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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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.
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.
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.
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.
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
In reply to Under the FTC’s settlement… by FTC Staff
When will we get letters or more information about this ? I was also scammed by them and just wanting to know what the next steps are.
In reply to Under the FTC’s settlement… by FTC Staff
How do I get in on this settlement as an aqua finance costumer?
In reply to Under the FTC’s settlement… by FTC Staff
I purchased a water softener by Aqua finance in 2018 and I have been paying $100 a month and they say I still owe $1503.00 - How to I receive debt forgiveness from this company?
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?
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.
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?
In reply to I am part of the people that… by Jose Garcia Ruiz
Ripped off.
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.
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?
In reply to I called Aqua Fianance and… by Brigido Miguel
Please help me. I am clearly a victim as well.
inforative article, will pass on
I am a customers of Aqua Finance, Inc.
I'm a victim of Aqua Finance, I wish to know the next steps for this fraud. Thank you
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.
In reply to Under the FTC’s settlement… by FTC Staff
I am one of clients those door to door people come to my house selling me these water system on October 2019. Til this day the loan has not gone down much. Am going through a financial hard ship right now I don’t want to pay for this anymore.
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
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.
My husband, with onset Dementia, signed up for this, lock, stock and barrel. Tried to cancel, couldn't.
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.
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
They should look into Aqua financing the roofing for people homes.
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!!!
Also a customer of aqua finance. I’m worried about my loan, what do I do?
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.
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.
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
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.
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.
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
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 ??
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.
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.
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.
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.
yes how do i become a part of this lawsuit?
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
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
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!
In reply to We are struggling with this… by Carolina Jorge…
I have the same issue and question.
In reply to We are struggling with this… by Carolina Jorge…
I put my best effort into paying off this water system because of the interest, I didn’t want to get the soaps and detergents they said you have to get with the system and that it was a packaged deal in order to get the water system, I hate the soaps and detergents, I hate order them so I haven't in two years just money down the drain and I called for a tech to come check the system and they want to charge you a $100+ and if I want the filters changed they want 300+
It’s ridiculous to pay almost $8000 for this system and soaps and still paying for filters. Just show give them with the system, show me how to install them !!!! This is a very big scam.
Aqua finance lied about the loan and the sales representative signed the papers. I never signed and I paid off the loan amount and more. The interest rate on this loan was for me to have it for 30 years
Greetings,
I brought a Water Treatment System from a dealer who processed my loan through Aqua Finance. Currently my system is not working and I am fighting with the dealer. How do I know if I am part of this suit?
Thank you
Linda Leggett
How can I be apart of this I signed with aqua about 2 years ago for 7000 an I currently owe 6223.00 I was told it would be payed off right away
And above all the company I went through closed its doors so I can’t get it fixed or serviced I believe the contract was breached
I am a victim to Aqua and never received any info for the settlement and been paying on this for 5years ..
In reply to I am a victim to Aqua and… by Jerry
I have had aqua since 2019 I have been paying on a water system for 5 years. There is still thousands to pay. I have never received any information for this settlement either.