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 sent to you, so there is no way for you to check it is accurate. I have seen many refunds across loans and credit cards and I think these ROP refunds look too small to be correct.
Vanquis has provided a detailed example on its website. I think there are two major problems with this example.
Vanquis don’t agree and they say that people who have queries should contact them. So it’s time to complain!
Contents
The background to these refunds
In February, the FCA told Vanquis to give refunds to a million customers who had the Repayment Option Product (ROP) for their credit cards. This is because you were charged interest on the ROP and Vanquis never explained this to you – so Vanquis should refund all the extra interest you paid.
For more details, read my article Vanquis ROP – a million customers will get refunds.
The first refunds started to be paid to customers with active Vanquis accounts in May and June. But they looked surprisingly low…
I had seen a lot of customers complain about ROP in 2017 so I knew what the refunds they had received. Those 2017 refunds also included the ROP itself – but that didn’t account for why the 2018 refunds are so much smaller.
The two problems with Vanquis’s detailed example
In August Vanquis finally published a detailed example in the FAQs. It’s here, under How is my Repayment Option Plan interest refund being calculated.
I see two major difficulties with this published example. It is possible there may be other problems as well.
1. Purchases should be repaid before ROP charges
It says:
Step 2: Once the cash balance is paid off, any remaining payment is shared between purchases and the Repayment Option Plan in proportion to their balance.
That is simply wrong.
The ROP was added to your account as though it was something you had bought with your credit card. You were then charged interest on the ROP at the normal rate on your Vanquis card.
But this extra interest was never explained to you, so the FCA says you should be refunded the interest – that is the same as saying no interest should have been charged.
The FCA’s rules (CONC 6.7.4) say that where your card balance is composed of transactions which carry different rates of interest, your monthly payment should be used to pay off the amounts with the highest interest rate first.
So your monthly payments should, in order:
- first be used to clear any cash withdrawals as they are charged at a higher rate of interest.
- then be used to repay what you bought with the card and the interest that has been added because of those – these are charged at the rate of interest of your card which may have been 39%, 49%, or even more.
- lastly be used to clear ROP and the interest that has been added because of this, because these should have been charged 0% interest.
If this is done, unless you usually repaid all or almost all of your balance every month, the amount of ROP in your balance will continue to get higher.
But in its calculation Vanquis isn’t doing this. Instead it is using some of your monthly payment to repay the ROP instead of using it all to pay off your purchases.
This may sound technical but it makes a huge difference to many people’s refunds. Compound interest at Vanquis’s high credit card interest rates adds up to a lot of money!
I think Vanquis should: rework all the calculations so that ROP (and the additional interest charged because of it) is paid off last.
2. The calculation stops too soon
The second problem is the point at which Vanquis stops the refund calculation.
Vanquis sent customers a letter or an email in late 2016/early 2017 detailing the cost of the ROP and the extra interest being charged. The FCA agreed that Vanquis didn’t have to give a refund for the extra interest charged after a customer received that email, on the grounds that the customer could have cancelled the ROP at that point.
So Vanquis says in its FAQ:
we have stopped the calculation 30 days after sending the email.
But this is unfair.
Suppose that £500 of your Vanquis balance was caused by the ROP charges. And suppose that you read this email, were horrified at the cost of the ROP, and phoned Vanquis up and cancelled the ROP.
This would have stopped your ROP problem getting any worse, but that £500 is still sitting in your balance and you are still being charged interest on it every month. Just cancelling the ROP doesn’t get rid of this accumulated ROP so you should get this ongoing interest refunded to you.
I don’t think what Vanquis is doing is in line with the FCA’s Final Notice, which – in my opinion – Vanquis has misinterpreted.
I think Vanquis should: carry on refunding all interest that relates to any ROP that was charged before the email. This should only end when the refund calculation is made. For ROP payments that were charged after the email, Vanquis doesn’t have to refund the extra interest added on these.
Vanquis don’t think there is any problem
I made these points to Vanquis. They replied:
We are confident that we are doing exactly what the FCA has required us to do in the way that they require us to do it and are complying with the letter and spirit of our regulatory obligations. We are unable to cease to follow the direction from, and agreement with, our regulator at your request. Our focus remains on completing the programme as quickly and as accurately as we can for the benefit of all of our customers. Additionally, as we have previously mentioned, the calculation for customer refunds has been verified by an independent third party to ensure that the calculation is accurate.
This is a simple denial. It doesn’t address my points about the fairness of the refund calculation at all.
How this affects your refund
If you normally repaid your balance in full, you will only get a very small or no refund. And these two calculation issues probably won’t have made a major difference to this.
But for everyone else:
- the first problem will have resulted in a refund that is much lower than it should have been;
- the second problem, ending the calculation too soon, will have affected you unless your Vanquis account was closed by late 2016/2017;
- and there is a third problem than Vanquis are not refunding overlimit charges, even though those would have been cause by the extra ROP interest – that’s not fair.
How to complain!
Look at the examples in here: Vanquis – are the refunds right? They show how some people are getting refunds which look very small compared to what would be expected.
Cancel the ROP
First, if you are still paying ROP, think about phoning Vanquis on 0330 099 3105 and cancelling it. It is very expensive and less use than PPI was…
You are being given a refund for the previous interest added, but from now on, you will still be charged all this extra interest and you won’t be able to get a refund for it!
Complain to Vanquis
Complain to Vanquis by sending an email to ROPRefundsTeam@email.vanquisbank.co.uk with COMPLAINT as the subject. You want to:
- ask them to look again at your calculation because you think it is wrong;
- ask them to refund any over-limit charges on your account; and
- tell them if you never received an email or letter in late 2016/early 2017 about the total cost of the ROP (some readers say they never had this).
At the same time, think if you have a case for saying that the ROP itself (not just extra interest, because you are going to be compensated for that) was not explained properly to you. If you think the ROP was mis-sold, then you can ask Vanquis to refund that as well.
Here is a template you can use for this email. Change it so it reflects what happened in your case.
[Add details so you can be identified: the number of your Vanquis card, your name, address, date of birth.]
I think my refund has been calculated incorrectly.
A) It says in the example on your FAQ page that you are sharing my monthly repayments between paying off purchases and paying off the ROP. This is not right – as no interest should have been charged on the ROP, the ROP should have been paid off last.
B) I understand you are saying that you sent me a letter or email in late 2016/early 2017 detailing how much I was paying for ROP.
choose one of the following three options:
EITHER
I cancelled my ROP when I got this email. But I think the refund calculation should continue after this email as I still had ROP payments and the interest charged on them accumulated in my statement balance, so you have continued to charge me interest on those.
OR
I do not think this letter was accurate. It quoted the cost for Repayment Option Plan including interest for the next 12 months but as this would have been done using your calculations, which give too low an amount for the interest, I think the letter was misleading. If I had realised the true cost, I would have cancelled the ROP. I think I should get compensation for the extra interest resulting from ROP charges after this date.
OR
I didn’t get this email or letter. So I should also get compensation for the extra interest resulting from ROP charges after this date.
