Have you had an email or a letter from Vanquis saying it is refunding you some money? In late 2018 tens of thousands of people are getting these refunds. Nice? Yes, but it may be too low... Some people are being given tens of pounds when I think they should get hundreds. And people getting hundreds should be getting thousands! There were no details of the refund in the email or letter … [Read more...]
Articles about Vanquis
I have long argued that Vanquis's ROP product was very expensive and not worth getting. In February 2018 the FCA ordered Vanquis to refund customers who had had ROP all the extra interest charged because they had not been properly informed of this interest when they agreed to take the ROP. But the refunds Vanquis are giving seem to be too low so people can complain and ask for more.
I have asked Vanquis how they are calculating the FCA-ordered refund of the interest that people have paid because of their ROP purchases. One thing that Vanquis have explained is that they are not including a refund of any additional over the limit charges. This won't affect everyone getting a refund but it will be important for some people. Why aren't Vanquis refunding these? Vanquis … [Read more...]
People are starting to get refunds from Vanquis for the extra interest they paid if they had the Repayment Option Plan (ROP). That's the good news. But the refunds are being paid very slowly. In June, Vanquis gave up its three-month target and said it hoped to refund people with open accounts by the end of the summer. UPDATE That didn't go well. In October people were then being told … [Read more...]
Vanquis is repaying £168,000,000 to over a million customers who had its ROP (Repayment Option Plan) on a Vanquis credit card since 2003. UPDATE In summer 2018 the first refunds were credited to people's accounts ... but they looked surprisingly low. See ROP - the refunds are too small. In February 2018, the FCA (Vanquis's regulator) decided this meant that the ROP had been missold to every … [Read more...]
UPDATE: 27 February 2018 - Victory! Vanquis is made by the FCA, its regulator, to offer refunds of the additional interest charged to all cardholders who have had ROP. UPFATE: 2 August 2018 - Well only a partial victory :( The refunds Vanquis is actually paying out are a lot smaller than they should be. Read Why the ROP refunds are too small and how to complain. I am leaving this old … [Read more...]
On 22 August 2017, Provident Financial's share price dropped c 70% after a profits warning. For a FTSE 100 company such large price moves are extremely rare. The Daily Mail shrieked: Provident Financial goes into meltdown ... now 800,000 customers of its doorstep collection business are at risk. Provident's doorstep lending re-organisation Provident's doorstep loans used to be … [Read more...]