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Vanquis Bank Repayment Option Plan (ROP) is it PPI


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Hi All.

 

As the title say's is Vanquis Bank (Credit Card) Repayment Option Plan (ROP) the same as a PPI & Can it be reclaimed.

 

Today I've received my SAR. I've typed up all the Charges and ROP's so far but yet to put into the CAG sheet's as I'm unsure which of the following can attempted to be re-claimed & which CAG sheet to use:

(Date range of values is 03/08/10 to 04/10/15 - My credit Limit is only 250)

 

337.45 Billed Finance Charges Trans Type Purchase Interest

15.34 Billed Finance Charges Trans Type Cash Interest

30.42 Billed Finance Charges Trans Type Default Fee Interest

0.96 Billed Finance Charges Trans Type Default Fee Plan Int Free

188 ROP Payment

420 OverLimit Charge

36 Unpaid Item Charge

132 Late Payment Charge

-36 Refund Late Payment Charge

-108 Refund OverLimit Charge

11.33 Billed Deferred Finance Charges

-7.4 Refund ROP

-19.04 Refund Billed Finance Charges

-0.65 Interest Credit Adjustment

 

 

(Yep the Over limit are labeled Interest Free - yet I get Default Interest)

 

 

The letter that is attached to the SAR states that in relation to the CCA - they have said "The Documentation that you appear to be requesting is under Section 77-79 of the Consumer Credit Act 1974, and not the Data Protection Act 1998, please note a statutory fee of £1 is required for this service" - Is this correct? Surely the SAR should cover everything?

 

No statements have been included as "these are charged at £5 per copy as stated in the Terms & Conditions" but they have supplied a list of transactions - is this all I would require for any support of claim?

 

I'm awaiting the calls/transcripts - to see how this was sold and if I did accept it.... Will post these once received.

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yep that vanquis for you.

 

 

statements must be included

so must a copy of the agreement

but they don't have to send the agreement if they want to be picky.

prob an online one anyway so's little point.

 

 

ROP is PPI and can be reclaimed exactly as other cards and CISHEET..

 

 

337.45 Billed Finance Charges Trans Type Purchase Interest no

15.34 Billed Finance Charges Trans Type Cash Interest no

 

30.42 Billed Finance Charges Trans Type Default Fee Interest no

 

0.96 Billed Finance Charges Trans Type Default Fee Plan Int Free no

 

188 ROP Payment yes

420 OverLimit Charge yes

36 Unpaid Item Charge yes

 

132 Late Payment Charge yes

 

-36 Refund Late Payment Charge minus figure in sheet

-108 Refund OverLimit Charge minus figure in sheet

 

11.33 Billed Deferred Finance Charges

-7.4 Refund ROP minus figure in sheet

 

-19.04 Refund Billed Finance Charges minus figure in sheet

 

-0.65 Interest Credit Adjustment

 

 

(Yep the Over limit are labeled Interest Free - yet I get Default Interest)

I believe they on charge 8% statint on charges?

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Vanquis are a nightmare when returning a SAR, battle on and they will either refund you or sell the debt on. I had this issue a few years ago but ended up paying a small amount for a F&F offer.. case closed and a partial marker on my file...

If I have been of any help, please click on my star and leave a note to let me know, thank you.

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  • 4 weeks later...

Sorry for the delay I've been waiting for Vanquis to send the remainder..

 

They have sent through the Credit Agreement - No mention of taking out ROP.

They have sent through some paper T&C's that say it's optional and all the details about it.

Then I've received the call logs.

 

First call is a 9min confirm application call

@ about 5mins the girl goes into the spiel about ROP speaks quite quickly.

@6:15mins she starts to mention a list of circumstances that relate to the activation of a successful ROP claim,

but then says we can send these out in the post to you... I opted for them to be sent.

She then mentions that the charges are £1 pcm and then 29p per £100 of balance ie £100 balance ROP would be £1.29.

 

She then asks if it would be something I'm interested in and I say yes.....

ROP spiel about confirming my acceptance EVEN though I do not have the List of Circumstances

- and then mentions about the 30day cancellation from date of the call..

BUT mentions that the welcome pack with all the details will take 7-10working days to come through

- reducing the cancellation time.

 

- am I still able to claim?

 

I've also attached the FOSCISheet.

 

Notice the ROP charges and the values? £1 pcm and 29p per £100

- well my credit limit is only £250!!!!!

so where the hell have the £3+ charges come from as that makes out that I've had a balance of £400+!!

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you only need to put the ROP in the sheet.

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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  • 1 year later...

Thanks for posting this, with only 400 views I think alot of people are still not aware that they can claim against Vanquis for the ROP.

