Comments

  1. Nicola says

    Just got letter from vanquis which I took to ombusman and won repayment option plan fees £175.84. Associated interest £283.72 charges 60.00. No 8 percent interest I still have a balance why have they give me no interest I had rob from late 2014 till March 2016

  2. Sharon M says

    Logged onto my account this morning and there’s an “ex-gratia payment” of £725.23. I’m one of the ombudsman cases where Vanquis have agreed to refund ALL of the ROP charges plus the interest. I opened my account in 2014 and cancelled the ROP in November last year. Current balance is £3500 and has been for the last 12 months. I haven’t had the letter from Vanquis yet with the breakdown of the refund amount (the 4 weeks is up next Wednesday) but I was disappointed in the refund amount and was expecting more. This refund will reduce my monthly payments in the short term i.e. June but if they increase the minimum payment amount – I haven’t had a letter or email informing me of any change – I won’t actually be any better off financially which is disappointing.

    • Sara (Debt Camel) says

      You need to ask Vanquis how this has been calculated. If you aren’t sure that is correct, ask for a copy of all your statements since the account was opened.

    • Peter says

      Sharon what was your balance like in 2014,2015,2016 and 2017 while the ROP was running?

      Also in that time did you pay the card off at all ?

      As from my limited understanding of reading up on the subject paying the balance off in full can have quite the impact as it means the compounding affect stops and restarts

      Obviously if you don’t want to answer these questions it’s up to you, I am just trying to get an idea of how Vanquis are working things out as my wife had ROP and is due a refund, but like everyone else we are waiting on them.

      • Sharon M says

        Hi Peter
        My balance increased month on month and was around £1100 at the end of 2014, £2000 at end of 2015, £2500 at end of 2016 and then gradually increased to £3500 by April 2017 where it has remained ever since. My breakdown letter arrived today and the ROP was £525 and the interest was only £190.37 which was really surprising as I thought it would be more as my balance was never cleared. I have emailed Vanquis to query the low interest amount and have asked for a full breakdow of how it has been calculated. I have also asked for copies of all statements to date.

  3. Calum R says

    Hi All

    I have literally stumbled across this issue with Vanquis CC and their ROP. I never knew there was an issue and that vanquis are refunding customers etc.
    I have a vanquis credit card which I started in 2012, and currently still have it, though it now has a zero balance.
    I did have the ROP until i cancelled this myself in March last year (2017) so from middle of 2012 until march 2017 i had been paying the ROP payements and i presume interest on them. I did clear the card a few times completely as well as make more than the minimum payment quite a few times.

    Was vanqui supposed to contact myself to inform me about this, I have heard nothing about it from them or any other party, and as i say, only found out about it when I stumbled onto the site here.

    Would also like to add that I have tried to log into evanquis account and once logged in just get an error message saying to contact them by phone. Im not able to look at my account at all on the website and look through past statements.

    • Calum R says

      Would also like to add that I have tried to log into evanquis account and once logged in just get an error message saying to contact them by phone. Im not able to look at my account at all on the website and look through past statements.

    • Sara (Debt Camel) says

      They haven’t written or emailed people yet – they will when they are ready to start paying out the refunds.

    • Eleanor says

      Hi Callum,

      I am a similar situation to yourself whereby I have not formally complained and had only found out about the refund of ROP due to stumbling across an article and this page. I wouldn’t worry about not having had a letter. I too also can’t log in to Evanquis and receive an error asking me to call. I called and was told I can’t log in as I haven’t had a balance in the last 6 months. I thought this was a bit silly and that I should still be able to log on and see available balance etc as I have not cancelled or closed the account.

      I downloaded the app and can log in that way but it doesn’t give me any of the historical information.

      Think it will just be a waiting game.

  4. Casey says

    I phoned vanquis to as I haven’t had any correspondence ref the ROP interest refund and they told me not everyone will get letters and that I might not hear anything up until February 19. I told them I was phoning out of concern because my account was closed in November of last year and I was worried I’d be overlooked. I was paying ROP and interest at a rate of around 59% but I had cleared my balance 3 times over the 6 years I’d had it all be it I kept running it up again! I’m not sure what to expect I can only remember one letter saying I paid £281 on the ROP last year.

    • Peter says

      I suspect they have learn’t their lesson from over promising very early on, where they were saying 90 and 180 days, where this has turned out not to be achieveable for them, this has probably caused them an issue with annoyed customers/ex-customers calling in , so would not surprise me in the slightest if they have altered any scripts in their call centre to give the feb2019 date which is when it has to be done by to comply with the FCA ruling.

  5. David London says

    Question: My vanquis card is at it’s £3k limit. I’m now in a position where I can clear it of myself. I presume this won’t have an affect on the refund? Would they put the card into credit or pay via cheque?

    • Peter says

      the FCA ruling said they would pay anything which was left owing after your balance was reduced to 0 would be paid via cheque

    • laura says

      I am also in a position where I can pay off my balance, but going by what I have heard existing customers could be payed as soon as the end of august, so I will keep my balance as it is (high) as I want MY money back from these rip off merchants plus % . Can’t belive they sent me an email today re intrest rate changes and how they are going to save me money by increasing the minimum payment and how they are changing ROP fees from 129 per 100 to 119 per 100 very good eh. Well I’ll tell them they should have put all the effort into paying us our own money back instead of wasting time sending out stupid emails. They really are a joke.

      • Sara (Debt Camel) says

        You could pay it all except for £10 say… then they couldn’t delay giving you your refund. This may reduce your refund but the reduction will just be the money you are saving over the next few months as you won’t be paying the high monthly payments – overall you won’t lose any money by doing this.

        • laura says

          I am so dispirited with this so called card for the not so well off, and their absolute lack of compassion towards their customers. But your comment above is exactly the way ahead , thanks.

        • David London says

          Thanks Sara, this makes sense. I’m keen to pay it off asap to help keep improving my credit rating. Will use the cheque to pay off other bills. My cards been maxed for many years and had ROP for 7 years, so hoping the refund is a reasonable amount! But whatever it is, will come off another bill on the mission to become debt free. Thanks again.

  6. Alan says

    I would urge all who have had the balance cleared to close the account down.I know it can be hard to get further credit but it should be possible in this day and age to get a cheaper rated card.

  7. Maria says

    Just got my letter through from Vanquis with a cheque and breakdown of my refund;

    Repayment Option Plan Fees – £471.18
    Associated Interest – £128.03
    Charges – £120.00
    Notional Interest at 8% – £150.61
    Without Tax Amount – £30.12
    Total Refund – £839.70

    I am delighted to get the full refund of ROP fees but I am shocked at how low the associated interest is. I had ROP on my account from September 2011 to July 2017 when I cleared my balance. My credit limit started at £250 and was increased over time to £3,000 and my balance was never cleared, I was always close to my limit and paying the minimum amount…if even that!

    Has anyone queried Vanquis’ interest amounts and asked for a breakdown of this with success?

    Thanks for all your help so far Sara!

    • Gaynor says

      hate to jump in but think i can explain that one as told today that even if i win my ROP payments back they are not compounding the interest paid on the automatic refunds and they are being treated completely separate from the actual ROP payments

    • Sara (Debt Camel) says

      Only one person so far seems to have been given a very odd looking breakdown and that was pretty recently.

      I think you should ask for a breakdown of how this was calculated. From what you have said, the assocaiated interest looks too low and the Notional Interest looks surprisingly high. So you need to know for what periods you have been refunded associated interest – that is compound interest at your high card rate – and for what periods you have been refunded notional interest – that is 8% simple, not compounded.

      If you don’t get a swift answer, ask Vanquis to supply a copy of all of your monthly statements.

  8. Gaynor says

    Hi Sara ive just spoken to Vanquis as i d had no contact from them at all :( i was hoping the refund would clear my balance so didnt want to keep paying them if they were going to pay me. The lady from the refund team said my refund would NOT clear my balance so to keep paying. i have had the account for 8 yrs. I was confused as to why my refund wouldnt clear the balance and she explained that they are only refunding the interest on the ROP payments and i said yes but the interest is compounded and adds up over time and she agreed but still insisted that it wouldn t clear my balance so i left it at that n did some maths and it still came up as clearing my balance so i phoned back asking specifically if they were refunding the accrued compounded interest and the answer is NO i asked why as it was obviously just being added to the next one and the next one and incurring more interest and i was told that they are only paying the interest on amount added to each months ROP !!! Could this be right ??? surely the accrued interest should be included ???

    • Sara (Debt Camel) says

      That doesn’t sound right at all. Of course the interest refunded should be compounded because that is what you were charged.