C) Only if you had over limit charges:
I also want a refund of the over-limit charges that have been added to my account. If it wasn’t for the extra ROP interest, I do not think I would have exceeded the limit, so these fees should be refunded.
D) Only add this bit if you consider the ROP was mis-sold to you, giving the reason why you think this. It is better to give the reason why the ROP was mis-sold and not just say you didn’t know you had it, as it is shown on your statements. There are a couple of examples here but there could be many others depending on what was said in the sales call to you.
I am also complaining that the ROP was not correctly explained to me, because [ insert reason eg I thought it was automatically included with my card and I didn’t realise I could cancel it / I felt under pressure to accept it or I would not have been given any credit limit increases / the sales call didn’t explain that interest could be frozen on my account if I got into difficulties even I didn’t pay for ROP, if I had known this I would not have paid for the ROP.]
E) If you reject any part of this complaint, please treat this as a Subject Access Request and send me: a summary of each month’s statements showing the details needed for the ROP calculation, a copy of all the emails and letters you have sent me, and a recording of any telephone calls relating to the ROP on my account. I will need these details to send my complaint to the Financial Ombudsman.
If Vanquis rejects your complaint
Vanquis has eight weeks to respond to your complaint. If it is rejected, send it to the Financial Ombudsman — it their job to decide what is fair in situations like this. The Financial Ombudsman can order Vanquis to pay a larger refund if necessary.
It’s easy to do this using the Ombudsman’s online form which asks for all the details they need, such as how to contact you.
And why not add a comment to the bottom of this article? It really helps if people know that others are going through the same process.
Eve says
Hi Sara
My 56 days were up on Monday regarding my wrong interest refund and overlimit fees complaint. I phoned on Monday to be told it had been added to my complaint regarding purchase interest being charged on ID Protection.
My 56 days were up today on the ID Protection complaint. I phoned to be told the manager was in a meeting. He’s just phoned me back and timebarred the ID Protection interest complaint.
He was about to end the call and I asked him about my first complaint (wrong interest and overlimit fees). He didn’t seem to know what I was talking about so I explained it all and then he looked and realised they had missed looking into that. He said they would try and look into it and add it to the letter they were sending me out tonight. I explained to him the reason I believe the interest refund is wrong because according to the breakdown figures they sent me they had been charging me purchase interest on the overlimit fees, yet according to my old statements and SAR they have also being charging me default charge interest on the overlimit fees!! Another waiting game ahead for me.
Sara (Debt Camel) says
That sounds very confusing! it will be interesting to see what reply you get.
Eve says
It’s all really confusing as the first complaint was where they first said it had already been dealt with and I phoned to query that straight away.
I compared my old statements with my SAR and that let me work out what all the billed deferred charges were. I then compared my SAR with the breakdown and the default charge interest payments are the only figures missing from the breakdown.
On my breakdown a percentage of the purchase interest is deducted for overlimit fees (resulting in a lower interest refund) but surely if we have already been charged default charge interest on these fees they can’t charge us purchase interest on them also?. I can only wait again now to see what they say.
Lorenzo says
Hi Sara,
After lodging the following complaint with Vanquis back in March 2018.
1. It wasn’t clearly explained how much the ROP would cost and just quoting the monthly charge was misleading; and
2. Vanquis did not explain that they would always consider freezing my account if I got into difficulty, which meant that I thought that the account freeze could only happen if I had ROP.
I had a vanquis card from Jan 2013 to Aug 2015, never overlimit, fully maxed and minimum payments made, until clearing account in Aug 2015.
I have today received a cheque and letter from Vanquis informing me of the recent FCA investigation and a breakdown of the amount being refunded.
Item Amount
Interest on ROP £16.76
Simple Int @ 8% £4.86
Withheld Tax £0.97
Total Refund £20.65
Can I take it this a standard letter sent to all old and new customers in regards to the FCA investigation and this is not in response to my original complaint which I made back in March 2018.
Sara (Debt Camel) says
Did you ever get a reply to your March 18 complaint?
The refund looks low…
Lorenzo says
Yes, this was their findings
Our Findings
I have carefully considered the circumstances regarding this complaint and reviewed the necessary information/calls to form my opinion.
Cost of the Plan
In reference to your concerns about interest being charged on ROP transactions, after an investigation by the Financial Conduct Authority, we agree that we weren’t clear, during the opt-in call, in explaining that charges for the Plan were purchase transactions on your credit card that were subject to interest at your normal contractual rate.
Lorenzo says
We did send you that information in writing, but could have done more – for which we apologise. The other issue raised in your complaint involves one of the features of the Repayment Option Plan, the Account Freeze, which provides customers who experience one of a set of “Difficult Financial Circumstances” with the option to freeze all interest and the Repayment Option Plan charges on their account for up to 24 months. During this time we will report the account to the credit rating agencies as being up to date. You have suggested we would always consider freezing an account if you got into difficulty. Vanquis does offer a number of forbearance options to customers in financial difficulty and complies with regulatory guidance to consider the type of forbearance that may be appropriate in the circumstances. However, it is not correct to say that Vanquis is obliged to freeze accounts in the same way that the Repayment Option Plan provides for.
Lorenzo says
Further Investigation
I have reviewed the call in which you were offered the Repayment Option Plan to ensure to following points were met:
You understood the Plan
The script was followed
All additional information relating to the Plan was correct and not misleading
You accepted the Plan as a feature of your account
There was no pressure on you to accept the Plan
Having now listened to the call, I am satisfied that the Repayment Option Plan information was given correctly and that you understood the Plan. You expressly agreed to have the Plan as a feature of your account.
Outcome
For the reasons explained above, | am partially upholding your complaint.
—————————
Do I have any other grounds to complain further?
Sara (Debt Camel) says
So what was the offer to partially uphold? To refund the interest you paid on the ROP?
Lorenzo says
Yes that’s what I’m wondering, since all Vanquis customers are being refunded ROP then they haven’t really given me any refund as part of my complaint.
What do you suggest my next steps would be?
Any help much appreciated
Sara (Debt Camel) says
Sorry, they said they were partial upholding your complaint – what did they offer?
Lorenzo says
They haven’t offered anything. I was under the impression that the ROP refund was their offer.
DavyD says
Good morning all
I have had a reply from Vanquis, I defaulted on the card 2015 owing 2.5k. They have admitted to ROP but say they wont issue any kind of redress as the debt was sold to a third party. Is this correct?
Sara (Debt Camel) says
They should credit the refund to the debt collector that now owns it. How much have they calculated this as? how long did you have the card and did you ever have over-limit fees?
DavyD says
had card 4 years numerous overlimit fees and ROP. They say that because it got paased to a third party I’m not eligible for anything and are refusing to give me a breakdown
Sara (Debt Camel) says
Read FCA notice https://www.fca.org.uk/publication/final-notices/vanquis-bank-limited-2018.pdf. You are a “population 4” customer – one whose debt has been sold (the notice says “charged off”). Look at the exclusions in 4.3.3, 4.3.4 and 4.3.5. – do you think you may fall into any of those? Note that for 4.3.5 you have to tick ALL the 4 boxes to be excluded from the scheme under that clause.
My guess is you don’t, so you are NOT excluded and should get redress – which will be paid to the debt collector not to you.
