Wave Card Debt – Debt Advice Blog

Another debt I have is to a company called Wave Card. They are currently in the process of winding down their credit card lending business. In my case I managed to prevent a default on this one which was good, but in the grand scheme of things doesn’t make much difference to my credit rating.

I got my Wave Card in 2022 if I remember correctly. The limit was £750 and the interest rate was meh. Meh as in expensive but not Vanquis levels of expensive.

Nearly Defaulting on my Wave Card

As mentioned in the introduction, this account nearly defaulted were it not for a bit of luck. It turns out that the first default I was issued was not valid, because I had not been given the correct and required statutory information about arrears. As a result Wave refunded around £70 in interest back to the card, and then the clock started again.

During this time NCO Europe had entered the chat, as a result they were now collecting the debt. Talking to this organisation proved impossible, they ignored their emails and as much as I tried, it took nearly two months to get anywhere.

Success came and I entered an arrangement to pay. A further six months passed since the first faulty default notice was issued when I was then sent a second. I glanced over it and spotted the balance was wrong – so quickly raised that as a complaint. I also pointed out that my statements since March 2024 all show a minimum payment due of 0. So I asked how am I supposed to know what to pay?

The third and final default notice was issued. Rather than get another default, I paid what it said I needed to and avoided it. However my statements still show a 0 payment, my credit reporting for this account is a mess and overall I am not happy about how it was all handled.

Let’s see what the Financial Ombudsman has to say about this.