Académique Documents
Professionnel Documents
Culture Documents
ME7 2DD
15 June 2018
Dear Mr Vellam
We're making some important changes to your aqua advance credit card credit agreement
These changes include:
l Linking our standard interest rates to Bank Rate (also known as Bank of England base rate)
l Introducing new services to your account
l Reflecting changes in law and regulation, including those to improve customer protection when making payments and helping
customers to increase control of their accounts.
l Setting out your credit agreement in a different way to make it easier to read.
Please note that your standard interest rates will not be linked to the Bank of England base rate whilst you are still eligible for annual rate
decreases on your advance account (normally the first 3 years). Once you have received all the annual rate decreases for which you are
eligible, your standard interest rates will then be linked to the Bank of England base rate.
What happens next?
These changes will take effect from 29 August 2018. We've enclosed details of what's changed and how it will affect you, together with a
copy of the new credit agreement and some Frequently Asked Questions about Bank of England base rate linking.
Please note this agreement does not show your current interest rates as these are not affected by these changes, and remain the
same as last notified to you. Your current interest rates are set out on the back of your monthly statement.
What do I need to do?
Please read the enclosed information. We hope that you're happy that the account will still meet your needs after these changes take
effect and if so, you do not need to do anything. However, if you would prefer to close your account and pay off your outstanding balance
at the current interest rates, before they are linked to the Bank of England base rate please call us on 0333 220 2593 before 24 August
2018. If you do this, you won't be able to use your card anymore and you'll need to make at least the minimum payment each month until
your balance is cleared.
Please read this information carefully and retain for future reference.
Yours sincerely,
Francesca Rea
Director of Customer Services
Calls are charged at a standard national rate. Call costs from mobiles and other operators may vary so please check before calling. Our
lines are open Monday to Friday, 9am to 5pm. Calls may be recorded and monitored for training and security purposes and to help us
manage your account.
These changes will take effect on 29 August 2018. Please take a moment to read this leaflet, and the enclosed agreement, and keep both for future
reference. Please note this agreement does not show your current interest rates as these are not affected by these changes, and remain the same as
last notified to you. Your current interest rates are set out on the back of your monthly statement.
New style of agreement We have changed the format of the agreement, using plain English, questions and answers and
examples, to help you understand how key features of the agreement work.
Standard rates are now linked to Bank Your standard interest rates will be linked to the Bank of England base rate. If the Bank Rate does
change then your standard interest rates (for purchases, money and balance transfers and cash)
Rate (also known as Bank of England
will move up or down by the same amount. We will let you know on your statement when your
base rate)
interest rates have changed. You can opt out of this change by closing your account and we will let
you know how to do this.
Introducing instalment plans We are introducing instalment plans. An instalment plan allows you to pay for a new purchase or all
or part of your balance by way of fixed monthly instalments. We will let you know if instalment plans
are available to you. We've explained how interest applies to instalment plans and how your
payments will be allocated to your different balances so that your monthly instalment payment will
be paid.
Helping you manage your finances We want to help you to avoid paying more in interest and taking longer to pay off your balance than
and ensuring you make sufficient you would if you regularly only make the minimum payment (or close to it) each month. To help
payments you avoid this and so you can manage your card more cost effectively we have introduced some
new payment options. For example, we might recommend an extra payment in addition to your
contractual minimum payment; if you pay by Direct Debit we will automatically collect both your
recommended extra payment and your contractual minimum payment each month. If you
continue to make payments that are not enough to help you pay down your balance, we may work
with you to set up a PayDown Plan, which will increase your contractual minimum payment. See
What happens if you are not making sufficient payments?
Helping you manage your credit limit We are giving you more control over your credit limit. See How can you control your credit limit?
New types of payment services - Changes to the law mean that you will be able to use other service providers to access information
Third Party Providers about your account and even potentially initiate payments (for example money and balance
transfers) from your account using their card or app, for example. We've called these other service
providers 'TPPs' and the agreement now explains how we will interact with them.