 

I orignally went to claim ROP refund last year but then decided that I would be fobbed off as there were alot of people being rejected.

BUT now I'm going all guns blazing.

 

Now I did actually find a site (unsure if I am allowed to refer/quote the site) but I will put the information here, as I find it contains alot of usefull information - (ADMINS if you feel that this deserves a separate post or needs to be moved elsewhere please do so :))

 

The site states the following:

 

The FCA’s main objection is probably the fact that Vanquis are charging for this account freeze, which is something they should be offering to all customers in difficulty without any charge.

FCA rules (CONC 7.3.4) say:

A firm must treat customers in default or in arrears difficulties with forbearance and due consideration.

“Forbearance” in this sort of situation often involves freezing interest. So the FCA rule means that all customers may have their interest frozen when they are in difficulties.

 

If Vanquis didn’t explain this to customers when it was selling them the ROP, this may well have been misleading and the product may have been mis-sold.

Why only from 2014 to 2016?

 

The FCA’s investigation starts from 2014, when the FCA took over regulating this sort of debt.

But the previous regulator, the OFT, had very similar wording. It described failing to treat borrowers in default or arrears difficulties with forbearance as an unsatisfactory business procedure, and said creditors should consider reducing or stopping interest and charges when a borrower evidences that he is in financial difficulty.

So although the FCA isn’t looking at older cases, this suggests that the customers who paid for the ROP before 2014 were not fairly treated either.

 

How much could a refund be?

 

One reader, Mr N, complained to Vanquis about the ROP earlier this year. This is the refund he was given:

Repayment Option Plan Fee: £164.12

Associated Interest: £721.17

Notional Interest: £4.62

Charges: £72.00

Total Refund: £961.90

 

He only had the ROP for a short period in 2011/12 so the ROP fees weren’t high. But look at the extra interest that was refunded – £720 – wow!

I think this is so high is because Mr N didn’t repay his card balance in full every month. Paying for the ROP meant he was paying less off the balance on the card. He was effectively paying 39% interest on his ROP payments for nearly 5 years and that is what he is being compensated for.

 

How did Mr N get that refund from Vanquis?

 

Mr N complained that he felt he had been pressured into signing up to the ROP which wasn’t right for him.

In investigating this, Vanquis listened to the phone call from 2011 when he signed up to the ROP to check that:

 he understood the Plan;

 the sales script was followed;

 the information about the Plan was correct and not misleading;

 the pricing was clear;

 he accepted the plan and there was no pressure to take the plan.

The investigator concluded:

although you did accept the repayment option Plan as a feature of your account, I do not feel all these points were satisfied when discussing the plan with you.

 

Should you cancel the ROP?

 

It’s always hard to suggest that people should cancel insurance, however ridiculously over-priced it is. You might cancel the ROP and then lose your job next month… But the regulator’s rules mean that if you do get into difficulty, you can ask Vanquis to freeze interest on your account

You have to think about the cost of the ROP. Not the headline £1.29 a month charge… look at what the true cost to Mr N was for his ROP product. By paying this huge amount, you are actually more likely to end up in financial difficulty!

 

Should you complain about it?

 

If you took out the ROP after April 2014, your case will be among those being looked at by the FCA. You could decide to wait and see if you get awarded any automatic compensation. But if you have real financial problems at the moment, you may want to ask for a refund now and not wait – there is no indication how long the FCA investigation may take.

People who were sold the ROP before April 2014 are unlikely to be included in any redress scheme the FCA proposes. In this case, I don’t see any point in waiting, I suggest complaining to Vanquis now and asking for a refund of the ROP fees plus the associated interest you paid on the card.

You can complain if you are still paying the ROP or if you cancelled it. It doesn’t matter if you still have the Vanquis card and owe a balance, or you have closed the card. You can also complain if you are currently in debt management.

 

How to complain to Vanquis

 

It’s easy – Mr N sent a short email and back came his refund a few weeks later!

The email address for complaints to Vanquis is [email protected]. I suggest putting ROP COMPLAINT in as the email title.

Your complaint doesn’t have to be complicated and you don’t need to know how much you paid in the ROP fees. A typical one could look something like this, but make sure you change it to tell your story:

 

I want to complain about the ROP I am/was paying on my Vanquis card number 1234 5678 1234. Add your name and address.

When you sold this to me, it wasn’t explained that you would always consider freezing an account if I got into difficulty. I thought the account freeze could only happen if I paid for the ROP.

And it wasn’t clearly explained how much it would cost. I didn’t understand that I would end up paying lots more interest because the ROP charge meant less money would come off my balance. I think just quoting the ROP monthly charge was misleading.