DavyD says
Hi Sarah
You are correct but how do I get them to pay the 3rd party?, had another email from them saying because I defaulted I’m exempt
Do I send to FO?
Sara (Debt Camel) says
could you copy out the words from the email please? Sorry but this is a very odd situation…
DavyD says
Hi Sarah
This is the email in total
Thank you for your email. You were not eligible for a refund under the terms of our agreement with the FCA. This is because you have an outstanding debt that is now owned by another company. Kind regards
Sara (Debt Camel) says
Well that doesn’t actually say they aren’t crediting the redress to the account with the debt purchaser. Can you ask them to confirm if they have done that, and if they have what amount has been credited.
Kevin Edwards says
Hi, i received a cheque yesterday for £38.98. I had a £1500 limit for quite a few years and diced regularly with the limit of the card. I closed the account a few years back but im thinking i would have been due more than that for five or six years with them.
Do i use the template at the top even though i’m no longer a customer of theirs?
Any help will be greatly appreciated.
Kevin
Sara (Debt Camel) says
Yes use the same template: [A} is the main bit. Only include {c} if you had overlimit changes. [B] probably won’t be relevant if your account was closed by the. And you aren’t likely to win [D] if you opened the account more than 6 years ago.
Mark says
I had a card with them for around 7 years. Often to my max limit of £3000. I cleared this amount once then reused it before finally clearing it and closing the account around 2016.
I had to contact Vanquis in regards to the ROP after seeing a post about it on a website. I was given generic responses for well over 9 months and out of the blue a cheque arrived last week for around £300, which I felt was low. Now another cheque has arrived today for the same amount. Do I assume that this is a further payment or a mistake. The letter is fairly generic with the same breakdown etc. I am tempted to just cash it as its more in line with what I feel I would have been owed, but don’t want to get into trouble for doing so. I paid the previous one into my account last week.
Sara (Debt Camel) says
It sounds like a mistake to me, I think the second letter would have said if it was in addition to the previous payment. So you can either contact them and say you have received this extra payment and you were about to put in a complaint as the refund was too low, or you could ignore it and hope they don’t notice. If they do notice, they should give you time to repay the money and you can complain then. It’s your choice, but you know what you should do…
Pete says
Interesting conversation I just had with someone at the FOS.
I contacted them as my wife(who I am dealing with the complaint for) has just had her response to the complaint about the calculation and it had not been upheld by Vanquis, so I was calling the FOS to ask if I needed to make raise it a 2nd time with them or if I could just add it on to the existing complaint being dealt with by them, he said to email the details and add it on.
However I thought while I was on the phone I would ask if there was any progress with the original complaint the response I got was that there is a very long queue, the reason he said was that they are talking to the regulator about how these cases should be approached as a whole so to expect a long delay
Paul McCabe says
Hi,
Advice please.
I closed my account over 1 year ago with an early settlement. I was told I had a refund but as I took an early settlement Vanquis has said that the refund was added to my account to clear the outstanding figure and this has been agreed with the FCA.
Is this correct.
Thanks
Paul
Sara (Debt Camel) says
By an “early settlement” I assume you mean you made a partial settlement. So you offered £1000 to clear £2500 of debt or something like that.
In this case Vanquis can offset your refund against the money that they wrote off. This is only worth querying if the amount written off was quite small and your refund should have been larger.
Paul says
Thanks for the reply.
They reduced my early settlement by £700 and my ROP refund was £137 so they added it to my closed account.
Sara (Debt Camel) says
Unless you complain that you ROP refund was too low (read the above article for why it may be) and it is increased to more that 700, you aren’t going to get any of this money.
Alfie says
I have received a letter from the fos saying that they uphold my complaint but based on affordability rather than the rop. They are to pay interest charged over £500 and give £300 compensation this is due to the increase in credit available as it went from £500 – £2500 in less than a year even though I was making minimum payments and was maxed out. I don’t know what the refund will be yet. I received the rop interest refund back in November it was £388. I would have expected much more than that. The rop complaint I made as part of the complaint to the fos, they said that I should have complained on or shortly after the sale of the rop back in 2009. Is there any suggestions on what to say in regards to the rop part of the complaint?
Sarah Besley says
Hi
I’m still paying through a debt management programme to pay vanquis off from an account in 2012, I’ve never had any emails or heard about ROP refunds, is this something that would still apply to me?
Many thanks
Sarah
Sara (Debt Camel) says
Do you remember if you had ROP on your account? It was their odd version of PPI (very expensive, less use than PPI)
Sarah says
I honestly can’t remember, I’ll send them an email and ask them to look in to it.
Thanks
Sarah
Adam says
I’ve just checked my eVanquis account for the first time in months and see I’ve been credited with ROP refund of £1,055, although I haven’t yet received a cheque, despite date of issue being November. Until very recently when I paid off balance, it was maxed out at £1,750 for quite a few years, paying the minimum , but a lot of late payment charges. Does this sound about right, or should I ask them to recalculate when I chase them up for the cheque which I haven’t received?
Many thank,
Adam
Sara (Debt Camel) says
I can’t tell if it is about right – but obviously it’s not as wrong as people who have been offer less than a hundred pounds after having ROP for years.
If you had extra charges added for making late payments, they won’t be refunded as part of this. In the article above I suggest that over-limit charges may well have been caused by the extra ROP interest so they should be refunded, but that doesn’t apply to late payment charges.
You should certainly chase up that cheque!
Steven Monk says
I just received my refund for ROP £134, I had ROP since 2011 and with a balance of a couple of grand.
I also have a case open with the FO regarding ROP being mis sold which I discovred in June 2018, however the FO is saying I should have known it was mis sold prior to June 2018 so the three year rule doesn’t appIy, I don’t really get the logic in their argument. If I had of known before June 2018 I would have complained earlier.
I have asked for evidence to prove I knew there was a problem with ROP before June 2018.
Sara (Debt Camel) says
You can try that line with FOS but I am not aware of anyone who has won a complaint using it.
But in addition to that I suggest you send Vanquis the complaint letter in the article above if you feel the refund is too low.
CarrieN says
Hi everyone
Just to let you know I’ve had an ROP refund of £1200 in regards to ROP being missold. Good luck to everyone else
CarrieN
Joseph says
Hi,
Has anyone ever had their limited reduced on their Vanquis card? I have been at the top end of the balance for nearly a year and decided to pay if off in one go. When I logged back onto the app today I see that they’ve reduced my credit limit from £450 to £250? Anyone know why?
Ross says
Credit card companies are able to reduce limits, but I’m sure they’re supposed to give you advance notice of this? However, it could be in your T’s & C’s that they reserve the right to amend credit limits. Also, as you had paid it all off, reducing it wouldn’t have put you in any financial situation, such as sending your account overlimit. On a more positive note, it’s less you can get in to debt with them now and/or to pay off. After what has happened, with all of this, I’ll be happy to close down the account, once I have paid off the remainder of what I owe, and never entertain these clowns ever again!