    • Gaynor says

      i specifically asked are you paying the compounded interest on the payments and they said no its treated as a one off payment . i gave them an example of my first years ROP and said is this how its worked out ?? my 2011 ROP payments were 30.96 interest at 59.9% on that is 18.54 do you then compound that for the next 6 yrs ?? said no !! first off they d do each month seperately at 3.99% then add them all up and that is the refund !! basically said each one is seperate and only the interest on that one is payable . i said but i continued to pay interest on interest n e they said each one is a seperate purchase

      • Sara (Debt Camel) says

        Well if that is what they do, everyone is going to be advised to send their complaint to the Financial Ombudsman! Wait and see what you get, you can’t really beleive what someone in their call centre says about a complex calculation.

        • Gaynor says

          it was the refund team that i spoke to :\ so annoying that we have to see what they do before we can react and that could take a while :(

      • Peter says

        Could it be just miscommunication between you and the agent you spoke to.

        For example you are talking about your first year’s ROP being 30.96 and the interest being 18.54, that’s not quite how it would work in my understanding even if they are compounding it
        for arguements sake lets say that 30.96 was split evenly over the 12 months at 2.58 per month
        The 2.58 for January would compound each month of that first year where as the 2.58 for november would only compound for December, of course they should all compound each month there after as well till you either cleared the balance or the refund clears the balance of your account.
        So what I am trying to say is maybe the agent was trying to tell you they work out it out monthly not annually as you were asking.
        However we don’t really know, all I know is if they try to get away with not compounding the interest there will be a lot of complaints to the FOS

        • Gaynor says

          Hi Peter :) I know my calculations weren t accurate I just wanted to know if that was the basic method behind how they would calculate as I couldn’t understand how they could be so adamant that my refund would not cover my balance without them knowing my individual case. They said the average payout was around 120 I asked why are they so low when the interest would have been slowly but surely building up and he said there’s no compound interest just each ROP payments interest worked out monthly then all added up together is the refund of the interest charged. I told him my case is with the fos for all ROP payments too and he said that that would be treated as one refund and the automatic refund would be dealt with this way no matter what the actual outcome of the ROP case was :(

  9. Gail says

    I have the same issue my associated interest is too low and notional too high. My problem is that my letter advising of the calculation came today and although it states a cheque will be sent 7/10 days, the cheque was attached. It was just short of £1000 and I need the money. I don’t want to send it back while I refer back to the ombudsman. Any suggestions ?

    • Gail says

      I have put a call in for the refund team to call tomorrow. Is it worth asking them or the ombudsman if I can still cash the cheque ?

      • Gaynor says

        Could I ask you to ask them specifically if compound interest has been added to your automatic refund amount please as I believe they are not doing this to all automatic refunds xx

        • Gail says

          Yes of course. This was a claim for missold rop so they refunded the actual rop payments also and was through ombudsman. The fo advised that automatic refund would be included within the calculation and it is this part of the calculation that I believe is under calculated. I will let you know once I have spoken to the refund dept.

          • Gail says

            The ombudsman said that perhaps in the terms and conditions of the Vanquis card any purchase interest on the rop would be repaid first when monthly payments were received and if that was the case there would only be the actual month Interest to refund rather than compounded. I hope not !!!

          • Sara (Debt Camel) says

            I don’t beleive that is the case. Otherwise why have people been getting such large refunds up until now?

          • Eve says

            Hi Gail & Sara

            I have statements from 2012/2013 which show that my purchase interest increased every month. To me that doesn’t look like the purchase interest could’ve been repaid first from our minimum payments. Hope this helps.

  10. Simon wardle says

    Got my letter from vanquis today they are refunding Rop interest from job 2012 to Dec 2016 my Rop charge was about £42 a month on my £4000 limit started with £500 limit up to £4000 and never paid my card off in full so will be interested to see what my interest payout will be anyone else have any ideas.

  11. Hayley says

    Hi all looked on my account today and had a refund of the interest paid on rop, all I can say is it’s not a high amount, I got £261 back and was paying for rop for 2.5 years so all I can say is don’t hold out for massive amounts, my card was at £3.5k when I cancelled it. I’ve emailed them as I do think this is low

    • JB says

      Unbelievable!!! Do ask them for a full breakdown. I had mine for 10 years but still no idea when or how much – just keep getting fobbed off with the standard scripted responses which never seem to be the same for long!!! They have obviously been working on a new system that has worked a way of paying out less in interest which of course they will be able to back up with evidence. Any standard high street organisation would have dealt with this now and everyone would be happy. This is not a small establishment but it does appear to be run from the Wild West!!!

      • Hayley says

        They pretty much emailed me earlier saying they could have done more explaining rop and that I was entitled to the refund but no breakdown or anything, I will still be questioning why it is low as I don’t think it’s right

        • JB says

          It seems very low! Look back around 12 April I think Rory got £10k…granted he got his ROP fees but even taking them away it’s over £8k…interest of nearly £7k! They are really messing people about! Mine is for 10 years worth and I bet I’ll be lucky to get £1k. It’s just funny how some of the earlier payments were pretty high then this ridiculous delay then suddenly tiny payouts! Complaints with FCA & FOS are coming next.

    • Sara (Debt Camel) says

      Ok so you want to see details of how this was calculated. If they don’t look right or they are slow about producing them, also say you are making a Subject Access Request to get a copy of all of your previous monthly statements.

  12. Gail says

    Could it be that when monthly repayments were made the rop purchase interest was repaid first therefore meaning that there would be no ropinterest to compound

    • Peter says

      I can’t imagine this could be the case they never distinguished between the ROP and a purchase, which is how it flew under the radar for so long.

      It’s disgusting how they are still showing it on their website, they are showing the monthly cost and then an annual cost for ROP if the balance stayed the same each month (which is just the monthly cost x12) , but in a little disclaimer at the bottom saying interest is added onto it as a purchase.
      So in my opinion that is still misleading

  13. laura says

    Sara in your opinion is it possible that they could get away with not compounding the ROP intrest when it comes to paying everyone their money back .

    • Andy says

      Not that I’m a financial expert but the ruling said they had to pay restitution to customers which means putting customers back in the position they were before they paid the interest this paying all compound interest back and using the standard defined formula as well

    • Kara says

      I’ve just read the ROP Ts&Cs that the FOS sent to me, following Vanquis providing them as proof that I was aware of how the ROP works. They state that ROP is treated as a purchase transaction and that it accrues interest in the same way. They don’t say that ROP interest is cleared before purchase interest.
      I put in an SAR on May 25 in order to check all my statements ahead of receiving my refund. They didn’t know what an SAR was and said someone would be in touch within a week to deal with it. No one has been in touch.

      • Gail says

        Hi. I have had a look at them also and it states that items at the highest rate will be repaid first so eg in my case I made cash withdrawals and the interest on that was higher than purchase interest. These are the current T &C s and I imagine they would have been the same in 2007
        I think they are playing a dangerous game assuming that whilst we are desperate enough to have a card with them, we have no brain cells ????

      • Peter says

        I have seen nothing and can find nothing in the terms and conditions or anywhere else which seperates the ROP payment interest from normal purchase interest , I don’t expect there to be any either as from what I can tell the whole crux of the issue is that it was added to the account as a purchase.
        If it was the case that the interest was paid off of the ROP first (so you only paid 1 month interest) I can’t see that the FCA would of been so interested in it.
        With regards to the auto refund , based on the FOS approach to PPI claims on credit cards I would expect them to recalculate the account as if the interest never occured, which in itself would have a compounding effect but not in anyway creating the same size payout as if you are getting your ROP charges back as well.

      • Eve says

        Hi Kara

        I seem to have different terms and conditions than the ones you were sent from the FOS, These were sent to me in 2015 when I questioned the ROP. Under the cost of Enrolment is states:

        point 9 – £1.29 per £100 cost for the Full Plan
        point 10 – £1.19 per £100 cost for the Standard Plan
        Point 11 – We will charge the Plan Charge directly to your account each month.

        No mention of it being a purchase transaction.

        Under “Other Definitions” is states :-

        18.12 – “Purchase Transaction” – means a transaction with a merchant displaying the Visa sign, for goods and/or services paid for with your Card.
        18.13 – “ROP” – means the Repayment Option Plan service we may provide from time to time.

        Both listed as separate items and not both as a purchase transaction.

        Under Other Financial Information it states :-

        3.6 – At statement date, we will add the interest we charge to the outstanding balance on your Account. This means you will generally pay interest on interest.

        3.14 – Where your repayment is not sufficient to pay off the whole of the debt outstanding to your Account, your repayment will be allocated to paying off the debt in a high to low interest rate order starting with the highest interest rate.

