• Report: #339721

Complaint Review: Aqua Finance, Inc.

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  • Submitted: Thu, June 12, 2008
  • Updated: Sat, June 14, 2008

  • Reported By:Las Vegas Nevada
Aqua Finance, Inc.
PO Box 844 Wausau, Wisconsin U.S.A.
  • Phone: 800-234-3663
  • Web:
  • Category: Loans

Aqua Finance, Inc. Raised my interest rate with a vague form letter Wausau Wisconsin

*Consumer Suggestion: Terms of your original contract?

*Consumer Comment: MUST BE GOOD WATER!!!!!

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I have a very nice Kinetico water system that I financed nearly 4 years ago. My financing was through Aqua Finance. I've been paying on this Aqua Finance account for nearly 4 years. I've paid faithfully and regularly. Sure maybe a couple of late payments over the years, but nothing significant.

I received a letter stating that they were going to raise my interest rate from 17.99% to 21.00%. No reason was given. The end of the notice reads as follows:

If you cancel your Agreement you must return any charge cards and pay your entire balance due under the terms of the Agreement.

I called them and they said I had to pay my entire balance immediately. I stated that the final line (quoted above) could be interpreted differently. I pointed out my interpretation: that I could pay my balance due under the original terms, which was $73 a month at 17.99% interest. THOSE are the terms I've faithfully upheld. I could tell my education level was considerably higher than the customer service rep and her even less-educated supervisor. I knew it was a losing battle, so I said it was unethical and unfair. I called them scumbags and hung up. OK, the scumbags part may have been a bit too far out of frustration, but still

Even if my interpretation of that line of the new agreement is incorrect (I still attest it is not, but they shouldn't leave something so important up to interpretation), I still feel that changing the terms 4 years into an agreement is unfair and poor customer service, and the rude treatment I received by customer service was salt in the wound.

Since I can't even fight this war, I owe it to everyone out there to issue the following warning:

If you are considering doing business with Aqua Finance, I highly urge you to reconsider. This company has kicked a loyal customer to the curb with an insulting and misleading form letter and shoddy customer service. It is my opinion that this company is dishonest for the reasons stated above.

Until we as consumers stand up and refuse to be treated this way, unfair and uncaring businesses such as this will continue to take advantage of hard-working and honest people.

I have also previously posted a copy of this report on my blog, (((REDACTED FOR SECURITY PURPOSES)))

Jamesvegas
Las Vegas, Nevada
U.S.A.
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

This report was posted on Ripoff Report on 06/12/2008 02:21 PM and is a permanent record located here: http://www.ripoffreport.com/r/Aqua-Finance-Inc/Wausau-Wisconsin-54402/Aqua-Finance-Inc-Raised-my-interest-rate-with-a-vague-form-letter-Wausau-Wisconsin-339721. 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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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

Terms of your original contract?

AUTHOR: Robert - (U.S.A.)

What are terms of your original credit contract with them?

You should review your original contract-read every word-then read it again.

There should be a clause in the original that stipulates "future changes" to the agreement. If there is no such clause, then THEY are stuck with the original agreement and you should report them to the FTC and your State Attorney General. You should also consult an attorney and sue them for violating federal law.

Question: Is this a revolving credit account with them or was this a one time credit to purchase the filter system. If it's a revolving credit (say you're allowed to charge replacement filters and such) then it is very likely that there is something in the contract that allows them to adjust the interest rate in a fashion similar to regular credit card agreements.

If this was a "one time" credit agreement for the purpose of purchasing the filter system and NOTHING ELSE (no replacement filter, service calls, periodic system inspections and the like), then it seems to me that they are probably violating some federal laws.
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#2 Consumer Comment

MUST BE GOOD WATER!!!!!

AUTHOR: Billcoll01 - (U.S.A.)

WHY WOULD YOU SPEND THAT MUCH FOR A WATER FILTER? THATS 3500.00 IN 4 YEARS! HOW MUCH MORE COULD YOU HAVE OWED AFTER AFTER ALL THAT TIME? A WATER COOLER WOULD HAVE BEEN A LOT LESS EXPENSIVE 25.00 OR LESS PER 100 GAL. THEY SAW YOU COMING
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