Kay says
Hi,
Your post is very informative and encouraging. Thank you
Until a few weeks ago I never knew or actually had any cognitive of what ROP is. I got a cheque for some peanuts sums and a letter explaining about a court order. I actually confused it with PPI (until someone explained it to me)!
I paid off Vanquis and closed the account after they made my life a living nightmare. I had actually contacted the Ombudsman regarding the issue at the time.
My question is; should I contact Vanquis or FOS regarding the ROP as I feel that not only was I mistreated (I was charged late payment simply because they got it after bank holiday but I paid it before) during the phone conversation where I tried to explain to the lady that I had paid before and it wasn’t my fault the banks were closed (this was before they sent reminders and alerts).
I was very ill and tried to explain this (because she said it was my responsibility to pay way ahead of due date), but instead I got insults and abuses.
And Secondly, I have almost all the letters and statements to back my facts and the ROP is low; it’s below £100?!
I was thinking of writing a letter based on the above listed guidelines.
Otherwise If anyone have some advice or could link me to the right source then pls do so.
Thanks in Advance
KayB
Sara (Debt Camel) says
your previous problem – how long ago was this? did you complain to Vanquis then and what happened with the Ombudsman?
TOP – how many years did you have this? Did you clear down your balance during this time, or was it always high? Did they send you a breakdown of the refund?
KayB says
Hi Sara,
Thank you for responding.
The conflict happened 9yrs ago. I had an account with them for 3yrs (2007-2010). I always paid above the minimum as I was working at the time. But I had many health issues which were being diagnosed at the time and subsequently affected my payments. When I wrote to the Ombudsman (I have a copy somewhere), they requested that I should first try and sort it out with Vanquis. I gave them a call which, unfortunately didn’t end well. I didn’t have the strength or energy to argue with them so just asked them to close the account. I was even charged interests on the closing balance!
Vanquis wrote a letter (which I still have with me) and expressed their apology that I was unhappy with their service blah, blah, blah and if I wanted to activated ROP (I didn’t know what that meant) and freeze my account. I remember being petrified during the call when they offered to freeze my account and was almost on the verges of tears that I wouldn’t be able to pay it off as the credits interest was very high and it would affect my credits rating , so refused.
Yes, they have sent me a breakdown of the refund : – ROP interest charges, Simple interest at 8% and Withheld Tax and Total Refund. And a contact link to write, email or call them if I have any queries.
K
Sara (Debt Camel) says
ok, I am afraid that problem has to be written off as ancient history. You should have taken your complaint to the Ombudsman at the time, it won’t be considered now.
You can still complain that the ROP refund was too low though. When you say you always paid above the minimum, did this mean you often had a lowish balance? What is the breakdown of the refund – how much of it is 8% interest?
KayB says
Hi Sara,
Sorry for late response.
What I mean by ‘I always pay above the minimum’ is that if the minimum for a particular month was £50, I’d pay £60 to push clearing it up.
There has been a lot of responses since I last checked in so I believe you have an idea what the 8% interest is.
This is the break down of the amount I was sent:
Interest ROP charges = £60.48
Simple Interest @ 8% = £40.61
Withheld tax = -£8.12
Total refund = 92.97
Just to clarify; is the ROP interest the part in the statement which say: ‘Purchase Interest at 4.516% PER MONTH?’ Or just ROP?
The reason I ask is because I found that there are three different types of interest charges on my statement (forgive me as I’m not a financial whiz) and I am confused as to which is which.
I have:
ROP
Purchase Interest (4.516% per month)
Cash Interest (I have never withdrawn cash so don’t know what this is about) (4.996% per month)
I have gone through all my statements and found if based on either the ROP or the Purchase Interest then I am due much more than they have sent.
By the way is there a deadline for the refund to be paid? I get ill a lot so don’t have the agility to do stuff as quickly and as necessarily needed sometimes. But i will draft an email using the above template (thank you) and send it off now. I will let you know what happened when i get a response.
Thanks In advance.
Sara (Debt Camel) says
On the statement, “ROP” is the amount you are being charged for ROP that month.
The “Purchase Interest” is the amount of interest added on the things that you bought AND for the ROP for previous months.
The statement doesn’t show how much interest you were charged for the ROP separately, so there is no easy way for you to check that your refund is correct. I think most people’s isn’t! As I explain in the article above.
If your statements show that you have been charged Cash Interest and you have never taken cash out on the card, you need to complain about that too.
Ross says
Does anyone have any idea on when Vanquis should be acknowledging a complaint? I emailed the ROP address, last Monday, and have just sent a follow up email chasing them to acknowledge. I’m sure they have to follow a set of rules in these cases?
Pauline Mcbarron says
I received a letter bk of vanquis after i emailed them basically saying there have checked phoned records from 27 march 2013 saying i fully understood the plan the script was followed all additional information relating to the plan was correct not misleading i accepted the plan as feature of my account there was no pressure on mr to accept the plain i cant remember that far bk but didnt no i could of stopped the ROP thought i had to have it to get the card any advice plz
Sara (Debt Camel) says
So Vanquis have rejected your complain that the ROP was mis-sold? You need to send this case to the Financial Ombudsman asap, within the next day or so preferably. You can also ask Vanquis to send you a copy of the phone recording, which will help with your complaint to FOS, but DO NOT DELAY WAITING FOR THIS. Your complaint needs to go to FOS within 6 years of the date you opened the account, which will have been in March 2013, or FOS will refuse to look at it. Here is how to complain to FOS online https://help.financial-ombudsman.org.uk/help.
JB says
I sent my complaint regarding the size of my refund on the 13th December 2018 – I received an acknowledgement email and letter 5 days later and haven’t heard from them since – their 56 days ended on 8th Feb. I sent a follow up email yesterday but still haven’t received anything from them!!! So, it’s been 74 days – I think they are just ignoring a lot of people now hoping that they will give up. What an abysmal organisation this is!!!
Ross says
Send it to the FOS JB, you’ve given them more than enough time! It’s taken them 9 days to acknowledge 2 emails, with the heading ‘Complaint’ in them. I’m sure this is a breach of regulations, but this company seems to be a law unto itself?
Eve says
JB I complained about my interest refund on 6th Dec. Received letter on 18th December saying it had already been refused. I explained that it was not the ROP I was complaining about, that it was about the wrong interest refund and overlimit fees. Heard nothing after that. I phoned on 6th February to see what the decision was and was told a letter was being sent out 1st class the next day. (I still have not received that letter!)
I phoned again on 19th Feb and said I wanted the decision sent via e-mail as I had not received the letter. They sent the e-mail within 10 minutes. They refused my refund of overlimit fees because they had not been told to refund them by the FCA.
They said my interest refund was correct and I explained that I knew for a fact it was wrong because on the breakdown they have the overlimit fees in the purchase column and deducted a percentage off my purchase interest but I paid default charge interest every month on the overlimit fees (this is confirmed by my SAR) but the default charge interest payments are the only payments missing every month from my breakdown. The rest of the amounts are the same as my SAR. They said they would look into this.
I’m due to phone them again today as I’ve still not heard anything else and if no success today then I’ll be sending this case to the FOS.
