not have enough available funds to pay anything more.  I asked the rep to send a letter regarding our agreement and to send a statement showing the breakdown of how my previous payments were distributed.  Later that day she called back and left a message stating she had sent the letter, but to call her regarding some changes.  I called her the next day and was told that with $600 my credit report would show settled instead of paid as agreed.  As per the credit department, the only way to show paid as agreed would be to pay $800, which would be around the amount owed on the account anyway.  I explained that an agreement had been made and I wouldn't have enough to pay the extra $200 (reminding her that I am not working).  She consults her manager and the manager gets on the phone and goes into bully mode.  She tells me that I have to pay $950 for my credit to report paid in full.  I told her that I have already sent $100 and a $950 lump sum would be paying more that what was owed on the account.  The manager also tells me that she knows this account well and has been monitoring it for the past 5 years.  She then tells me that she is looking at my credit report and says that I have $10,000 free in credit cards to pay the account.  She hadn't realized that the credit card companies hadn't yet reported my latest purchases, which would be paying the balance due on my daughter's college tuition before they dropped her classes.  What gall that manager had.  She went more into bully mode and I just hung up the phone.  I figured that since Aqua Finance saw that I was willing to pay the debt, that they would work with me and not tell me how much money I have in credit cards.  I thought about not paying them the amount due and am really thinking about reporting them.   Aqua Finance already has a D- rating by the BBB.

One more thing.  I calculated what the monthly payments were originally suppose to be.  We had to pay $170.32 monthly, when in actuality, we should have only paid 170.09 monthly.  I know the difference is only a couple of cents, but it only proves further that Aqua Finance does its best to get milk more out of you that they can get away with.  To date we have paid $6555.55 less late fees of $100.  This is more than the $6132 total payments that should have been.
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