I would like you to refund the money I have paid in ROP fees plus the associated interest I have paid on my account.

 

If Vanquis reject your complaint, send it to the Financial Ombudsman Service, see How to complain to the FOS. This can just be a copy of what you sent to Vanquis.

 

£960 for ROP that was less that a year!

Mine ran from 2010 to 2014, £180 of ROP & about £580 of various charges for that period so hopefully that's about £1k ;)

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Hi all,

I actually took the decision not to pursue after reading a lot customers also being refused the refunds.

 

BUT today - I've read about the FCA's investigation so I'm in the process of sending through to Vanquis now, as I believe it will strengthen my case.

 

For others with ROP with Vanquis I strongly recommend you read fkofilee's post found here http://www.consumeractiongroup.co.uk/forum/showthread.php?480700-Peter-Crook-Provident-CEO-Steps-Down-Read-If-You-Have-Repayment-Option-Plan!!&highlight=vanquis

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This is pure comedic value.

 

Contacted vanquis asking for assistance with freezing account due to losing job, I get the reply of:

"Thank you for your recent email. We are unable to freeze the interest and charges on your account as you do not have the Optional feature on your account called the Repayment Option Plan. This is no longer being offered to customers"

 

So no assistance as you no longer paying for a product that FCA are investigating as we should be doing this for free. - brilliant

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  • 3 weeks later...

Need some help please.

Sent my complaint off for ROP had letter saying they have 56days to look into it.

 

I contacted vanquis (14/09) and told them I was having financial difficulties and asked them to freeze the interest & charges so I can pay £5 pcm.

 

I get a response from them saying they are unable to freeze the account as I do not have ROP and they are not offering ROP to any customers.

 

I pointed out the fca rule (that is listed above), I then get sent an income and expenditure form on 21/09 I complete this and send back.

 

Nothing heard from them, receive my statement on 03/10 and it's got interest and charges (I'm now upto £180 of charges for last 12mths) so I call them to see what the hell is happening.

I get informed that it's not yet been looked into as customers who ring through are priority over emailed!!

The person wanted my number to call me back once she's found out what's happening, told her to send it via email - she refused by saying that he isn't allowed to as all arrangements have to be set up and agreed via the phone.

 

I got really ####ed off about this and told her it was in my right to have it in writing as Vanquis can not be trusted and then I hung up.

 

Sent a complaint right after telling them how they are still requesting to have ROP and how its taken 4wks & counting to respond.

 

Today I've got an email saying its been escalated to customer relations and will now take 56days to look into this - all I want to do is set up a payment plan until I'm back in work.

 

I'm lost as to what to do, I can't contact FOS as no final decisions -should I contact FCA and provide all the emails relating to my repayment offer and their crap attitude/practices.

 

Whilst I was in the call the girl mentioned about pushing to put me on an IPA what's that? I definitely know that they didn't say IVA.

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Thanks & done.

Gone into detail on how staff at vanquish must be finding it funny taking nearly 4wks to agree to token repayments & how they are also insistent on only helping financial difficulties if you have ROP.

 

See where that gets me - never know may speed up my ROP complaint aswell.

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Jesus - there's quite a lot there that they are infringing on.

I've only got to section 7.3 and already spotted some really good ones.

7.3.9 "A firm must not operate a policy of refusing to negotiate with a customer who is developing a repayment plan."

By stating they would not help as I do not pay for ROP then would this apply?

 

A lot of debt collection firms infringe 7.3.18 "A firm must not threaten to commence court action, including an application for a charging order or (in Scotland) an inhibition or an order for sale, in

order to pressurise a customer in default or arrears difficulties to pay more than they can reasonably afford"

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Bingo... Are you waking up now to this? - The point you make is very clear...

7.3.9 - Their response contravenes this point and just because you dont pay for ROP - doesnt mean you shouldnt get charges and interest frozen :)

They are expected to help people in financial difficulty... Their FCA license depends on it...

 

Read read read ADS! - You are learning :)

 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

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  • 4 weeks later...

I've just listened to the call again after a few people on another forum are being rejected after they stated that nothing wrong with the sale pitch.

The following is my own transcript from listening to the call:

4m58 I would like to set up your new account to get the new card sent out to you. I would like to take this opportunity to tell you about our Repayment Option Plan.

5m06 This is an Optional feature of vanquis account that provides piece of mind in the event of financial difficulty, and might benefit you in the current economic climate.

5m13 If you do have the ROP the first thing it will allow you to do is freeze your account upto 2yrs

5m19 That would be if you were to experience financial difficulty such as becoming involuntary unemployed, sick disabled or having an accident which effects ability to make your payments or you have to stay in hospital due to a medical condition

5m32 As well as this you can miss your monthly payment once every six months any time you like, providing you have had your account for 6mths and you account is in order.