CM says
I’ve sent in a complaint about mis-sold ROP and the size of my refund, but I’ve been thinking, I don’t know if I’ll be able to claim back the ROP anyway as I opened the account in 2011 – I’ve read above that FOS will only look at accounts opened within 6 years, so surely Vanquis will just reject it and I have no way to appeal?
I had a refund of around £900, but obviously no break down of how that was come to. I sent the template above, stating I was pressured into taking it and lead to believe it would improve my chances of increasing credit limit and actually being accepted into the card. Also said that the over limit charges should be returned etc.
I had the card actively from 2011 – 2016, and have been on an interest freeze repayment plan of £100 per month since 2016 – card got up to £4000 at one point, I now have about £200 left to pay off thanks to the £900 refund.
I just want some help to manage my expectations
Thanks in advance! This site has been a great find for me
Ciaran
Sara (Debt Camel) says
If Vanquis reject it, you can still send the rest of your complaint – that the refund calculation was wrong – to FOS. My guess is that there is a good chance of the overlimit charges being refunded.
Ross says
I have now received the following response, from Vanquis, after waiting 9 days since the original email was sent.
Thank you for your email. In relation to The Repayment Option Plan Interest Refund, we have escalated this to our Customer Relations Team as a formal complaint. The Customer Relations Team will acknowledge your complaint within 5 days from the date of your email and have up to 56 days to respond. Your reference is Cat/00256052
I used the template, which included about overlimit charges and the SAR request (should they reject the complaint) but they seem to have glossed over the latter points. Or, is it that this is just a simplistic response to say that they’re investigating all points raised?
JB says
Hi Ross, I received this in December followed by a letter 6 days later…then absolutely nothing. It is a standard response from them. They really seem to be just ignoring people now. After 73 days I sent a further email and so far after 21/2 days I haven’t even received an acknowledgement of my new email. Total muppets!!! I think I am just going to start bombarding them with daily emails until they respond!!! Good luck!
Ross says
Hi JB,
Thanks for the response. They have had the statutory 8 weeks, in which to try to resolve your complaint. I wouldn’t bother emailing them, just submit to the FOS. They will then be asking the question as to why they haven’t resolved, or responded, within the given times! Good luck!
Jacqui Sanders says
Has anyone had a refund after a DRO? Just wondering as I had a DRO in 2010 which included a Vanquis Credit Card. I’m March last year I was informed by Vanquis I may be entitled to a refund but have heard nothing since. Various sites mention they have until end if Feb to make payments which is tomorrow…
Sara (Debt Camel) says
The Agreement with the FCA was that people who had a Vanquis debt included in a DRO would not get a refund.
Mareena Ingram says
I had the same except my dro was in 2012 and have heard nothing either despite having emails and texts from vanquis informing me I may be entitled.
Lou says
I have also complained about the size of my refund which I received on the interest of the Rop has anyone had success on the same complaint
JB says
Hi Lou,
Lots of people have complained about the pitiful size of their refunds but not many have had any success as yet – I complained in Dec 2018 and still haven’t heard anything. Just keep pushing them and then file a complaint with FOS. Good luck!
Eve says
Hi Lou, I complained as well and have been told that the interest refund is not wrong and they have refused to refund the overlimit fees also. I’m still disagreeing with them regarding figures on the breakdown that they can’t explain and I’m now ready to send this to FOS tomorrow.
Lou says
Good luck ,sounds that’s the way I will have to go also
Jo says
Hi,
Today I have received a cheque for £164.51 from Vanquis. It is the first time I have ever heard of ROP never had any e-mails/letters from Vanquis.
I had a credit card with them from ~2003-2012 I cannot remember. I paid the final balance in full after many years of only making minimum payments and over limit charges.
I cannot locate any of my previous statements.
Should I complain as I feel this amount is low…..Or is this considered a respectable amount?
Sara (Debt Camel) says
That does sound low if you only ever made the minimum payments.
But this card is ancient history for you. It’s up to you if you want to complain. If you do, use the template letter above but delete [B] which is irrelevant as your card was closed long before these dates and [D] as you will not win a complaint about mis-selling in general when you opened the account so long ago.
Lou says
Cheers thank you
Huw says
Just had an email from vanquis saying Thank you for you email. As per the FCA investigation into ROP interest, you are due a refund of £59.29. The account was previously sold to Lowell and we have asked them to reduce the balance by £59.29. Please note, this refund will only show on Lowell’s customer records.
I had the card for over 6 years and had £1400 debt on a £1000 limit for nearly all that time. only ever making minimum payment. Needless to say I will be complaining about this and going to FOS.
John Wilson says
I got a text about 4 months ago from vanquis saying the will my rop refund sorted out by the 27th of February but have heard nothing.
Sara (Debt Camel) says
It would be interesting to know how many refunds have not been paid by this date – which is the end of the year the FCA gave them.
However good Vanquis’s administration had been, there would always be some refunds not paid in the year. People die, move house, go to prison, are in a care home, change their names, emigrate etc.
But they found you months ago and they have not refunded you. That is poor administration.
John Wilson says
I sent an email on Thursday asking about it but not any reply
John Wilson says
Ended up phoning vanquis yesterday and they said my refund was sent out in November which I did not get so they are doing a bank transfer which should be in my account by the 28th of march
Ed says
I have received similar letters from vanquis saying they are looking into it and it will all be sorted by 27th Feb etc and nothing. I have got numerous emails confirming this and so I though I would call. After the 5th time someone called me back to say my case has been looked into and that I am not due a refund due to suspicious activity on my account, My account has been closed for a good few years plus Vanquis have not contact me to report this activity provided to them by Cifas (i beleive they said) sounds like they are trying to get out of it! They then couldnt provide me with the suspicious activity and said it might take a few weeks to get this information. All sounds very odd!!
Jacqui Sanders says
Hi Sara, thanks for your reply 27th Feb regarding DRO. I wonder how Vanquis managed to get away with not refunding ROP after a DRO when all the other banks have had to pay for mis-sold PPI etc…
Ross says
Even though Vanquis told me, on 26/02/19, that I would receive an official acknowledgement to my complaint, I have heard nothing at all since. They stated that this would be within 5 days of the date of the email. Is it worth nudging them or just waiting longer for the acknowledgment? In all honesty, I expected a swift reply to advise that, according to them, that the refund amount was correct and that they wouldn’t refund the overlimit fees? I suspect that they have a lot of these emails coming through now, in addition to the fact that I am sure they haven’t issued all refunds before the date agreed with the FCA.
Sara (Debt Camel) says
I would give them a few more days. It will probably just be a “sorry you feel you had to complain, we will be investigating” reply anyway.
JB says
Their website is now saying that they have completed the refund programme. If you believe that you are entitled to a refund and haven’t yet received one you need to ring them! I have sent email after email and still no response – I even cc’d a manager in and only got a standard we will be in touch shortly! Clowns who are getting away with keeping millions of our money!!!
Eve says
JB I phoned on 6th February when my 56 days were up and was told the decision regarding the wrong interest refund and overlimit fees was being sent 1st class to me that day. 2 weeks later had still not received it so I phoned again and asked for it to be e-mailed to me, which they did within half an hour. As of this date, a month later, I still haven’t received the “posted” decision. Try phoning and insisting it is sent via e-mail as the “posted” decisions don’t seem to materialise. Good luck.