        Both points 3.6 and 3.14 are also the exact wording on my statements from 2012/2013,

        To me that sounds as if the interest is compounded but I could be wrong. Hope this helps.

    • Sara (Debt Camel) says

      Not so far as I can see.

      The FCA has said:

      the ROP therefore attracted interest at the card rate which was compounded unless the account balance was paid in full at the end of
      each month

      and

      The Authority therefore exercises its power under section 384(1) of the Act to require Vanquis to pay restitution to all those customers who purchased the ROP during the Relevant Period by refunding the interest element they paid on the ROP until
      30 days after they received the communication referred to in paragraph 4.2

  14. Sam says

    Hi, I received this breakdown in my letter. I had my card from Dec 2012 with a £400 limit which very quickly rose to £3K by Dec 2014, I was usually always at the limit on my card. Finally I paid my card off with another one and was successful in closing down both cards. I too think he interest part of this is very low considering the length of time I had the card, also that in most cases the interest has always seemed to be much bigger than the actual ROP payments. Anyone agree or disagree? Not too sure what to do, my check should be coming in the next few weeks as it states 28 days after the letter has been received.
    The amount due to be refunded is £741.62 which will be sent to you by cheque under separate
    cover within the next 28 days.
    Repayment Option Plan fees – £452.92
    Associated interest – £134.10
    Charges – £24.00
    Notional Interest at 8%*- £163.25
    Withheld Tax Amount – £32.65

    • JB says

      Hi Sam, How many years in total did you have your account? Once again a payout where the notional interest is larger than the monthly interest! They have most definitely altered whatever software they are using to only pay monthly interest and not compounded interest which they have been ordered to do. This is surely what the delay is about – they were probably not happy at the system producing correct large payouts and so they have altered it. I am sure that this will be corrected by Feb 2019 but I suspect that we will all get pitiful payouts then an ‘Apology letter’ in Feb 2019 informing that the system was very complicated and that they didn’t pay us enough money and that they will rectify it in ’90days’ :-)

      • Sam says

        Hi JB,
        I think it was just over 2 years, as me and my partner bought a house together and this is when I sorted it out, as this was a huge outgoing each month, which needed to stop. I have emailed them today, so I am hoping to get a response. I’m hoping the fact they have already decided there amount, it wont be too hard to get the information as it should be there, they do usually reply within a couple of days, but I am still eagerly waiting for the postman each time I go home to see if the cheque has actually arrived yet.

    • Peter says

      I actually think that does seem to far away from what it should be if its not right.
      where you only had the card for 2 years there was not a lot of time for it to compound before you settled it in full, after you settled it in full is when you would of been getting the 8% simple interest, also I don’t know if your aware but you maybe able to claim back the tax which has been withheld from the HMRC (depending on your situation)
      Although that being said I am not an expert in this, it can’t hurt to get vanquis to show you their workings :)

  15. Prayla1612 says

    So on the 23rd may i email the complaints department at vanquis, stating i wanted to be refunded ALL of my ROP charges as well as my interest.
    The ROP includes a feature which allows you to freeze your account under certain circumstances dependant on which plan you were on. i have listened to a cll you made, on this call you advised the rep that you were having financial difficulty and disclosed an illness, we could have potentially frozen your account under this circumstance. therefore i am upholding your complaint, breakdown as follows;

    ROP fees – £980.60
    Associated Interest £643.97
    Charges £60
    Interest at 8% £241.71
    Withheld Tax amount – £48.34

    a cheque will be sent within the next 28 days.

    More than happy with that outcome and how quickly it has been resolved…….just have to see if i actually receive a cheque in the 28 days stated!

    • JB says

      Hi Prayla1612, well done on your settlement. I hope your cheque arrives quickly. What level of credit limit and how long have you had an active account for if you don’t mind me asking?

      • Prayla1612 says

        Hey JB, I got it in 2010 with a starting limit of £250 @69.9%APR ( I was 19 at the time and didn’t realise the interest when taking it out) closed the account in August 2017 with a limit of £3000 over the 7 years I maxed it out multiple time, paid the minimum balance for months then paid it off in full. I was just an unmanageable debt so glad I don’t have it anymore!

    • Sara (Debt Camel) says

      did you ever clear your balance? Because to me the associated interest (at c 70%) looks low and the interest at 8% looks high…

      • Prayla1612 says

        Hi Sara yes I cleared my account a couple of times when I maxed it out at £3k within the space of about 2 years

  16. Hayley says

    They emailed me back basically saying that the interest is for the rop payments made per month and not for the minimum monthly payment itself so I think a lot of people who thought they would get a big amount won’t now which I think is totally unfair but this is the way it is being worked out unfortunately

    • JB says

      Hi Hayley, did they mention compounded interest? I think that is biggest worry with their calculations!

      • Hayley says

        No they didn’t mention it and I don’t think they are going to give it back, it’s basically the interest you paid per month for rop only the minimum monthly payment apparently doesn’t even come into it

    • Hayley says

      Hello Hayley,

      Thank you for your email. I can confirm that we have calculated the refund of the Repayment Option Plan (ROP) interest correctly. Please be aware that this relates to the interest accrued from the amounts paid for the ROP each month and not the actual amounts paid for the product. We are working very closely with the FCA to ensure that we address these matters accurately and are operating with your best interests at heart.

      Kind regards
      Repayment Option Plan Team

      This is what they sent to me

      • Gail says

        I don’t get it.. they were charging purchase interest on the actual amounts of the rop each month , the same as they would do with an actual credit card purchase

      • Peter says

        I would go back to them and ask them for a breakdown of the figures for how it’s actually been worked out.
        Because all that email is saying the way I am reading it is that they feel they have calculated it correctly and making you aware its interest payments not the ROP itself which is being refunded

        • Sara (Debt Camel) says

          I agree with Peter, that reply doesn’t say anything useful.

          At the same time as you go back to them, add that you want to make a Subject Access request for a copy of all your monthly statements.

  17. Tim says

    This is definitely worth following up on – I had a low limit of £250 and within 2 weeks of complaining to them my account had been written off (£250) and I received a cheque in the post this morning for £505

    • Sara (Debt Camel) says

      This would be a great time to close that account! If you don’t, do make sure you cancel the ROP so you don’t get stung by it in future.

    • Richard C says

      hi Tim, do you mind me asking how long you had the account in total and how many months you were at limit on it for?

      just i had a £250 limit and was at it for 4.5 years total , and they only refunded £683 in total.

      i’ve checked their workings with a friend who is pretty good at maths and asked them to relook at the “purchase interest” part of their calculation.

  18. Deborah says

    Hi
    This is the email i recieved re ROP on 20/10/17 not 2016 as vanquis keep saying.
    ‘We are writing to remind you that you have previously opted in to Repayment Option Plan. Repayment Option Plan appears on your statement each month as a purchase transaction. In the last twelve months (or since you opted in to the Plan) you have been charged £41.33, plus any interest at your purchase rate of 39.94%. Based on your current balance of £260.34 and if you made only the minimum payments the cost for Repayment Option Plan including interest for the next 12 months would be £46.28. The Product Guide that appears below sets out the 5 features and ‘useful things you should know’ about each feature, including illustrative pricing and how to opt out’

    • Peter says

      That’s an interesting email, as it confirms indirectly that they are compounding the interest , so I can’t see them having an excuse not to do so with the refund

  19. Kara says

    I had a phone call from a guy at Vanquis who is dealing with my SAR. I explained that I’m just trying to see the level of interest that I’ve paid and also repayments etc. He said he’ll condense all the info and get it in the post and it’ll only be 14 pages as opposed to hundreds of individual statements. I explained that I want it in advance of my refund and he was really helpful. He also said that there doesn’t appear to be a way of separating out ROP interest from purchase interest if they’re at the same rate. So IMO if Vanquis claim that the ROP interest is paid off first from any repayments, then it’s a decision they’ve made retrospectively to save money on the refunds. I honestly don’t think this will enable me to work out how much I should be getting, but I hope it’s enough for me to know if the refund is fair/accurate.

    Sara – seeing as my ROP is one of the ones that Vanquis volunteered to refund as part of the FCA findings, does this mean that I won’t be able to question it? Or do the rules still apply if they have committed to doing something?

    • Sara (Debt Camel) says

      “seeing as my ROP is one of the ones that Vanquis volunteered to refund as part of the FCA findings, does this mean that I won’t be able to question it?”

      No – you can still question if they have calculated the FCA ordered refund correctly. And you can still send a complaint to the Financial Ombudsman if you feel the calculation they have used is unfair.