5m40 Its ideal if your are having an expensive month for family birthdays or Christmas for example.

5m45 Please be aware that interest continues to accrue on your account during this period

5m50 And also we can send a monthly text telling you the account information at no additional cost the sent documents give full details on how to sign up.

5m57 All it costs is £1 and 29p for every £100 of your outstanding balance each month. If no balance on statement you are not charged anything but fully covered.

6m08 So a £100 balance just costs £1.29

6m11 There is a full list of circumstances under which you can freeze your account. Which I can read to you now or in the confirmation letter if you would rather wait and read myself.

 

ME - 6m18 - Rather read it myself

 

Agent:

6m20 Read it thats fine - Please do note that costs of the ROP is not an insurance product and it will not pay off your outstanding balance and you will not be able to use your vanquis card whilst your account is frozen.

6m29 Would you like me to add that to your account today.

 

ME - 6m31 - If you could please

 

Agent:

6m33 confirms I've taken out the repayment option plan

6m37 not provided with personal recommendation as to if the plan is suitable for your needs.

6m42 can cancel plan at anytime by ringing through

6m53 if employment changes inform asap

7m00 refer to t&c in welcome pack

7m04 End of ROP sales pitch

 

She then went on to confirm that the APR = 59.9%, Purchase = 47.89% & Variable Cash 53.95%

 

I note from the call that no reference to any other part of the ROP (Lifeline/Payment Holiday) is mentioned and is all sold as part of the Payment Freeze – stated that it would only cost £1.29 per £100 no mention of purchase interest being applied – and I have only just noticed that it is not a true freeze of the account as “You will still accrue interest during this period”

 

They have about 7 days left to respond to my compliant.

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so an advised sale to ooppss!

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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That is what I was thinking an extremely fast speaking (had to slow it down quite alot) pre-written sales pitch.

I'm just hoping that they dont screw me over and then have to wait another 2-3mths for FOS to be involved.

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Few people are being rejected based upon the ROP being initially taken out above 6yrs ago & whilst it's being still actively charged to their accounts upto a year ago.

 

Surely that as it has been deducted within past 6yrs warrants a claim?

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correct

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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  • 2 weeks later...

Sweet :) just logged into account to pay my agreed £5 pcm payment arrangement to see the balance (£288) now shows Zero with loads credits applied - will have to take a further look into what they are.

So I rang the customer support team and they said from the notes the complaint was upheld on Friday and the sum awarded is £1286.69.

He couldn't give me a breakdown but a letter had been sent out with the full details.

(He then asked would I be interested in a loan lol)

I think the figure is about right but will have to wait for the breakdown.

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Sweet :) j

ust logged into account to pay my agreed £5 pcm payment arrangement to see the balance (£288) now shows Zero with loads credits applied

- will have to take a further look into what they are.

 

I rang the customer support team and they said from the notes the complaint was upheld on Friday and the sum awarded is £1286.69.

 

He couldn't give me a breakdown but a letter had been sent out with the full details.

 

(He then asked would I be interested in a loan lol)

 

I think the figure is about right but will have to wait for the breakdown.

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Statement entries read:

12 Nov PRINCIPAL DEBIT ADJ £21.37

12 Nov PRINCIPAL CREDIT ADJ + £21.37

12 Nov PRINCIPAL DEBIT ADJ £104.86

12 Nov PRINCIPAL CREDIT ADJ + £68.86

12 Nov PRINCIPAL CREDIT ADJ + £12.00

12 Nov PRINCIPAL CREDIT ADJ + £24.00

10 Nov EXGRATIA PAYMENT + £288.81

 

Unsure why they'd credit the account only to reverse it.

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post moved from our sticky to your existing thread.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

No letter as yet but I've just spoken to them and the break down is as follows:

 

ROP Fees: £182.46

Interest: £547.50

Charges: £432.00

Interest (8%): £155.91

Tax Withheld: -£31.18

Total Refund: £1286.89

Less Card Pmt: £288.81 (clears balance and they have confirmed they will also close the account)

Total to be refunded by cheque: £987.88 which will be with me within 28 days (MERRY CHRISTMAS :))

 

The ROP & Charges are about right to what I have from my SAR (dated 2015) but I am unsure on the interest part - it seems as if it's just calculated on the ROP, where interest is applied to balance which includes charges?

 

I know I also have incurred charges after the cancellation period. I think I might have to spend a £10 and get an updated SAR & keep the complaint open a little longer...

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