Ross says
Hi Eve,
What was your end result please, if you don’t mind me asking?
Eve says
Hi Ross, they said that my interest refund was correctly calculated and that they were not required to refund Over Limit Fees or the interest charged on them. I know for a fact that the interest refund is wrongly calculated due to comparing the breakdown figures against my SAR and also old statements. I’m now heading down the FOS route with this complaint. Will keep you updated on how I get on.
Melissa says
I’ve just got off the phone to them, apparently, I am owed a refund of £1 or less, and they’re not bothering to send these refunds out. I have requested a full breakdown so we’ll see what comes of that…
Sara (Debt Camel) says
How long did you have a card with ROP on it? did you normally repay your balance in full each month?
Tony says
Hi,
If I have made affordability complaints and challenged the ROP refund of £37 Will this affect a “pre approved” card e.g chrome, which is effectively a vanquis visa.
I am attempting to build my credit score.
Cheers
Sara (Debt Camel) says
No, any other product you have should be unaffected.
Richard spong says
Just got my cheque a whopping £82 on a£4000 limit!
Think I’ll be asking them to look at that one again!
How long do they take to look over it again?
Hope it’s not as long as the original claim took to process
Sara (Debt Camel) says
did you often clear down your balance to zero?
have you cancelled the ROP now? It is VERY expensive and of little use.
Richard Spong says
No I never cleared the balance in full until I paid the card off a few years ago.
I have asked for a full statement breakdown, one month they gave me over the phone the interest was £16.00 of which ROP was .95p
Richard Spong says
Got my confirmation today that they have received my complaint
linda says
Daughter received £13.42 for a £150 limit account held for 12months, I received £60.41 for a credit limit of £2000, the account was held for 7 years, I never had a zero balance and exceeded my credit limit regularly.
Wendy says
Hi Sara received a reply from vanquis in writing today stating that I was owed £245.83 from the ROP interest but as I had settled with them on December 2012 with a 50 per cent partial settlement that this interest amount goes towards the settlement. Is this the correct procedure just needed some advice thanks.
Sara (Debt Camel) says
It is correct that they can offset any refund against an amount that was written off in a partial settlement.
Kevin says
Hi Sara
After the refund in Dec of £202 I complained using the templates letter disputing their calculations. The cut off date was the 8 March I had heard nothing other than the stand we have received response. So was logging in on the 9 to pay my payment that was due to the had now made an ex gratia payment of £2489.
That’s a whole world of difference from their original calculation I think they are bluffing payments in an attempt to save money and only genuinely working it out when forced to by a 2nd complaint.
It pays to persevere
Sara (Debt Camel) says
wow – well done and good advice !
Gaynor says
hi Sara again , just had late response from Vanquis regarding interest refund being too low …big shock not upheld lol. they have sent me the breakdown for each month and stated that they don t have to repay overlimit fees etc, it says the refund is made up of 2 things 1) compound interest charged on ROP charges 2) compensatory interest. surely the compound interest charge was not a one off charge as compounded interest means interest on the interest on the interest etc doesn t it ?? and surely this is still compounding today ??? I have got 2 tables from them , the first is summarised statement information the second is ROP interest calculation. the first calculation ( from the wrong starting date in my opinion ) is purchase interest £5.94…… ROP interest as a proportion of purchase interest 12.29% ….. interest on ROP £0.73.. surely i am owed the compounded interest on that 73p for the next 9 years !!! and so on and so on for every single refund amount the amounts vary a lot as does the proportion of interst from 12.29 % to 71.48 % (sendng in 2 posts as too long lol )
Gaynor says
calculation stopped from from 12/2016 . don t like this quote either “” IN light of this, we have refunded you the interest you were charged on ROP balances as agreed with the FCA, but we are not required to reconstruct your account as if ROP interest had never been applied .”” surely this is wrong and we should be put back into a position as if it had never been applied !! would appreciate your views on this . wish i could show you the whole response xx
Sara (Debt Camel) says
I think you should send the complaint to the Financial Ombudsman. You are complaining that you should be refunded all the extra interest charged, and that this carried on being charged after 12/2016, so it is unfair to stop the refund at that point.
Read the details in the article above where I explain where Vanquis’s calculations are wrong and why they shouldn’t stop at 12/16.
Also for overlimit charges. Say you understand the FCA didn’t say all overlimit charges had to be refunded automatically, but in your case it is clear that you would not have had the overlimit changes if the extra interest on the ROP hadn’t escalated your balance, so it is unfair not to refund the charges.
Sara (Debt Camel) says
“surely i am owed the compounded interest on that 73p for the next 9 years” well yes UNLESS you cleared your balance down to zero. or closed the account. From that point you would only get simple 8% interest applied.
Gaynor says
never cleared the balance in the whole 9yrs
thankyou Sara onto FOS again x
AP says
Just to keep you updated. I received a refund on the interest in November 18 from Vanquis and I complained to the FOS in January 19 as ASR’s on their calculations they did not compound the interest. I have chased up the FOS and they have said they have a number of these cases that they are looking at and that they will be looking at them as a whole so they can give consistent responses.
I will keep you updated on the response I receive
Sara (Debt Camel) says
Thanks for that update!
Josh says
Hi Sara,
I opened an account with Vanquis years ago (probably 6 years+), call me naive but i was young when i opened up my account and never really looked at my statements just paying off bits every now and then. I got a call from them years ago when i went over my limit and they mentioned i could set payment option with an amount to come out every month, I was not aware at all of the charges and assumed it was a free service (again naive) they were not explained to me properly in my opinion. I got my refund a month or so ago of £83.00 (ish) I am now in the processes of clearly off my credit card (in the next 4 months) and looked at my statement to find these £28.00 charges monthly, I will be working out roughly how far back they go but I dread to think how much it all adds up to.
Could you please advise me on what to do, I know saying “I wasn’t aware of these charges” wont necessarily go down well and the refund doesn’t seem like much.
Kind regards
Josh
Sara (Debt Camel) says
Top priority is to cancel the ROP today so you don’t waste any more money on it before the account is closed.
If you opened the account more than 6 years ago, you are unlikely to get anywhere saying you were unaware of the charges.
But you can still claim that the refund is too low – use the template in the article above.
Andrea Park says
Hi Sara after cancelling the ROP and already receiving a refund of 46.54 before cancellation I sent the recommended letter advising of mid sold etc I have now received a letter advising that my total refund is now 966.54 which will be credited to my account in the next 28 days which will clear my balance and save me approx £60 per month. Thank you so much for your help.
Tony says
Good afternoon,
I received a cheque for circa £30 in Nov last year, for a refund of the ROP interest which I am challenging for being too low, my question is, should I bank this cheque or let the complaint be assessed by the FOS before doing so?
Antony says
From an investigator at the Ombudsman, reffering to an initial question about ROP Refund too small…
“It’s my understanding that, following internal discussions, complaints regarding the amount of interest refunded may also fall outside of our jurisdiction.”
He’s advised me to fill a full complaint form anyway, but it’s not looking good.
