Consumer Alert
Aqua Finance misled people about financing for home water treatment systems
At some point, most of us will rely on financing to buy the things we need or want. But what happens when financing terms aren’t clear? Or you’re told to expect a monthly payment amount, but end up paying more? That’s not only illegal, but it costs you money and can hurt your credit.
The FTC says that’s what happened to customers of Aqua Finance, Inc. (“AFI”), a finance company offering loans for people to buy home water treatment systems through a network of door-to-door dealers. The lawsuit says the company’s dealers frequently misled people about AFI’s financing terms, provided paperwork that didn’t clearly explain the financing, targeted older adults and Spanish speakers, and pressured people to sign financing documents they didn’t understand. This led to people paying more than they could afford and caused some to miss payments. And, the FTC says, AFI shared account details with credit bureaus, reporting missed payments and inaccurate information about people’s loans. Reporting negative information hurts people’s credit.
Here's advice for anyone looking to finance a purchase:
- Resist the pressure to act immediately. If someone pressures you to sign documents without clearly explaining the terms, it’s a red flag. Before signing, take your time and talk to someone you trust.
- Ask questions and get details in writing. What are the terms of the financing? How much interest will I pay? What is the annual percentage rate — and will it ever go up? How long will a loan take to pay off? Get specific details of the financing in writing.
- Check your credit report before you finance. Your credit rating plays a big role in how much you’ll pay to borrow money. Mistakes reported on your credit report could lower your credit rating.
If you've experienced aggressive sales tactics or been misled on financing terms, report it to the FTC at ReportFraud.ftc.gov.
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May 02, 2024
I am a victim of Aqua, somehow my signature showed up 9 times for refinance and I only signed once. I tried to reach out and could not get any assistance.
June 13, 2024
In reply to I am a victim of Aqua,… by ANGELA MONTGOMERY
Under the FTC’s settlement with Aqua Finance, the company will give $20 million for consumer refunds, forgive $23.6 million in consumer debt, and make changes to its business.
The FTC will contact Aqua Finance customers who are due refunds with more information later this year.
Aqua Finance will contact people who will obtain debt forgiveness shortly.
June 17, 2024
In reply to Under the FTC’s settlement… by FTC Staff
I am 80 years old and was scammed by Aqua Finance. I have been paying $ 78.00 for over a year and still owe
over $4,000.00. The water filter does not work good. I hate I was talked into this. How can I be a part of this Law settlement.
June 17, 2024
In reply to Under the FTC’s settlement… by FTC Staff
I was fully fruaded by aqua finance, and want my credit fixed, and payed back, absolutely fraud, and need to be part of the settlement. Please include me.
June 25, 2024
In reply to Under the FTC’s settlement… by FTC Staff
When is this gonna happen we will give the system back to home depot it's not doing as it says.
Aqua won't budge on it either.
We want forgiveness plus money back.
We still owe over $6000 on a $10,000 system.
We can't afford this
May 02, 2024
Good advise, we are desperate and get targeted. Instead.
instead of alerting the public why the government don't take severe action with these kind of scammers?
May 02, 2024
I am part of the people that was involved under Aqua Finance. I want to know what my next steps are as victim of this fraud.
May 20, 2024
In reply to I am part of the people that… by Jose Garcia Ruiz
I am a victim of this fraud also. What can I do about it?
May 20, 2024
In reply to I am part of the people that… by Jose Garcia Ruiz
Ripped off.
June 13, 2024
In reply to I am part of the people that… by Jose Garcia Ruiz
Under the FTC’s settlement with Aqua Finance, the company will give $20 million for consumer refunds, forgive $23.6 million in consumer debt, and make changes to its business. The FTC will contact Aqua Finance customers who are due refunds with more information later this year. Aqua Finance will contact people who will obtain debt forgiveness shortly.
June 20, 2024
In reply to Under the FTC’s settlement… by FTC Staff
I called Aqua Fianance and was told that the FTC didn't qualify me for the settlement. I'm not sure why I wouldn't when I was obviously scammed. Who do I talk to to get this looked at again?
May 02, 2024
inforative article, will pass on
May 02, 2024
I am a customers of Aqua Finance, Inc.
May 03, 2024
I'm a victim of Aqua Finance, I wish to know the next steps for this fraud. Thank you
June 13, 2024
In reply to I'm a victim of Aqua Finance… by Meilin Martinez
Under the FTC’s settlement with Aqua Finance, the company will give $20 million for consumer refunds, forgive $23.6 million in consumer debt, and make changes to its business.
The FTC will contact Aqua Finance customers who are due refunds with more information later this year.
Aqua Finance will contact people who will obtain debt forgiveness shortly.