    • Gail says

      If you had cash advances these would attract higher interest that according to the ts and cs would be repaid first

    • Eve says

      Hi Kara

      From the statements I still have in my possession, it doesn’t look like the purchase interest was paid off each month from the minimum payments. Here’s the figures that are on some of my statements and it just shows it increasing:-

      Nov 2012 —– ROP £17.01 —– Purchase Interest £0.72
      Dec 2012 —– ROP £17.20 —– Purchase Interest £1.80
      Jan 2013 —– ROP £16.99 —– Purchase Interest £2.06
      Feb 2013 —– ROP £17.24 —– Purchase Interest £2.84
      Apr 2013 —– ROP £17.59 —– Purchase Interest £4.79
      May 2013 —- ROP £17.79 —– Purchase Interest £5.97
      June 2013 —- ROP £18.03 —– Purchase Interest £7.59
      July 2013 —– ROP £15.53 —– Purchase Interest £8.11
      Aug 2013 —- ROP £16.07 —– Purchase Interest £10.28

      All those payments would also have had cash interest charged monthly on them. I never used my card to purchase anything, it was only used for cash transactions so all of these must have been for ROP. If my minimum payment every month paid the purchase interest on ROP then each month it would only have been approx £0.72 monthly purchase interest for ROP charges of approx. £17. To me, this looks like it was not paid off monthly from my minimum payment.

      My default charges also increased every month and they were the same rate of interest as the purchase transactions. I hope this helps as I’m guessing everyone was charged in the same way.

  20. Martyn Davy says

    Hi there. Just looking for some kind of guidance on what to do next. I have contacted the Vanquis customer service team 3 times now on 26th April, 18th May and 23rd of May 2018. I had been repeatedly advised that I should receive a refund before the 90 day deadline which was the 28th May 2018. I found this very hard to believe as every time I contact the office I am given no information at all regarding this. I have been a Vanquis customer since 2010 to present and I would have hoped that I would be treated with more respect. I also had the ROP from 2011 to 2016. I put in a complaint in writing on the 26th May and a phone complaint on 31st May. Neither complaint has been acknowlexged and I have received no correspondence at all. I have contacted them again by phone today and they said they have no update and I have just got to to wait. She says that the reason I haven’t got a response is that there must have been some kind of “mix up” in the meantime I have received 3 letters telling me how.much I need to pay next month and that my minimum payment will be increasing ????????. Please help I don’t know what to do next i could really do with money right now and they seem disinterested in helping a long standing customer. Thanks. Ps. Sorry for the long winded message.

    • Sara (Debt Camel) says

      Your complaints, have you asked for a refund of the ROP as well as the extra interest they have added on?

      Can you actually make the new minimum payments or are they unaffordable unless you get deeper into debt elsewhere or behind with bills?

      • Martyn Davy says

        Hi. No I haven’t asked for the rop back. No I’m not struggling to pay stuff. My daughter has just been born and It would be great to clear off a good chunk of my card and hopefully cancel it. My problem is that they aren’t willing to help and are constantly lying to me and like I said I made my complaint 21 days ago and they still haven’t replied to it.

        • Sara (Debt Camel) says

          OK, I agree it is not good that you are being ignored and/or told things that turn out not to be correct. The problem is there are hundreds of thosands of people in your situation and it’s pretty unlikely that Vanquis will agree to take your case out of the standard stream for getting a refund, well sometime. “Before the end of the summer” is their current target. Which you may well think is pathetically vague.

          If you arent struggling, there probably isn’t anything sensible you can do to speed things up. Except cancel the ROP of course, that will help by reducing the amount being added to your balance each month.

          PS congrats on the birth of your daughter!!

  21. Chris says

    I have been on the phone with vanquis today to discuss my complaint against being mis sold ROP and the second issue of the interest.

    I was utterly shocked at their response to both matters and was even told that they are going to take the full 56 days to deal with my complaint as they can and that nobody has even looked at it yet – this is 22 days in! Also regarding the interest they are allowed to take up 180 days to deal with this as the FCA has allowed them too!

    I was so shocked I didn’t even what to say in response to both matters. However they had no issues in telling me that my payment was due on Monday and I would be charged £12.00 if I didn’t pay it over the phone today!

    Has anybody else been in the same position? I have tried to email them regarding the matters but just have the same email back saying that they have x days to deal with a complaint!

    • Sara (Debt Camel) says

      I think this is many people’s reaction, but they do have 8 weeks to reply to a complaint and they are getting so many that they probably don’t look at them at all for the first 6 weeks ☹️

  22. Ian R says

    Seems that vanquis are in turmoil over these refunds-the excuses become more lame everyday-think its time the FCA gave them a second warning-ps isn’t it gauling how they tell you what you need to pay but there reluctance to explain what they owe you-hope other finance companies learn from the mistakes that vanquis are making- CUSTOMER ALIENATION

    • JB says

      Hi Ian R – I agree – but it’s Provident and they don’t have a good reputation for looking after customers at management level! Shame there isn’t that much we can do other than be patient (and they know this). They have spent months preparing the letters and T&C’s for putting everyone’s minimum payments up and minimal time on the ROP interest refunds. I still believe that they will pay everyone smaller refunds and we will all get letters sometime in Jan/Feb stating that they have miscalculated but that they will put this right…in 90/ 180 days! No respect for their customers whether new or long term. Any other mainstream organisation would have put this to bed by now regardless of what the FCA time frame gave them!

  23. Martyn Davy says

    Just a quick question. What are the grounds in which you can claim back the rop payments as well as the interest? I’m not sure if I should be claiming this back also. Thanks

    • Sara (Debt Camel) says

      See the “Should you complain and ask for a refund of the ROP itself?” section in the article above.

  24. Maxine says

    I have had a email from vanquis saying from 2011-2016 i paid ROP and have been refunded £950.70 into my account for the interest that was paid by me, was expecting a bit more tbh s i was paying over £40 a month most months, so this is showing that they are now paying out,they say they have refunded the interest based on agreements with the FCA

    • Sara (Debt Camel) says

      Ok, could you go back and ask for details of the calculation and if they don’t give you anything useful, ask for a copy of all your monthly statements. Several people have reported now that they haven’t got back as much as they expected… it may be that there is something wrong with the calculations and this need to be challenged. but to do that it will be good to have some evidence!

    • JB says

      Hi Maxine, did you ever clear your balance between 2011-2016? It does seem a low refund and needs to be questioned.

    • Peter says

      Hi Maxine, I am gonna ask a silly question just in case :)

      When you have said you were paying £40 a month most months, I assume from that the ROP was £40 a month, rather than your minimum payment being £40

  25. Jane says

    My husband has just had an email and he is getting £40 back! Bizarre as he had ROP for 6 years and his credit limit has always been around £3000.

    • Peter says

      Hi Jane, that sounds very low?

      when you said he had a credit limit of 3000 , was he at that limit ? did he pay the card off regularly as this can affect it

      I would certainly be following Sara’s advice above, and contacting them to ask for details of the calculation and then if no joy copies of statements to start building a case to send to the FOS

    • JB says

      Hi Jane, can I ask where are you in the alphabet – my surname begins with a ‘B’ – just trying to work out how they are issuing the emails and whether it is in alphabetical order? That offer seems unbelievable! – did your husband clear his balance at all?

    • Sara (Debt Camel) says

      Wow, unless he cleared his balance pretty much very month that sounds wrong! ask them to explain how this was calculated and say you want to see copies of all his monthly statements going back to when he opened the account.

      • Jane says

        Yes we have sent an email – he has never cleared his balance.
        JB we are L in the alphabet.
        I am still awaiting mine which will be interesting as I’ve had a similar balance and had ROP for 6 years

  26. Sam says

    I have been emailing for the last couple of weeks, trying to obtain an answer.
    I received an email this afternoon stating that they have added my comments to the ROP complaint and it will be dealt with! What’s funny is I am expecting a cheque as they have already confirmed I am getting a refund of ROP payments!

    I think they may be just overwhelmed with people asking questions at the moment!!

  27. Phild says

    I had a letter from the Ombudsman saying I was entitled to the gold plated refund, all fees, charges, interest included and they advised me to accept the offer. I called Vanquis to see what the offer was and it was £1300 which I said I was not happy with and so got back in touch with the Ombudsman who has requested statements from Vanquis, this was approx 4 weeks ago, spoke to her earlier this week and Vanquis had still not provided the info to her and so she was getting managers involved to hurry them up. In the meantime I have had an exgratia payment appear on my account of £1400, no idea what it is or anything as I have received no letter or email from Vanquis about it.