Other changes to how your account We've also made some changes because the law has changed, explaining:
works.
l What happens if we send a balance or money transfer late
If we send a balance or money transfer late, and if you ask us to, we will contact the bank we
made the transfer to and ask them to treat it as if it had been made on time.
l How you can authorise transactions?
See How do you authorise transactions?
l Refunds
The updated agreement clarifies when you are entitled to a refund. For example: if we make a
mistake and send a balance or money transfer to the wrong place, we will refund your account
straightaway and will take off any interest and charges which we may have added to your
account as a result of that transaction.
We won't however give you a refund where you have made a mistake. For example: you give us
the wrong details for a balance transfer, money transfer or other cash transaction or we can
show the bank we made the transfer to, did receive it. We will however help you recover the
money (and we may charge a fee to cover our costs).
l How will we contact you in the case of actual or suspected fraud or security threats?
The updated agreement explains that in such instances we will contact you using the fastest
and most secure way. For example, we may try to send you a text message rather than
telephone you.
l How we use your data
The updated agreement states you explicitly consent to us accessing, processing and retaining
any information you provide to us, for the purposes of providing payment services to you. It
also explains how you can withdraw your consent and the consequences of you doing so.
2. Why are you linking my interest rates to the BoE base rate?
We believe this is a transparent and fair way to reflect changes in our cost of funding that result from a movement in the
BoE base rate.
5. How will you notify me of future changes to my interest rates as a result of BoE base rate linking?
You will receive a statement from us, by post or online, each month that there is any movement on your account. We
will let you know about any change to your interest rates as a result of a change to BoE base rate on your statement.
If you are not due to receive a statement in a rate change month we will attempt to email you to let you know the BoE
base rate has changed.
If your contact details are not up to date, in particular your email address, please log into your online account servicing
to update them as soon as possible.
7. Will you still make other changes to my interest rates as well as BoE base rate changes?
Yes. Interest rates can still change for other reasons as they do today, most often due to the changes in your risk profile.
8. Will all the interest rates on all transactions on my card now be BoE base rate linked? What about
instalments, Buy Now Pay Later (BNPL) purchases or Balance/Money Transfers (BT/MTs)?
Rates on promotional offers, for example instalments, Balance Transfers and Money Transfers, Buy Now Pay Later
transactions and purchase promotions will continue on the promotional rate for the period of the offer. All your
standard interest rates will move in line with the BoE base rate.
When we set up a PayDown Plan, we will take your existing outstanding Money
transfers (if
XX.XXX% XX.XX% As we let you
know at the
As we let you
know at the
3% of the
transaction
balance, estimate how much interest you will incur if you repay it over a available) and time time (minimum £3)
related fees
reasonable period (for example, four years), and then increase your
Buy Now Pay N/A N/A 0% p.a. 3 months or as N/A
contractual minimum payment with the aim of repaying that balance in Later (if we let you
available) know at the
this reasonable period. In other words, we will change the way that we time
calculate the contractual minimum payment so that you have to pay Instalment N/A N/A XX.XX% p.a. or As we let you N/A
more each month to ensure that you pay down your balance more Plans (if
available) and
as we let you
know at the
know at the
time
quickly and reduce the amount you are paying for credit. If we allow you related fees time
to continue to use your account after we have set up a PayDown Plan, Default Fees XX.XXX% N/A N/A N/A N/A
we will also increase the contractual minimum payment you need to Other Account
Fees
XX.XXX% XX.XX% N/A N/A N/A
manage this account or other accounts you have with us, information If you have opted to pay a fixed amount and this amount is not enough to
pay your contractual minimum payment and any instalment payments, we
we get from credit reference agencies or us finding that you are will increase the amount that we collect by Direct Debit that month to
ensure that these payments are made.
bankrupt or have made an arrangement with your creditors, or
If you pay by Direct Debit and any previous contractual minimum payments
because you have not been making sufficient payments to your have still not been paid, we will always make sure that the Direct Debit
account and we reasonably believe that you may be in financial amount we collect will be sufficient to pay these.