May 03, 2024
My interest rates changed. I was told I was being charged interest by the day. It looks like I will be paying 25 thousand dollars on 10 thousand loan. Aqua finance needs to be investigated and shutdown
June 07, 2024
In reply to My interest rates changed. I… by Michael Wheeler
Same here. I was set up to pay twice a month and had it paid off in 4 years. Tried to call for information on how much I had left but couldn't get a hold of anyone until I recently started to get text messages from them. I was able to access my account through the message and found out my principle hasn't even been touched.
May 03, 2024
My husband, with onset Dementia, signed up for this, lock, stock and barrel. Tried to cancel, couldn't.
May 06, 2024
We are in the same boat with Aqua finance. A debt we can never pay down.
Paying for three to four years and no principal touched.
June 14, 2024
In reply to We are in the same boat with… by David Tiger
Yes we have been paying a little more than 3 year and still my payment looks the same beside when the seller came to my house the said a price but after a year of paying the total was more
May 07, 2024
They should look into Aqua financing the roofing for people homes.
May 23, 2024
In reply to They should look into Aqua… by Kim
Yes. I am dealing with them now over 2 letters I received 2 days apart ! One stating my first payment is due next month and one 2 days later saying it was due last week!!!
May 09, 2024
Also a customer of aqua finance. I’m worried about my loan, what do I do?
June 13, 2024
In reply to Also a customer of aqua… by Cesar Ruelas
Under the TC’s settlement with Aqua Finance, the company will give $20 million for consumer refunds, forgive $23.6 million in consumer debt, and make changes to its business.
The FTC will contact Aqua Finance customers who are due refunds with more information later this year.
Aqua Finance will contact people who will obtain debt forgiveness shortly.
June 26, 2024
In reply to Also a customer of aqua… by Cesar Ruelas
Same here,
Should I stop making payments?
This is Fraud, I been paying for 6 years and still owe the same amount as day 1.
May 10, 2024
Just found out by a title search that a lien was put on my house by aqua finance what can I do and they are still pulling payments
May 14, 2024
I am a victim of this. I have been paying on this loan for over 5 years threw aqua finance. Short story but basically till recent I haven't been paying much attention to it because it very little that I have to pay. The loan amount was for 1500. Which with the monthly payments I have made after 5 years has well accede that amount and the company now states I still owe 1450. Wish I would have done my research before hand.
May 24, 2024
I was scammed by Aqua Finance aka Bay Finance. Within this lawsuit will both names be stricken from my credit report? I've been paying monthly to aqua finance yet bay finance still shows on my credit report as and unpaid debt. When they are intact the same company.
June 11, 2024
I'm a victim of Aqua Finance, I wish to know the next steps for this fraud.
I Sent several letters to the CEO and COO. I also, complain to the BBB. They never gave me any resolution. I stop paying them They placed a Lien on my house. And they said I am not able to sell my house.
Thank you
June 13, 2024
I am a victim of this Scam. I paid $100 every month after checking the balance its doubled.
it was total Sacam, How can we get the money back ??
June 13, 2024
Thank you for the information. I was also affected, the vendor that came to our home told us a % and after we signed the documents, few months they said the interest change daily. The numbers in the contract are different. How do I know if I would receive compensation or refund? Also we have to signed twice in an iPad and then they said it didn’t went through.
June 13, 2024
In reply to Thank you for the… by Carolina Jorge
Under the FTC’s settlement with Aqua Finance, the company will give $20 million for consumer refunds, forgive $23.6 million in consumer debt, and make changes to its business.
The FTC will contact Aqua Finance customers who are due refunds with more information later this year.
Aqua Finance will contact people who will obtain debt forgiveness shortly.
June 17, 2024
We are victims as well. We were pressured and told one thing and given another. I’m so ashamed that we were taken advantage of since we are usually proactive.
June 17, 2024
I too am a victim, and need to sue, I purchased a water softener, and was bait and switched, and a contract with aqua finance just popped up, we did not sign it, the entire ordeal was fraud, and I would love to be part of a lawsuit against this corrupt, illegal financing. I did end up paying it off, after they threatened me, ruined my credit, and were literal bullying over the phone. We did not sign a contract with them, but bait and switch.....help for retribution.
June 24, 2024
yes how do i become a part of this lawsuit?
June 25, 2024
We also got coned to buy a system that is terrible and does not work as was told.
We got a salt water whole house treatment system .
We were told that it was good for skin,clothes,your whole house this system puts out a lot of nothing.
I will give the system back to home depot I have turned the system off want money back. It's in my wife's name
June 27, 2024
In reply to We also got coned to buy a… by Greg M Watt
I too was scammed by Aqua finance as the loan is continuing to grow and the sales people pressure you into signing, didn't make it very clear and I am still paying this off 4 years later
June 28, 2024
We are struggling with this payments. Every time that I call to pay off this account they say different information. Also we want to get our water tested. How do I know if I am part of the settlement?
Than you!
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