    Today I received an email from Vanquis stating I was entitled to £152.06 “which was a refund of interest relating to ROP from when I was first charged for ROP until 8/12/16, this is 30 days after our letter of 7/11/2016 which provided details of the plan including how interest applies.” I can honestly say I never received any letter about the ROP until May 2017 when I cancelled it, they can claim to send them but I never received anything.
    This refund payment would show on my next statement with the following breakdown
    INTEREST ON ROP CHARGES £149.95
    SIMPLE INTEREST AT 8% £2.63
    WITHHELD TAX -£0.52
    TOTAL REFUND AMOUNT £152.06

    • Sara (Debt Camel) says

      This seems farcical. I suggest you tell the Ombudsman what has happened, that you have no idea what the £1400 is or what the £152 relates to and you would like the FOS to carry on trying to get to the bottom of this.

  28. Steven Monk says

    Hi, I have had a Vanquis card with ROP since September 2011, I discovered this while looking at a monthly recurring payment on my statement for value saver that I didn’t recognise. I have heard nothing from Vanquis regarding a ROP or a refund. Was I mis-sold? Is there a template letter I can send to cancel both ROP and valuesaver and claim a refund . Btw I have been self employed since 2012.

    • Sara (Debt Camel) says

      If you would like a refund of the ROP you have paid in addition to the extra interest, you can put in a complaint. And then send it to the Financial Ombudsman if it is rejected!

      See the “Should you complain and ask for a refund of the ROP itself?” section in the article above ^^^

      I suggest you put in a separate complaint about the valuesaver so they don’t get mixed up. Same approach – were you properly told what it was about? If not, complain and ask for a refund.

      Also phone up and make sure you cancel the ROP and the valuesaver as well.

  29. laura says

    Looks like they have not got a clue what they are doing , just hope fos are keeping an eye on procedures.
    I think they are testing the water by offering intrest without compounding. But with amazing site’s like this they can’t without everyone noticing it. Why they are not keeping their customers up to date is beyond me I have only had ccorrespondence regarding my next payment (by post every month) and no mention about rop interest pay back. If they keep going along this road I think the foc will come down very heavy on them , and rightly so.

    • Eve says

      It seems to be getting worse as the weeks go on Laura. In nearly 4 months there hasn’t been any correspondence/updates for the majority of the Population 1 customers (the easiest ones to contact and refund) and the ones this week that have been contacted, their refunds seem too low. The more recent full refunds also seem to be a lot lower than the ones previous to the FCA ruling.

      Sara, how does that get corrected as surely they can’t pay some customers compounded interest and not others? Vanquis are going to end up with complaints on top of complaints at this rate. I’ll be amazed if they manage to sort this out by their deadline of Feb 2019 for all 4 Populations.

      • JB says

        Hi Eve, I totally agree with you the amounts appear to have plunged post FCA ruling! I think this is one of two things: 1. either a planned ploy by management to see if they can get away with it/ delay it or 2. They really have no idea what they are doing. Either way they have paid out compounded interest on pre & post FCA ruling cases which has set a precedent for all future payouts – they can’t pay compounded interest on some and not all! I can remember a case on here where they paid out £8500 in interest alone and that was post FCA ruling! I truly believe that their software started throwing out some scary figures so they have changed/ suspended this, knowing full well they will have to pay out eventually but that they can keep our money a little longer and earn more in interest payments on our high balances! I think all we can do is be as patient as we can and react once we have received some sort of notification. I am not trying to create a conspiracy theory either – a very dear friend of mine worked for part of this organisation for many years and eventually left due to similar management shenanigans! Stick in brothers & sisters!

        • Eve says

          Hi JB, I’m starting to think it’s (2) that they have no idea what they are doing! That’s the interest difference now went from £8500 to as little as £5.14???? How can that possibly be them using the same payout system for all customers? I’m actually at a loss for words now

          • JB says

            Hi Eve, me too! All other organisations have just accepted their failings and paid out but not this company! I claimed PPI back from two BOS loans from 1996 & 1998 and it was paid out without any issue whatsoever within 8 weeks – £4K. This organisation are despicable!!!

  30. Jaki says

    I had a credit card, unsure of exact date i took it out about 2013. I have now paid it off. I havent received a letter regarding the refunds. How do i find out if i actually was being chaged ROP?

    • Sara (Debt Camel) says

      You could contact Vanquis and ask. But hardly anyone has yet received a letter about a refund – you still may.

  31. Susie says

    Ok so now I’m in a position to completely pay off the £4000 I owe (maxed out Card). Do I pay it off or will I shoot myself in the foot for interest owed?

    • Sara (Debt Camel) says

      I suggest paying it all off except for £20 and leave the account open. If you close it now, you will go into the later group of people to get refunds. But you won’t lose by paying it off now and will gain if the refunds isn’t big enough to wipe out the whole balance.

  32. DavidO says

    I have a complaint with the FOS since Feb 18, The FOS originally requested my file from Vanquis in March and despite several attempts Vanquis have not sent it to the FOS some 3 months later!!. I contacted the FOS again to highlight my frustration at the delay. I was originally rejected from Vanquis on the 6 + 3 rule however i am hoping the sheer lack of info from Vanquis will go in my favour.

    Would it be worthwhile me submitting a SAR request?

    • Sara (Debt Camel) says

      Well you could try a SAR – but by the time they send you that they will probably have got round to replying to the FOS.

    • Sara (Debt Camel) says

      Everyone who has had ROP will be getting an automatic refund of the extra interest they have paid. You don’t have to do anything to get this, you will be contacted by Vanquis.

      If you don’t think the refund is large enough – and you will see some other comments here from people saying their looks surprisingly low – then come back and ask here.

      If you would like a refund of the ROP you have paid in addition to the extra interest, you can put in a complaint and send it to the Financial Ombudsman if it is rejected. See the “Should you complain and ask for a refund of the ROP itself?” section in the article above ^^^

      AND if you are still paying for the ROP, phone up and cancel it as soon as possible! It is VERY expensive, it makes PPI look like good value for money. If you cancel it more of your monthly payment will actually start paying off your balance.

  33. Rachel says

    I had a card with vanquis but I did default on payments and my details got passed to debt recovery could I still claim?

    Thanks
    Rachel

  34. alison says

    I have just received a payment on the interest of the ROP for the princely sum of £5.14! – I have had my card for 3 years and have paid ROP since the start – mostly my card has been maxed out and the credit limit has been increased up to £4,000 over the years(without my permission of course). My email explained that

    “You are entitled to a refund of interest (£5.14) relating to ROP from when you were first charged for ROP up until 15/12/2016 This is 30 days after our letter of 14/11/2016, which provided details of the Plan including how interest applies. We have agreed this and the method of calculating the refund with the FCA” – so apparently i was sent a letter back in 2016 ? I dont think so – i never received a letter about this.
    Has anyone else been offered such a low amount?

    • Sara (Debt Camel) says

      oh dear, that doesn’t sound right – can you ask them to supply details of the calculation and also a copy of all your personal data since you opened the account. Also if you haven’t already, cancel the ROP – it makes PPI look cheap and useful.

  35. Kelly McCandless says

    Hi Sara

    Just to keep you and your readers updated on the emails that are gettting sent out. I received an email from vanquis yesterday to say that i am due a refund of £38???????? for interest charged on ROP. I have had my card since 2014. Canceled ROP in November 2017 when I started reading about it. I started of with a £750 credit limit which increased almost every couple of months even though card was maxed and just making minimum payments. Current credit limit is £3500 and balance has been sitting at that for last couple of years. I was paying £49 ROP. I have emailed them back asking for my statements and a breakdown of how this was calculated. I like most was hoping the refund would at least make a dent in my balance as I have been paying £179 a month minimum payment. My sister also has a card and her situation is much the same as mine. She has had her card a year longer and her email said she would get £108. Both of us are population 1 customers and our Surname begins with M. There seems to be no method in their madness at all.

    • Sara (Debt Camel) says

      Thanks Kelly – you have seen what I suggested that other people do – could you & your sister also do this?

      • Kelly McCandless says

        Hi Sara,

        I now have a SAR template saved that I just tweet so will e-mail them and keep you upsated

  36. Village Idiot says

    In the light of these tiny payouts I’ve been doing a lot of thinking, please tell me the flaw in my logic below, one occasion where I will be very happy to be wrong!

    If I had a balance of £4000 in June 2015, My June 2015 statement would show I paid £40 or so in ROP. I would be told I had to pay about £200 by July 2015.

    When I pay that £200 in July, about £100 would have been interest and £100 would have repaid capital.

    What’s to stop Vanquis, now, retrospectively, saying that some of that £100 capital repayment repaid the whole of the £40 ROP charged the previous month? In that case the only interest to be refunded is one month’s worth, per ROP charge? I would only get back 3% of every ROP charge they ever made, that way. No compounding, in fact the interest charge wouldn’t even be repeated month-on-month.