distress); Please note: if we believe your bank may have cancelled your Direct Debit as
it has not been used for an extended period of time, we may not attempt to
l suspect fraudulent or unauthorised use of the account; collect future payments this way. If this is the case, we will let you know.
l consider it necessary for the security of the account or card; Online You can register for online account management and make payments using a
l suspect that you, any additional cardholder or third party has debit card. Allow one working day for the payment to reach your account.
committed or is about to commit a crime or other abuse in connection Automated telephone service l Call 0333 220 2690* to make a payment 24 hours a day.
with use of the card or the account; Internet Banking/Telephone Contact your bank or building society and use the following details:
l consider you have not been using your account regularly. Banking Account number: 00282448
Sort code: 30-00-00
We may also decrease your credit limit if we consider that your current You should use your 16 digit NewDay account number as a reference.
limit is not affordable for you. At a bank Use the payment slip provided with your paper statement (if available) and
We will tell you as soon as possible (see How we will contact you) if we make sure that the cheque is made payable to the account holder and
includes your 16 digit account number on the first line as a reference. Allow 5
decide to refuse to make a balance transfer or a money transfer but, for working days for the payment to reach your account.
other transactions, you will usually find out if we have refused a
transaction because you will be asked for payment by another card,
Cheques Make sure that the cheque is made payable to the account holder and Important information
includes your 16 digit account number on the first line as a reference. If you
are paying more than one account with a single cheque, tell us the amount to How we use your information
be credited to each account. Send your payment to: You explicitly consent to us accessing, processing, and retaining any
aqua Card Services
PO Box 172
information you provide to us, for the purposes of providing payment
Sheffield services to you. This does not affect any rights and obligations you or
S98 1JT
we have under data protection legislation. You may withdraw this consent
You should allow 7 working days for the payment to reach your account.
by closing your account. If you do this, we will stop using your data for
What happens if you cannot make a payment or access your this purpose, but may continue to process your data for other purposes.
account? How you can contact us
We will not be liable for any loss due to: You must let us know of any changes to your contact details immediately.
l any failure or delay in providing our service caused by strikes, industrial If you need to update your contact details, ask for information, tell us
action, failure of power supplies or computer equipment, or other that you want to withdraw from the Agreement or make a complaint
unusual or unforeseeable causes beyond our reasonable control; or please:
l a retailer or cash machine not accepting, or retaining, your card, or l write to: NewDay Ltd, Customer Service Department, P.O.Box 173,
the way in which this is conveyed to you. Sheffield, S98 1JW
l call 0333 220 2691*
How and when can this Agreement be ended?
l online: go to www.newday.co.uk and select "contact us"
You can end this Agreement at any time and without charge by giving us
l We and our authorised agents and representatives may record and/or
notice and paying your balance in full. We can end the Agreement by
monitor telephone conversations with you and any additional
giving you 2 months' notice in writing. In each case, you (and any
cardholder so that we can maintain our service standards.
additional cardholder) must stop using the account. The Agreement will
How we will contact you
continue until you have repaid everything you owe.
We will communicate with you in English.
If:
We may give you notices or other information about your credit card,
l you repeatedly fail to pay contractual minimum payments on time or for example, in your monthly statements (in paper and electronic).
go over your credit limit; or We will use the most recent address (post and email) and telephone and
l we find that any information you provided as part of your application mobile numbers you have given us for all purposes. If we need to
was materially incorrect or misleading; or contact you about any actual or suspected fraud or security threats, we
l you are declared bankrupt or have similar proceedings taken against will do this using the fastest and most secure way of contacting you (for
you; or example, we may try to send a text message rather than telephone).
l we reasonably suspect any fraud or other criminal activity in How can you make a complaint?
connection with this Agreement or you have been using the card for If we do not provide the standard of service you expect, or if you think
an illegal purpose; we have made a mistake, please let us know so we can investigate, put
we can: matters right and take steps to prevent it happening again. You can
contact us using the details above.
