This is a long posting, but I want to share the details with you. I assure you that it is worth reading. It may save you money and lots of heartache.
Aqua finance went to great lengths to make sure that I paid forever dealing with them. In 2001 I purchased a water purification system for my home. This was my first home, I was a young soldier, recently married, with a little one on the way. The system I bought was wonderful, but expensive. My new wife and I thought we could handle it. At $83 dollars per month, we were all right. In 2003 I finished my term and left the service. I went back to school full time in Houston and rented the home that had the system in it.
We fell on terrible financial hardship and soon were looking at foreclosure as our renters destroyed our home, never paid, and abandoned it. We knew we were going to lose the house. We contacted Jasons Water and Aqua finance to tell them what was happening. We told them that we could no longer afford the home or the system and asked them to retrieve their system. They then informed us that the loan was an unsecured debt and that they would not retrieve the system, as it was not collateral. We lost the home and subsequently the system. Aqua finance hounded us for the balance of the system that was now growing exponentially with interest until they eventually wrote the debt off as bad and the statute of limitations for collection ran out. First and foremost, I understand that we made an agreement, and that we defaulted. There is no doubt of where the blame lies in that. We were a young family trying to the best we could on a soldiers income. The details of the contract are not in debate. What happened after this is where the pain starts.
Aqua finance lost money on us. I truly apologize. However, they wanted to make sure that they caused us as much damage as they possibly could. Naturally (and rightfully so) they reported adversely on our credit agencies. It was a hard hit. It added salt to the wound of losing our first home. But it didnt end there. Knowing that it harms our credit score, they continued to pull our credit periodically over the next 4 years. Each time without authorization, however it continued to damage our score. (RMCN credit repair service confirms this) Finally they lost track of us and stopped collection attempts, but continued (almost 5 years later) to report negatively on our report with dates as recent as Dec. 2007 stating it as a charged off but current debt and continued to pull credit reports. I eventually was placed in a position where I needed to settle the debt for a potential employer before they would hire me. I contacted their asset recovery team. I made the terrible mistake of telling them that it was for a job I was trying to get. Once they gained this knowledge, they put the screws to me.
Though the credit bureau was reporting a debt of $3,386, they told me that they wanted $3,500. This was a "favor" because they stopped charging interest on the account 2 years earlier. They then told me that they wanted a lump sum down and then a monthly agreement. I said that I could pay $250 initially and then $75.00 per month afterwards until it was paid off. They initially verbally agreed with this however wanted to let me know that "if you come into larger sums of money like an income tax return or lottery or something like that, we would expect you to pay us more money." I said that was fine and waited for the paperwork. When I received the paperwork outlining the conditions, they kept the $250.00 lump sum agreement, but changed my monthly payment to $100.00 per month. When I asked why they did this, they told me "well, if you can afford a $400.00 per month car note, you can afford to pay us the $100.00." They then told me that they got my financial information from yet another unauthorized credit pull. When I told them that I was uncomfortable with the agreement, they told me, "well its up to you". They said this knowing that I have no choice, as my potential employer will not hire me with this debt. They also know that with this agreement, the statute of limitations for collecting and credit reporting has been reset. I am also sure I will hear from them regarding this post.
Please be aware of this company. They are very vengeful if you mess up. I know I did, but I think that it is terrible that even though I was the one that called them to make arrangements, they wanted to squeeze. I told them what I was comfortable with paying. Realistically, they could have told me that I had to pay them any amount they wanted, and I would be forced to do it. I hope that one day there is fair play with them. I will continue to post updates here as I go through the repayment plan with this company. I hope that I will ultimately be able to report something good at the end of all of this. I do however, fear that now that I have posted this, they will be even more hostile, especially since I see that they monitor this. Who knows, maybe Aqua Finance and I will develop a positive working relationship, but I doubt it. I will try though. It just stings a whole lot that we are now paying for something that I will never have, a system I got to use for less than 2 years, taking money out of my familys buget on their terms. And what about that $25.00 difference? Most people would think it is insignificant. To me this is all money that my children will never see. I know that I am paying a debt I created so long ago, but it goes to show. When you are over a barrel, you always pay on their terms. No matter how hard it is on you and your family.