Paying Fenton for years - can i reclaim ROP?

[meganimoo]

Hi All

 

 

Hope I can get some advice and apologies if this has alreday been dealt with.

 

 

I had a vanquis card and got into debt with it.

 

 

I am paying Fenton Cooper to pay off the debt with no problems.

 

 

However i still get a bill from vanquis with some sort of protection on it.

 

 

My debt is reducing with FC but increasing via the bill with Vanquis!!!

 

 

Anyone have any ideas of the best way to deal with this?

 

 

I havent approached Vanquis regarding this,

 

 

I thought I would approach here first.

 

 

Many Thanks

[dx100uk]

std ppi reclaim time then

 

see my sig below

 

dx

[meganimoo]

std ppi reclaim time then

 

see my sig below

 

dx

 

Hi , thanks for that.

 

I have just looked at the credit card statement.

 

It shows the DCA payment but is adding £6.83 for a Repayment Option Plan.

 

I do remeber being called about this, but when i went into a repayment plan with the dca didnt realize this would continue!

 

Also Fenton Cooper sat my balance is approx £337!!!But Vanquis shows £536.50!!!

 

Can you advise which letter is best to write?

[dx100uk]

not a case of letters

 

have a read of no 3 below

 

dx

[meganimoo]

I do not wish to butt in, and i know paid for DMP work for some people, however if you feel strong enough and have the time you can do it all yourself and pay the debts off quicker.

Failing that you may be able to use CCCS or Payplan to do it for free

 

Many thanks for all your help, I am not in a dmp, FC just chased me for the debt. I am going to try to claim ppi myself.

[dx100uk]

just shout if you need help

 

dx

[meganimoo]

just shout if you need help

 

dx

Thanks all, i have adapted the letter and will post it to Vanquis tomorrow. As the original card only had a limit of £250 i seem to be paying back a ton of charges! I do have some other issues as well so am sure i will be bak here later.....

[blueda]

Hi meganimmoo, Below is a link to letter templates

http://www.consumeractiongroup.co.uk/forum/showthread.php?20758-creditorsandDCAs-letterTemplates&Budgetplanner

[barns66]

Hi,Vanquis will tell you that some customers may confuse the repayment plan option with PPI.

 

They do not offer PPI Against any of our Credit card products,We do however offer a Repayment Option Plan.

 

The Repayment Plan enables you to freeze your repayment obligations,together with interest and default chargers,in the event that you experience certain difficult financial circumstances.

 

However the Repayment Option Plan is not a insurance product and does not make payments on your behalf.

 

They will stop collecting the Repayment Plan when you ask us but we will not reimbursement a any of payments you have made.

 

barns66

[Gbarbm]

The repayment option plan can still be mis sold though and in the details about it, it says it will pay out if you're pregnant, sick, unemployed etc but of course most people would get paid during those times either by their employer or DWP so Vanquis will not then pay out.

In Nov 2011, the FSA issued a warning to companies informing them that it would take very seriously the mis selling of PPI like products which the repayment option plan is.

[dx100uk]

go get 'em

 

dx

[Gbarbm]

Absolutely dx!

Hold on to this thought.. 25 to 30% of Vanquis profits come from the (mis) selling of repayment option plan

[Gbarbm]

Vanquis held an investor day on Tuesday, a chance to show off the business to potential shareholders and, possibly inadvertently, a chance for the rest of us to pay some attention to the man behind the curtain.

 

The provider's presentation [pdf - page 96] showed that it makes 67% of its profits from interest charges, 19% from fees (for missing a payment or making a cash advance, for example) and a further 14% from other products.

 

The 'other products', analysts pointed out, is in fact primarily composed of Repayment Option Plans, a policy with eerie similarities to payment protection insurance (PPI).

 

Repayment options

 

As that comparison suggests, a Repayment Option Plan is precisely the kind of product the Office of Fair Trading (OFT) recently warned credit card providers about selling.