    Like I say, will be delighted to have it pointed out that I am wrong!

    • Eve says

      Hi Village Idiot, I posted a comment further up on this page which showed what my rop charges and purchase interest charges were over 9 months. These are the only statements I still have and they show that the purchase interest increased every month even when the ROP charges were slightly lower than other months. I never made any purchases with my card, only cash transactions. To me it looks like our minimum payments never paid any of the purchase interest otherwise it would have been the roughly the same purchase interest each month and not increasing as it shows on my statements.

  37. Eve says

    Hi Sara, a month ago an adjudicator at the FOS contacted me to say that he agreed with Vanquis on the timebar and on that date I requested for my case to be forwarded to the main Ombudsman. I was awoken this morning by a call from the same adjudicator. The first part of the call I only got vaguely as I was still trying to wake up. I’m sure he said that a letter has been sent out and then he explained I had two options. I could either :-

    (1) just accept the interest refund as it should be considerably higher that the ROP or
    (2) still get the Ombudsman to look at my case.

    I informed him that even if my interest refund is compounded I only expect to get back around £400-£500 due to the fact I paid off my account 3 times when the ROP was on it yet. Yet over the 5 years of paying ROP I had calculated that I had paid in excess of £900 in ROP and approx. £500 in overlimit charges.

    I also explained to him that Vanquis have still not contacted me at all with any correspondence in regards to the ROP refund since the FCA ruling yet continue to take monthly payments and add interest. I also informed him that it now appears to be that Vanquis are no longer compounding the interest refunds which makes matters even worse as my statements show that the purchase interest was in fact compounded. The call ended with him confirming that I still wanted to pursue this case to the Ombudsman, which I replied “yes definitely”.

    • Eve says

      Hi Sara

      I have now received my letter from the FOS. The Omdusman has decided that he can look into my complaint, but only part of it. I can send you a copy of the full letter but this is it summarised:-

      June 2010 – May 2015 – he does not have the jurisdiction to consider it.
      May 2015- Nov 2015 – He thinks his service does have jurisdiction to consider this complaint due to my telephone call in May 2015 where I queried the ROP and subsequently cancelled it in the first part of the call and then was persuaded to take it out again during the 2nd part of the call therefore I then received a welcome letter (the only one I received).

      So he has agreed that I did in fact have 2 ROP accounts. There is a paragraph that I’m not sure exactly what it means, it reads:-

      “However I note that Vanquis has already agreed to refund the interest it charged on the fees for both ROP’s. I encourage Miss ********** to take this into account before deciding whether she wishes to pursue this complaint any further, because it may well be the case that the refund she is already going to receive is greater than the compensation with our Service would be able to aware. (I make no decision about that here.)”

      Can you please help me understand that Sara? I know that my interest refund will not be huge due to paying off my account 3 times when I had the ROP on it. Does it mean I won’t get my interest refund if I pursue this? Thanks in advance for any advice.

      • Sara (Debt Camel) says

        Yours is an odd case and that is rather an odd reply! Could you go back and ask if the case can be put on hold for a few months with the FOS until you find out what refund Vanquis are offering?

        • Eve says

          I had tried to prove that previous to May 2015 I didn’t know that the product was optional but the timebar still seems to stand for this Sara. Vanquis also originally said that I didn’t have 2 ROP’s but the Ombudsman has agreed that I did due to the telephone call in May 2015 and following welcome letter a couple of days later. I have just phoned the number on the letter and left a voicemail to ask if I can find out exactly what I should do.

        • Eve says

          Hi Sara, the adjudicator has just returned my call. He explained the above paragraph as meaning that since the FCA ruling on the mis-selling where it was ruled that only the interest was to be repaid, then that is all the FOS are in their jurisdiction to pursue, not the ROP fees or other charges. He is awaiting a decision from Vanquis and has advised me that we wait and see what Vanquis offer to refund. I’ll update once I hear any more.

          • Sara (Debt Camel) says

            “He explained the above paragraph as meaning that since the FCA ruling on the mis-selling where it was ruled that only the interest was to be repaid, then that is all the FOS are in their jurisdiction to pursue, not the ROP fees or other charges. ” well I completely disagree with that
            but
            “He is awaiting a decision from Vanquis and has advised me that we wait and see what Vanquis offer to refund.” this is a sensible way forward at the moment.

      • Eve says

        I was totally bamboozled with the explanation Sara and I definitely don’t understand the legal ins and outs of things. It all seems to be down to the terms of the FCA ruling as to what the FOS can decide. I’m guessing they can’t tell Vanquis what to refund, they can only rule whether or not it is mis-sold and it’s up to Vanquis on the amount that they refund. I’ll just need to patiently wait and see what Vanquis come back with as the ball is now in their court. They received the decision notice at the same time as I did. I’ll update when I hear anything.

        • Sara (Debt Camel) says

          “I’m guessing they can’t tell Vanquis what to refund” oh they absolutely can! The FCA has ordered certain refunds – there is no reason at all why people shouldn’t be able to make a complaint to the ombudsman saying that in their particular circumstance, they should be getting a larger refund.

          but let’s see what refund Vanquis offer.

  38. JB says

    How is it that this company seem to have all the power and appear to be completely dictating what is going on after being on the receiving end of a comprehensive FCA investigation and subsequent fine???

    • Eve says

      I really don’t know the answer to that JB. The call that I got this morning from the FOS really confused me as on 18th May I was told that Vanquis were still unwilling to let the FOS consider my complaint (after 5 months) due to the timebar. They gave the FOS reasons which I could prove with paperwork were wrong and that’s why I escalated my case to the Main Ombudsman. I got an e-mail on 18th May to say that my case had been forwarded on to him. Last week I requested a SAR from Vanquis after seeing all the small interest refunds and then today I get asked by the FOS if I still want to proceed or just accept the interest refund? He said that the interest refund would probably be higher than a full ROP refund but I know that in my case it definitely won’t be and I informed him of that. I will find out more when I receive the letter that he said had been sent today.

      • Stella says

        Hi Eve , just wondering if ombudsmen gave any reaction when you said vanquis don’t seem to be compounding the interest any more ?

        • Eve says

          Hi Stella, he just replied something like “Oh, okay”. I don’t think he had realised that that is what appears to be happening now. As the call woke me up this morning, I was still half asleep so everything is a bit hazy. I did tell him I had contacted Vanquis last week requesting a SAR. and I’m actually wondering now if Vanquis have contacted them to say they are sending a letter out about the interest refund, hence why I am being asked if I will accept it. (before I receive the details of the SAR) I just heard the words “a letter has been sent today”. I can’t otherwise understand why the adjudicator would contact me as he made it clear in May that my case would be dealt with by the Ombudsman and not any investigators from that point. I will hopefully find out once the letter gets delivered and then I can update on this.

          • Sara (Debt Camel) says

            “I can’t otherwise understand why the adjudicator would contact me as he made it clear in May that my case would be dealt with by the Ombudsman and not any investigators from that point.”
            I can help a bit with that – it is normal for all contact to continue to be through your adjudicator even when a case is at the ombudsman level. It is very rare for anyone to ever speak to an Ombudsman!

          • Eve says

            Thanks very much Sara, that helps me understand it better. I was just surprised to hear anything at all by phone call now as I thought it would just be waiting for a final decision. Thanks again, it’s really appreciated.

  39. Dan says

    So they just send you a letter with an amount? no explanation of it? we may as well all put in complaints for a full refund now and at least get a proper Amount back not some random small number we cant check ????

  40. Cat says

    These low amounts people are being refunded doesn’t look good. At the start of the year every case is £k’s or substantial now it’s £5-£40? I put a SARs in last week for all my statements from 2011 to date. I was hoping for a decent payout and ready for a fight. They are treating ppl terribly

  41. Sara (Debt Camel) says

    Hi everyone!

    I am trying to get some information for Vanquis about how the refunds are being calculated. I hope to be able to write an article about it tomorrow.

    • Peter says

      Good to hear , will be an interesting read and hopefully either set people’s minds at rest a little or give us the opportunity to start getting our ducks in a line to take it further, once we start getting the refund letters

  42. Linda says

    I rang Vanquis lat month, because i feel I was mis-sold this con payment protection plan which banks and other lenders are being made to pay their customers thousands on pip and Vanquis who charged much more than them are paying out pennies. This is scandalous. I don’t think this is right FCA must have a deal with Vanquis to let them get away with this. They have targeted vulnerable people and this is wrong.

    • Linda says

      Just to add I opened my account in September 2010 with a £250 credit closed in January 2016 max out £3500 paid up in full never missed a payment. Can’t believe they are still allowed to trade.

