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I have had an account with Vanquis for a few years (opened originally as I had a poor credit rating)

and i am looking to close thsi and balance transfer to a 0% account.

 

 

I never check my statements (bad, i know) as i get a text each month with my balance and the min amount payable.

 

 

When looking at my statements toady (i can only see back about 6 months)

i noticed a Repayment Option Plan payments of about £14 each month.

 

 

My questions are:

 

 

I know i did not agree to any sort of protection on my payments, what can i do to claaim this back?

 

 

Should i do this before balance transferring and closing the account with Vanquis?Thanks

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It;s PPI, just named differently to exploit 'customers'!

 

Reclaim it back, including the interest, at their rate, and it goes to you, NOT on the card, unless there's a hefty balance on it?

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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Hardly a month goes past without Vanquish phoning me trying to entice me with this Micky mouse insurance

 

The thing to realise is that it gets added to the balance and you pay huge amounts in the long run due to their astronomical APR

 

Vanquish are ok for your credit rating if you remain disciplined, if not, ignore like the plague

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My credit rating is much better now @ capquest worst knightmare and have have 2 other credit cards with much better intesrest rates. @ Bazooka Boo there is still about £900 on the card but i am able to 0% balance transfer this all on to another card. I just do'nt know if i should do this now before trying to claim back this ROP money, but i am keen to move it qucikly due to the ridiculous interest! Do you know how i can reclaim this and do you know of anyone who has done this successfully?

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Shift the balance then reclaim the PPI.

It's very very easy to do, and yes, there have been thousands who have done it!

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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OK I stand corrected, sorry my bad!

 

It ISN'T PPI, and it ISN'T insurance which means it isn't regulated by the FSA (now the FCA). Meaning that you cannot complain to the ombudsman about the product, HOWEVER, you can get them to look at how the product was sold, if you believe it to be sold to you unknowingly or misrepresented.

 

Have you told them you don't want this ROP?

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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I haven't contacted them yet.

I remember they asked me about this after i received the card and i declined but i only noticed recently that this was on my account and as i can only see statements going back 6 months i have no idea how long this has been going on for!

Should i ask them to prove that i agreed to this? If so, is there a template letter/script i should use?

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Product the same as income protection

 

They allow you to take a payment holiday and freeze interest for a month. They will not inform the credit agencies on a missed payment. Like i said, PPI under a different name, that is how they try and get around it. In all sense and purpose it is an insurance product

 

They have been trying to flog me this insurance every month for the last 12 months

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capquest worst nightmare this is not quite correct.

I made a late payment a while back and was told that it would show on my credit record. This ROP is only there if you are unable to work and then unable to make a payment so it does not come in to affect unless you are in what Vanquis deem 'difficult financial circumstances' - because i am working and simply forgot to make the payment on time I was not helped.

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I only go on what the phone monkey tells me when they phone every month

 

They are trying everything to get me to sign up, unless i see the terms and conditions in black and white then it is a no go

 

These companies have a well known reputation on misselling insurance products on the phone, to the extent of saying the moon is made out of Swiss cheese.

 

Look at the energy companies for comparison

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