Ross says
Not good news at all and, yet again, a bank is going to get away scot free.
The inconsistencies, through all of this, have been quite staggering. Telling one customer there was no mis-selling, and refusing refunds, and then crediting others with thousands of pounds, stating that they believe it was (possibly). As everyone was, allegedly, given the same spiel, when signing up for this crock of rubbish, everyone should have the same entitlement. I am of the opinion that, as it wasn’t spelt out correctly (when sold), then the product WAS mis-sold, based on what has been said, so far.
If the FOS are saying they feel they can’t deal with this, then maybe the FCA need to revisit it, to see if they got it right, from their initial investigations, as something seems to have gone terribly wrong here, based on different peoples experiences, so far.
Ross says
I’ve just received an update letter, with reference to my complaint about how my refund was calculated. It states that they are still investigating my complaint, since when I first raised it on 25/02/19. This is interesting, as I expected a flat out rejection, as they’re so sure that they’ve calculated every refund correctly so, if this is the case, what’s to investigate? I’ll keep you updated.
Sara (Debt Camel) says
It may just be a standard letter. Who knows. Not much you can do apart from wait for a decision.
Ross says
Very true but, referring back to Anthony’s prior post, are they stacking these up (otherwise stalling) based on the fact that if it is ruled that the FOS won’t have any jurisdiction to rule, then they can just throw them all out, without fear of any being investigated? I’m more than happy to wait and, to be honest, I’d forgotten all about it, as it’s been so long (a bit like waiting for the refund itself!).
Louise says
Hi Sara,
I had a Vanquis card in a DMP and paid it off in 2014. I definitely paid ROP and received this email yesterday. Is this correct?
Hello,
Thank you for your email.
You are not eligible for a refund relating to the interest charged on the Repayment Option Plan under the terms of our agreement with the FCA. This is because your account is now statute barred as you have not made a payment in the last six years and your refund was less than the outstanding balance.
I apologise you have not received correspondence regarding this before the 27th February, you should receive this shortly.
Sara (Debt Camel) says
No it isn’t correct. Go back to them with the facts about the Vanquis debt being cleared in 2014 – whether this was with them or with a debt collector doesn’t make a difference, you should still have had a refund. Ask them for a Statement of your Account.
Joanna Kelly says
Hi Sara, I put in a complaint to Vanquis in February regarding their calculation of ROP interest refund and request to claim back the ROP. I had a letter 2 weeks ago from Vanquis saying they were still investigating. Today I’ve received a letter from Vanquis not uphelding any of my complaint. Vanquis say they have listened to a call from 2014 and nothing was mis sold and no pressure. I don’t have any recollection of phonecalls nor the email they claim to have sent me in Nov 2016. Had the same email address in 2016 but I’ve only received emails from Vanquis since 2017. So it looks like it is their word against mine and not a lot I can do about it – how do you prove you’ve never received emails or had phonecalls Lol? My refund in Nov was £58.38, had the ROP from Oct 2014 to Dec 2016. Card was often in use and close to the limit.
I challenged how the refunds were calculated but Vanquis have rejected this, also justifying their ROP plan over Account Freeze etc….I guessed this would happen after reading other people’s experiences on here similar to mine.
Sara (Debt Camel) says
Send them a Subject Access Request asking for a copy of all your personal data, including but not limited to your original application for an account, recordings of all phone calls and all credit record checks they made. And send your complaint to the Financial Ombudsman now, don’t wait for all the SAR data as that can take weeks.
Joanna says
Ok thanks Sara I will give that a go
Melissa Phillips says
I requested a breakdown of how they came to my refund of £0 (I had a £500 limit and was at/near the limit the whole time I had the card. All they sent me was an explanation of how they calculated my refund, but no evidence of figures from the account itself. I have since written to request a full breakdown including statements and how they have calculated ROP based on the statements – rather than just a generic letter saying ‘here’s how we figured it out’, but with no actual numbers behind it.
Sara (Debt Camel) says
Let’s be clear. If you paid ROP before December 2016 then you should have had some refund unless you repaid your balance in full each month – which obviously you didn’t. If you are currently asking for information, make it clear that you are making a complaint about this. Then you can go to the Financial Ombudsman in 8 weeks time.
Nick says
Hi Sara
I still have a Vanquis account (haven’t used the card for 2 years and don’t even know where it is), and am pretty sure I had the ROP option. I got the card in 2013 or 2014. I have not been informed that I could claim a refund on this, how do I go about contacting them to inquire? Should I phone them or contact the email address you provided?
Nick says
Hi Sara,
Apologies! I have found that I did in fact get a payment for this, and received this email today regarding my payment
Hello Nicholas,
Thank you for your email.
We agreed with the FCA the Repayment Option plan Interest refund will be credited to your Vanquis account in the first instance, any remaining amounts will be sent via cheque.
Your interest refund is for the amount of £56.07 and this was credited to your account, this subsequently cleared your balance and put your account in credit by £38.84. Therefore a cheque for £38.84 was sent to you on 25/07/2018, did you receive this?
Kind regards Vicky Repayment Option Plan Team
That seems a very small amount to me? What should I do?
Many Thanks, Nick
Sara (Debt Camel) says
Read the article above and put in a complaint if you feel the refund is too small.
Nick says
I have done that, thank you so much Sara you have set things out very clearly and helpfully!
Ross says
Hi Sara,
Vanquis acknowledged my complaint, about the refund calculation, on 26/02/19. By my calculation, it’s now over 56 days since the initial acknowledgement. Do I give them a ‘nudge’ or just send it to the FOS?
Sara (Debt Camel) says
I would phone them
Ross says
Thanks Sara,
I’ve just dropped them an email. Will let you know what happens.
Chris says
I made a complaint regarding ROP on 11/04/19, Got a reply saying they would acknowledge my complaint (and they have) and the customer relations team have 56 days to respond.
Fingers crossed i get something back from them; the clock is ticking
Loraine says
I paid off my vanquis card in November 2013 with a settlement figure, in effect they waived £1900, and accepted my offer in full and final settlement. Then account was closed. I have now had a letter about a refund of nearly £500 which they say has been credited to my closed account. Is this correct? Surely as I settled in good faith, the refund should still be paid to me?
Sara (Debt Camel) says
Sorry but legally they are right. Even though the debt was “written off” as part of your settlement it still legally exists and they are entitled to set off the ROP refund against it.
Ross says
Hi Sara,
I’ve now had my reply, from Vanquis, with reference to the complaint about the refund amount. They have said they’re not upholding my complaint. They have gone on to explain, in great details, how they have calculated the refund amount (in 4 steps) and they’re absolutely adamant that the refund amount is correct. If you want, I am more than happy to scan and send you a copy of the final response. This is the 2nd time they’ve taken the full 56(+) days, to investigate a complaint.
Sara (Debt Camel) says
I think I have already seen it – it is compatible with what I have described in the article above. I suggest you send it to the Financial Ombudsman.
Louise says
Hi Sara,
I am utterly confused, Vanquis rejected my claim as my refund is less than £1. They said that they were not required to send any communication to customers advising them that they have been excluded from the refund programme. In the letter, Vanquis have said that they have agreed their methodolgy with the FCA and asked an independent company to verify the calculation.