  43. Nicola says

    My sister has got letter this morning 51.00 for her interest she had her card since 2013 till 2017 her card was maxed out for 3.000 she is very disappointed looks like that have give big payments first and now little payments don’t hold your breathe for this con firm they are getting away paying little out we should of took them for mis-selling Ppi they have won and got away with it sister will be back on the phone again this is all wrong

    • Eve says

      Hi Nicola, this company disgust me more every week at how they are treating everyone especially after they have already been fined by the FCA . They are going to end up inundated with complaints on top of complaints. I haven’t yet heard anything about my interest refund. I would request a SAR to get all of your statements as I still have some old statements in my possession that show the purchase interest increasing monthly and over just 9 months it totals £44.16 that I was charged in purchase interest on a balance of approx. £1250. I don’t have my other 4 years of statements as I went paperless after that and I’m now awaiting my SAR. The figures on my statements are:-

      Nov 2012 —– ROP £17.01 —– Purchase Interest £0.72
      Dec 2012 —– ROP £17.20 —– Purchase Interest £1.80
      Jan 2013 —– ROP £16.99 —– Purchase Interest £2.06
      Feb 2013 —– ROP £17.24 —– Purchase Interest £2.84
      Apr 2013 —– ROP £17.59 —– Purchase Interest £4.79
      May 2013 —- ROP £17.79 —– Purchase Interest £5.97
      June 2013 —- ROP £18.03 —– Purchase Interest £7.59
      July 2013 —– ROP £15.53 —– Purchase Interest £8.11
      Aug 2013 —- ROP £16.07 —– Purchase Interest £10.28

      I hope this helps show that the purchase interest did in fact increase monthly and I’m guessing everyone else’s accounts were calculated the same way.

  44. Cat says

    I really don’t understand all these low payments. They literally don’t add up. Never mind the compound interest just interest for the year on ROP payment is more than these stupid low amounts they are offering. Something really isn’t sitting right with. I’ve requested all my monthly statements so I can work it out in preparation to challenge back.

  45. Ross says

    I think, clearly by their own admission, Vanquis have woefully underestimated the task in hand, when trying to deal with this process. Customers were advised, after the FCA announcement, that they would be looking at refunds, within 90 days. This has now been smashed out of the water and I was rather amazed to receive correspondence, from Vanquis, to say that it could now be well in to 2019 before some refunds are issued.

    From what I am reading, of people’s experiences, so far, it’s making me wonder if Vanquis are rushing these refunds through, without calculating them properly and/or if the people processing the refunds have actually received the relevant training and/or instruction on how they should be dealing with each case.

    I would like to assume that the FCA are keeping a close eye on how this is being dealt with and, if not, why not?

    I hope Sara is able to get the information, from Vanquis, to show how refunds are being calculated, otherwise, how will anybody know if what they’ve got is correct and who do they turn to if they believe it’s not?

    I also wonder if, they’re refunding 1.2 million customers, a total of £168m, is that actually an accurate enough figure? This figure works out at an average of £140 each, and it makes me wonder that, at the extortionate rates of interest Vanquis were charging, if refunds, with any interest would fall in to this category (not many, if I’m honest, in my opinion?!?)

    • Lindi says

      Is there any point in waiting if we are all going to get such small amount? Am I right that no one has yet reported a good one? I’m feeling we may as well all put in a complaint now and try to get the Rop back as well.

  46. Susie says

    Sorry if I’ve repeated anyone else that has commented. I’m guessing I’m not the only person that has received a letter recently.
    Very vague letter dated 15th June
    Dear Mrs Prior.
    We are writing to remind you that you previously opted in to ROP. You opted out on 1/3/18. While you were opted in to ROP it appeared on your account statement each month as a purchase transaction. In the last twelve months (or since you opted into the plan if less than twelve months ago) you were charged £326.69, plus any interest at your purchase rate if 39.94%.
    Important things you should know. This letter is not a bill so you do not need to make any additional payments.
    Since you have opted out of he plan you have not incurred any ROP charges to your account.
    If you have any questions call us on…

    Nothing about a total amount being paid, or when. It’s not on my account. And why 12 months, or am I being thick? I’ve been paying ROP since I opened my Vanquis account about 4 years ago.

    • Ross says

      Hi Susie,
      It might just be an annual statement, advising of what you have paid in the past 12 months, up until you opted out. Many financial institutions now send annual statements, so it may be nothing to do with any ROP refund.

  47. Maxine says

    I wrote on here a few weeks ago saying that I had received a refund of interest of £950.70, as I had had the ROP for 6 years and paying well over £40 a month ROP I didn’t think this was enough, Sara told me to ask about the breakdown of the amount from Vanquis so I wrote a email to them.

    Well yesterday I got a reply stating that sorry I was not happy and they would be going through the interest repayment as it seems I may have not received the correct amount and there refund team would recalculate the amount and would contact me in the next 5 days with the result and also another person would be in touch regarding the All the statements etc regarding my account that I have asked for.

    Also just a note that originally my complaint was with the ombudsman until April not being upheld and never received any information regarding the interest refund until a few weeks ago saying I had had a amount refunded into my account from my ROP but my partner who had ROP from 2005-2011 had a letter saying it could be 2019 before he got anything back so maybe they are dealing with people who had dealings with the ombudsman first , I will let you know my final result

    • JB says

      Hi Maxine, Hope you get this sorted and they pay you the correct amount. They have at least acknowledged that the refund ‘may’ be incorrect – the closest thing to an apology from this organisation?!!! I am just waiting for any news on mine 2007-2017 with ROP – full refund declined due to 6+3 rule so just interest refund. They must be massively understaffed which from my dealings with other parts of this company is a common thread!

  48. Phild says

    Getting more and more frustrated by the day, I cancelled my ROP last year approx April time yet had a letter dated 7th June 2018 stating I opted out on 1/1/18 and was charged £26 in the last 12 months !! I still have no idea what the £1400 exgratia payment I received a few weeks ago in my account is for and I received £152 in my account on the 13th which according to an email I received on the 14th is for interest refund.

    I have called Vanquis to request copies of statements but was told it would cost £5 per statement, is this correct ? I declined to pay that and was told I could have a breakdown of all payments including interest I have been charged and have to wait 14 days for that

    • Sara (Debt Camel) says

      That sounds a complete shambles ????

      Its not legal after GDPR to charge you for your personal information. So you can ask for details of every credit and debtit made to your accounts and for your monthly charges, which would be, in effect, your personal statements.

      However, getting a summary could be good enough provided it was for each month AND this showed payments you had made to the account in the last month, ROP charged that month, other purchases that month, any over limit fees charged, interest added, your minimum payment due and the account balance. After all you don’t really want a ton of paper.

    • Stella says

      Hi Phil
      We’re you expecting to get more or less of a refund than the 2 payments that you have received from vanquis recently .

      • Phild says

        The total I was expecting was higher than i’ve got given the Ombudsman has told me I am getting the “gold-plated” refund of all fees and interest but most of my frustration is coming from Vanquis and their lack of details for anything. I have no idea what the £1400 is for (no, i’m not complaining about getting something off them) and if they think i’m only entitled to £152 interest refund they are mistaken. The Ombudsman dealing with my case has requested info from them but they are not even in a rush to respond to that and she has had to take it higher herself so what chance have we got ??

  49. laura says

    This is getting out of hand now, they said they would be paying existing customers by the 29th May , they haven’t now they seem to be paying out non compounding amounts. Surely it’s time they or the foc released some sort of statement as to what is happening, ok so they don’t pay out till 27 Feb 2019 but at least let your customers know now what they can expect it would appreciated by all . I can can actually see this going on for years it really is pathetic. Still had no confirmation from vanquis regarding interest pay back after 120 days ?

  50. MR Emu says

    Hello Friends
    I have received a payment of £144 from Vanquis this morning. I open the account just improve my credit score in 2014. The account was open with a credit limit of £250 and now is at £4000. I take ROP when I opened I first took the card. And cancelled it in April 2018 after I have come across this website. They explained to me what the ROP was but did not say there will be interest charged on it.

    • Sara (Debt Camel) says

      That sounds like a low amount – how often do you ever clear your account balance or get it very low?

      • MR Emu says

        It has been near the limit all along. I am awaiting for the breakdown then I can take action. It is very low

  51. Hayley says

    Hi all, I complained saying that I wanted the refund figures to be looked at and calculated again as I wasn’t happy so they have logged complaint and will be in touch between 6-8 weeks absolute farce!!