 

It's sold alongside credit cards and allows cardholders to freeze repayments for 1.29% of every £100 of outstanding balance each month.

 

So if your outstanding credit card balance was £900 (which the average Vanquis credit cardholder's is) you'd be paying £11.61 a month just to own it.

 

According to investors who attended the meeting three quarters of new Vanquis credit cardholders take a ROP and over half of existing account holders pay for the product.

 

It's not quite insurance so it's regulated by the OFT, rather than the Financial Services Authority (FSA) which was at the forefront of investigations into PPI.

 

However, the similarities to PPI policies are hard to ignore.

 

The plan promises cover if, for example, "you become sick, disabled or have an accident... your main home is significantly damaged by a natural disaster... you become unemployed involuntarily... you go on maternity, paternity or adoption leave."

[needmore]

Yeah thats right about it not being PPI.

 

I asked them to stop collecting it, and they did.

Tried claiming it back.

Just found out today that they have refused to do so.

Thing is i never signed anything.

And they say i took it out over the phone.

 

A verbal conversation is not legally binding. I signed nothing.

Was in financial difficulties last year.

Vanqius rep rang me and gave me a proper b........g over the phone.

Yet the plan i'd paid into for 36 months was not mentioned.

If it was there to help in difficult situations why was i not reminded i'd paid it and could use some part of it,

untill my financial situation had settled.

Instead of being shouted at down the phone.

 

By the way do you work for Vanquis ??

To all who read this there is no way i will let it drop.

If i wasn't paying into some trumped up plan it's possible my debt would be significantly lower than it is now.

 

I will go to whatever lengths to get my money back.

And the same way the [problem] surrounding the PPI came out to all those who paid it, will happen with ROP in time.

And i will make this public in anyway i can.

[Gbarbm]

Oh you can try and recover it from them via financial ombudsmen, once you've exhausted their internal complaints procedure.

Make sure you SAR them too... I got some interesting info that way from the copy of the notes off the computer that they sent me.

[Gbarbm]

And no I don't work for Vanquis; I'd rather stick pins in my eyes or wear my barbed wire thong inside out

[barns66]

Hi.i do not work for Vanquis,my friend received a similar letter a couple of weeks ago.I understand that he as now sent a SAR to them.

 

 

barns66

Edited May 2, 2012 by barns66
ammending

[needmore]

Thanks Barns x

[needmore]

well got their final response today.

Not going to pay it back.

But have credited acoount with 36.00 of late payment fees returned to me.

 

Sent all the documents required to fos.

 

Phoned them today to ask why would they pay back late fees then.

Summat well shadey going on.

 

Well fingers crossed FOS will sort it now, feel iv'e exhausted myself with them.

Maybe thats what they want, to try wearing me down

[dx100uk]

why no interest on the charges?

 

dx

[needmore]

No no interest on charges. All in the hands of FOS now. Lets see what they can do. x

[meganimoo]

No no interest on charges. All in the hands of FOS now. Lets see what they can do. x

 

Hi allive had the same letter back from vanquis. They have said i can complain to the fos if i am not happy. Is this the way to go now? I am not happy that even when i have paid off the dca charges will still be on the account! The original credit limit was for £250 and nearly all the debt is charges and the ppi by another name!!!

[dx100uk]

ideally you should not be paying off unlawful PENALTY charges + the interest they gained anyhow

 

as for the PPI that too.

 

they'll go no-whre near a court anyhow for fear of a counter claim.

 

dx

[lovejoy]

Had a similar reply to my ROP claim, and as they have exhausted there complaints procedure then there is nothing else they can do, but I can go to the FOS (rofl)

If you go to the FOS it will take an awful long time, I intend to go down the court route, ROP is PPI in all but name and let's see them prove otherwise in court.

 

If anyone on this thread wants to pm me maybe we could help each other. I am at the point of issuing N1 in the courts in a few days or so regarding ROP using COBS.

[meganimoo]

Good Luck with that, hopefully if you get a result it may give hope for the rest of us. I intend to take mine to the fos.....