But then they go on to say:
“In light of this, we have refunded you the interest you were charged on ROP balances as agreed with the FCA but we are not requried to reconstruct your account as if ROP interests had never been applied” (They have not told me what my refund is in the letter and I have no idea how to calculate it)
“As your complaint relates to the administration of a redress scheme, and not the credit regulated activity, it is possible that this may be one that the Obudsman is unable to consider”
I’d appreciate any thoughts and would be happy to forward you the letter.
Thank you.
Sara (Debt Camel) says
How long did you have the Vanquis card for before you went into your DMP? Did you ever clear the balance down to zero during that time?
Louise says
I took out the card in 2010 and entered a DMP in 2012. I think I cleared it once during that time and the account was closed in 2014.
I think the credit limit was between £250 and £500. It’s really hard to tell and I have no idea how to calculate what, if any, I am owed.
Sorry if you can’t help but I also have ID protection on the account, which I don’t remember taking out.
Kara says
I received a Vanquis refund cheque a few months ago (as part of the automatic refund plan, after losing my case for full refund thru FOS) which I haven’t yet cashed. I don’t know whether to complain via email to Vanquis. I feel the amount is low, but as it’s not stupidly low, I’m wondering if they’ve followed the correct procedure.
I opened it Jan 2011 with £150 limit which went up to £3000 by May 2014, usually increasing as I was near the limit. I paid off 2/3 in July 2014 before building it up again September 2015 after which is started paying it off and cleared it in April 2016. I had various overlimit and late payment charges, some of which may have been due as a result of the ROP, but sometimes my monthly payments were more than the interest accrued that month.
I’ve been offered a refund of £173.00 interest on ROP charges + £31.52 (after tax) as simple interest at 8%.
Do you think it’s worth me complaining, particularly owing to the £12 over limit charges, or is my refund potentially okay?
Thanks,
Kara.
Pete says
Would just like to say thank you to Sara for all your information on here, just had a letter from the FOS advising that Vanquis have agreed to refund all my wife’s ROP charges and interest and any overlimit fees which happened because of these, as well as the £25 we paid for her medical certificate to show she was suffering from post-natal depression when they bullied her into accepting the ROP in 2008 , they rejected the complaint initally as they believed it was out of time and also they had done nothing wrong, so I sent it to FOS, just waiting to here on the actual figure now which we should know in the next few weeks will update once we here more
Although it sounds like bad news for a lot of others as the person I spoke to said that they are unlikely to be able to deal with any complaints about the calculation of the FCA refunds.
Pete says
Just an update on this my wife’s complaint with Vanquis, the letter’s come through and they have credited her account with a ex-Gratia payment of 2180.48 withholding 77.91 tax which means her refund has gone from £320.94 to just short of £2600 .
The biggest shame is that Vanquis have strung it out this long and did not accept there wrong doing in the first place
Chris McFadyen says
Today I received a letter from Vanquis;
Dear Mr McFadyen
Your Complaint
I refer to your recent communication regarding Repayment Option Plan.
Our Findings
I have carefully considered the circumstances regarding this complaint and reviewed the necessary information/calls to form my opinion.
You were offered the Repayment Option Plan durinh a call which took place on 28 May 2014. When reviewing this call i have looked to ensure the following points are met:
• You understood the plan
• The script was followed
•All additional information relating to the plan was correct and not misleading
• You accepted the plan as a feature of your account
• There was no pressure on you to accept the plan
I have now listened to the call where you and i am satisfied that the Repayment Option Plan information was given correctly and that you understood the Plan. You also agreed to have the plan as a feature of your account.
Further to listening to the call where you agreed to opt into the ROP , i have also reviewed your account to understand if the ROP has been maintained in the way we expect it to be.
• A welcome lack was sent to you on 2 June 2014 which advised the features of the plan and the rights to cancel
•The lifeline feature of the plan activated on 1 August 2014 due to a late payment. This prevenyed a £12.00 late charge being applied to your account and your credit file being affected. A text message was sent yo notify you of this.
steph arnold says
Hi Sara after not receiving any refund I contacted Vanquis who then sent me a cheque for £54.00, the amount is completely incorrect as I was paying ROP at 49.9% for five years, I never cleared the balance and was always at the top end of my limit paying minimum payments. I complained to Vanquis about the amount of the refund being incorrect, they wrote back with a letter that made no sense and gave no explanation of how they arrived at this figure and did not uphold my complaint. I then sent the complaint to the Ombudsman, they have come back to me today to advise that they are waiting for some information from Vanquis but my complaint for the refund to be looked at is likely not to fall under their jurisdiction, they advised the following: “The regulator set us up with some rules known as DISP. The DISP rules allow us to consider some complaints about consumer redress schemes set up under section 404 of the financial services and markets act (“FSMA”). The DISP rules don’t mention consumer redress schemes set up under section 384 of FSMA, like the Vanquis repayment option plan (“ROP”) interest only refunds consumer redress scheme. So it’s my understanding that we don’t jurisdiction to consider complaints about refunds that have been made as part of the ROP interest only refunds consumer redress scheme.” If the Ombudsman wont deal with it who would, do you know? Kind regards.
Sara (Debt Camel) says
I will make some enquiries.
Sara (Debt Camel) says
I have sent you an email.
Ahmed D. says
Hi Sara, I had a Vanquis card sometime in 2007/2008, unfortunately I got into financial difficulties around 2009 and eventually Vanquis sold the debt, around £1100 to Lowel. Last year I have paid Lowel around £1000 after court mediation. Today I have received a letter from Vanquis reference ‘Interest Charging on Repayment Option plan’ and a refund cheque for £12.74
I have never contacted Vanquis inquiring about ROP/PPI before!
Your advise is very much appreciated
Sara (Debt Camel) says
Read the article above and send Vanquis a complaint that the amount is too small.
Ahmed Deeb says
Hi Sara
I have received a cheque out the blue of Vanquis for £12.74 which I haven’t cashed for interest on repayment option plan, I have had a credit card back with them 2007 till 2009. Recently I have written to them complaining about any ROP/PPI but they said they were unable to uphold the complaint as it had happened more than 6 years ago.
Any advise would be appreciated
Many thanks
Louise says
Hi there
I have had my Vanquis card from 2005 until now. I always paid back at least the monthy minimum payment, the ROP charges were sometimes even more than my minimum payment due.
ROP was being charged on my account from 2005 until 2013. I have kept almost all of my statements from Vanquis since 2005 minus a few.
At the beginning of this year January 2019 I still had a balance to pay off of approximately £1000.
In March 2019 I received a refund to my card of £329.48. (no explanation as to how this figure was reached).
From 2005-2013 I paid over £365.00 in ROP charges.
In your opinion, do you think this could be a wrong calculation? I have used your fantastic template letter to complain.
Thank you so much for all the kind help and advice you are providing to others.
Kind regards
Louise
Sara (Debt Camel) says
yes that doesn’t sound right. I hope you said in your complaint that sometimes the RP charges were larger than your minimum payment.