    • JB says

      Hi Hayley, you should email them back and say that you want your case looking at immediately as they have contacted you with details of your refund, albeit incorrect figures!!! – you surely shouldn’t go back in the queue!!?
      Sara, is it possible to register a complaint directly with the FCA – if so, are they likely to do anything constructive do you think?

      • Sara (Debt Camel) says

        No, the FCA won’t look at individual complaints, they have to go to the Financial Ombudsman.

        At the moment we don’t know why these recent offers have been so low. Perhaps I have misunderstood. Perhaps there is something odd about these cases. Perhaps there is an error in their computer program which they are trying to correct. Or perhaps they are interpreting the FCA’s directive in an odd way. Until we know which of these it is (or it could be a combination) it’s not clear what should happen next. I know this is a frustrating and worrying time for people!

  52. Leigh says

    Hi Everyone,

    I took out my Vanquis card in 2013 with a £250 limit over the years this increase to £3,000 only the first 6 months did I clear the balance. I got an email in March explain ROP and rang them to cancel, they then sent me a letter saying if I wished to complain to call. I stumbled across this page end of May and realised I had a right to complain so on 29th May I rang, a few days letter I got a text apologising for their service and my complaint had been logged, on Monday this week I got a letter stating the same and that they hope to resolve my complaint in 4 weeks, today I received a letter stating my balance would be cleared by my next statement and I’m expecting a cheque for £1500, I really have no idea if this is correct or not but it seems they’re refunding my ROP as well as interest!

    • Jane says

      This whole situation just gets more and more bizarre!
      There is no consistency to anything.
      Great news for you though Leigh!

      • Leigh says

        Thanks Jane, it’s totally bizarre! After reading this thread I did not except this outcome or as quickly. I checked my account this morning and 3 days ago my balance which was 2937 was cleared. I just want to say I didn’t ask for ROP to be refunded during my call they just did it. The guy I spoke to asked why I was complaining I said because I’d not been told I could cancel and I’d not been made aware I’d pay interest, that was it! I hope for positive outcomes for more of you.

        Leigh

  53. Kara says

    Today was the cut off date for Vanquis to respond to my SAR and send me the details of all transactions on my account. I’m not surprised that they’ve missed the deadline but they can’t be doing themselves any favours.

  54. Tony says

    Hi,
    After chasing the FOS for an update regarding a complaint for the full refund made, I have been emailed a letter which was sent to me by the FOS in May, this letter states that they have received screenshots itemising my ROP payments and a copy of the terms and conditions from 2009, which state I could have cancelled at any time.
    Honestly, I was so swamped in debt/young/naive that I didn’t even know/realise/pay attention to this ROP charge and as such only raised the complaint in Jan this year.
    I had the card from 2009 – 2014, limit from 500 to 2500 and was more or less over limit for the majority.
    The FOS letter details that I may be eligible for the interest refund and that this will be communicated to me by August.

    My question is, do you think it is worth fighting for the ROP charges via Ombudsman or not?
    Many thanks
    Tony

    • Tony says

      Should have added, I have a response from Vanquis on a separate complaint stating that my “application phone call” is unavailable for review, could I use this?

    • Sara (Debt Camel) says

      If the ombudsman is saying you are outside the time to complain because you should have realised you had RP as it was on your statement, then I think it may be a hard case to win.

      • Tony says

        Hi Sara,
        Many thanks for this, how would that differ from cases that have already been won?
        Surely all statements are structured in the same manner?
        I agree the t’s and c’s may state that this can be cancelled at any time but cannot recall this detail from the sales call, which no longer exists.

        • Sara (Debt Camel) says

          I’m not sure we have seen any cases won over 6 years old where the borrower was saying they weren’t aware of the ROP?

          • Tony says

            I thought the case of £8500 refund was from 2009, but that’s fair enough, I shall wait and see what they say regarding interest and of course, update this thread.
            Your advice is greatly appreciated.

    • Sara (Debt Camel) says

      Did you have a lot of over limit charges? If you did, I have found out they are NOT being refunded as part of the automatic interest refunds. See new article: https://debtcamel.co.uk/vanquis-over-limit-charges/

      On this basis you could go back to the FOS and say as Vanquis aren’t including these, can the FOS look at your complaint now, because the automatic refund doesn’t take account of your particular situation.

  55. Phild says

    Just spoken to the ombudsman dealing with my case and she thinks my figures are correct from the sample statements she has seen which to me seem very selective ones Vanquis have sent on. I took the card in Nov 2012 and cancelled the ROP Apr/May 2017, I have requested all my statements from Vanquis to be told they would charge me £5 each so the Ombudsman is now going to request them for me as well. My figures are
    Repayment Option Plan fees – £963.75
    Associated interest – £275.73
    Notional Interest – £201.90
    Withheld tax – £40.38

  56. Paula says

    I put my complaint in via email at the end of April for all ROP charges and associated interest. Emailed them last week as 8 weeks was up and wanted an update and they emailed me back the decision letter. My complaint was upheld for all ROP charges and interest – Repayment Option plan fees and associated interest: £916.22, Charges £84. I emailed them back to ask them to give me a breakdown of ROP and interest as I have no clue if this figure is right (it may well be). They have also offered a compensation payment of £150.00 for not identifying this sooner.

    My card history is that I took the card out in December 2010 with a limit of £250 which rose to £1000 then £2000 in 2013 and then £3000 in 2014. ROP was applied from the start. Card maxed out pretty much all the time and never cleared in full. In mid 2014 I advised them I was in financial difficulty and i set up a monthly payment plan with them which I am still paying today.

    Just thought I would update in case anyone else has a similar tale to mine and also as it is over the six years.

    • Sara (Debt Camel) says

      It will be interesting to see the breakdown of that refund.

      The monthly payment plan, is interest frozen on that?

      • Paula says

        Hi Sara

        Yes the interest has been frozen ever since and I have been making payments ever since with no challenge or payment reviews. I get a statement each month showing my balance going down slowly but surely!

    • Tony says

      And Vanquis didn’t contest on the basis that ROP was detailed in every statement you received?
      I have had my complaint refused on the basis that 1 – 6/3 rule, and 2 – The adjudicator believes that the fee is clearly detailed on every statement.

      My case is very similar to yours, as such I am now thinking of contesting it, requesting copies if the screen shots of statements the adjudicator has seen and elevating to an ombudsman.
      I know the sales call no longer exists and as this complaint stemmed from a PPI information request, where u found out about the ROP, which would have been of little benefit to me due to my jib security at the time etc, cannot see how this has been anything other than mis-sold.
      What do you think?

      • Paula says

        Hi Tony

        Just a note on mine – They did say they could not review the call as it was over six years old, but they did say that my account could have been frozen under the ROP plan when I informed them of my financial difficulty in 2014 but they didn’t. I did manage to set up a repayment plan with them eventually but not under the plan. I think this is why they were upholding the fees.

      • Jez says

        Tony, forgive me if i’m wrong in this but reading into Paula’s situation i’d guess she’s not being given her money back because she wasn’t aware she had the product (which i think was what your complaint was about) and instead it sounds like Vanquis have realised they did something wrong with the product or it didn’t work properly, hence them also giving a compensation payment and apologising for not doing something sooner. From my rather meagre knowledge i would say that her awareness wouldn’t be a deciding factor so age of policy wouldn’t come in to it to a great degree

        • Tony says

          Hi Jez,
          Now that the comment above yours has been added, I would agree.
          I’m not saying I’m completely faultless in this and hindsight is a wonderful thing, though I still believe it should have been made clearer to me when “sold”.
          I opted out of such things as PPI on other credit at the same time as it was more or less worthless, so I thought, due to my employment stability and personal situation so I can’t see myself signing up to such a “feature”.
          This started off as a standard PPI mis selling claim, the response from which informed me that I had ROP and that they would cancel it immediately, this was early this year.
          Granted I may have been naive at the time, but I really was in a bad place, and have given companies like this thousands and thousands in interest and charges alone over the years.
          Now I have kind of got myself together, financially and mentally I will fight tooth and nail to recoup some if this. It really did nearly kill me.

  57. Sara (Debt Camel) says

    I have written a new article https://debtcamel.co.uk/vanquis-over-limit-charges/ because it is now clear that Vanquis aren’t refunding over limit charges.

    This won’t affect everyone and it certainly doesn’t explain the low refunds that are currently being paid … but if you had over limit charges I suggest you should complain as the article says.

  58. laura says

    Well done Sara, but is there anybody any the wiser regarding compound intrest charges. It’s seems obvious that they were compounding the intrest but seem to be getting away without paying it back how can this be.

    • Sara (Debt Camel) says

      I am none the wiser as to how they are doing the calculations. I don’t see much point in guessing, there could be other issues apart from compounding.