l demand immediate repayment of the amount you owe on the account; If you are not happy with the way that we deal with your complaint, you
l disclose information about you and the conduct of your account to may be able to refer your complaint to the Financial Ombudsman
licensed credit reference agencies (which would make it more difficult Service by writing to Financial Ombudsman Service, Exchange Tower,
for you to borrow in future); London E14 9SR, calling 0800 023 4 567 or 0300 123 9 123 or sending an
l bring legal action to recover what you owe us (which could include email to complaint.info@financial-ombudsman.org.uk. You can find out
getting a court order giving us the right to payment out of the sale more about the Financial Ombudsman service on their website at
proceeds for your home or other property); and www.financial-ombudsman.co.uk.
l require you to pay our reasonable costs and expenses for taking If you applied for your card online, you can also contact the Financial
action to obtain payment, including legal costs; Ombudsman Service via an Online Dispute Resolution (ODR) platform
but we will give you advance notice and the chance to fix the breach that has been created by the European Commission. The email address
before taking any of these steps (unless the problem cannot be fixed). to include in the ODR form is ODR@newday.co.uk. The ODR platform
If we choose not to enforce our rights under this Agreement at any will forward your complaint to the Financial Ombudsman Service.
time, we may enforce them at a later date instead. For more information about ODR please visit the European Commission
website (webgate.ec.europa.eu/odr/main/index.cfm).
Clearing your balance Our credit card customers would not qualify for compensation under
You can pay off all or part of your balance at any time. any statutory or other compensation scheme should we become unable
We process payments automatically so if we accept a part payment to meet our liabilities.
marked "payment in full" or similar words, we may still claim the full Who we are and how we are regulated
amount outstanding. NewDay Ltd is a company registered with the Registrar of Companies
for England and Wales, Company Number 7297722, Registered Office: 7
Payment scheme Logo
Handyside Street, London, N1C 4DA.
If your card has a payment scheme logo on it, it can be used at all outlets
and cash machines displaying that logo. Cards without that logo may be We provide credit products to consumers and we are authorised and
used at the retailer whose name is on the card and, if we let you know regulated by the Financial Conduct Authority (reference number 690292);
that you can (i) at other retailers in that group and (ii) at other suppliers, NewDay Ltd is also authorised by the Financial Conduct Authority under
but not elsewhere. If you have a card without a payment scheme logo on the Payment Services Regulations 2017 (reference number 555318) for
it, we may replace it with a card with the logo, unless you have told us the provision of payment services. The Financial Conduct Authority can
not to and we may replace a card with a different payment scheme logo be contacted at 12 Endeavour Square, London E20 1JN or by using the
on it as long as we think that you will get the same or better service. details provided at www.fca.org.uk/contact. We are a member of the
Finance and Leasing Association (the FLA). We subscribe to the code of
Can we transfer our rights and obligations under this Agreement?
the FLA.
We may transfer our rights and our obligations under this Agreement to
Taxes
someone else, including information about you and how you have
You may have to pay other taxes or costs in relation to this Agreement
managed your account. We will tell you if we do this unless there are
that are not imposed by us or paid through us. If we have to pay any tax
circumstances which mean that the servicing of your account will not
or duty for providing credit to you, we will charge you the amount of
change. Your rights under this Agreement and any legal rights you have,
that tax or duty.
for example, under the Consumer Credit Act 1974, will not be affected
Copies
by any transfer. You cannot transfer any rights you have under this
You may at any time during this Agreement request a copy of this
Agreement to anyone else.
Agreement.
What law governs this Agreement? These are the terms and conditions for your credit card account. This is
This Agreement and our dealings with you before the Agreement is an important document as it explains how your account works and other
made are governed by the laws of England and Wales. Any dispute can important things you need to know. It sets out what we must do and
be dealt with by an English or Welsh court unless your address is in: what you must do. Please keep this document safe in case you need to
l Scotland (where it will be dealt with by the courts of Scotland); or refer to it.
l Northern Ireland (where it will be dealt with by the courts of Northern * Calls may be recorded and monitored for training and security purposes
Ireland). and to help us manage your account
This Agreement will be provided in English only. AQT125 0518 | NYJ1042