Vanquis PPi advice please

We are struggling financially at the moment as my partner has had a downturn in work since the beginning of the year, and the situation doesn't look like improving in the immediate future. Anyway, at the beginning of the year we started using the CCCS - who have been a godsend.
One of our creditors is Vanquis Credit Card. We owe around £600 and make a payment of £5.00 per month. I have just checked our statement and Vanquis are deducting £6.22 for 'repayment option plan' . I have looked through old paperwork and found a leaflet which states its the credit card agreement (it doesn't actually have any signatures etc on it) This 'repayment option plan' is actually PPI which we did not know we had and furthermore are still paying, ie our outstanding account is increasing by £1.22 per month!! I am unsure how to proceed with this? Obviously we will to call them and cancel it. I would have assumed under the circumstances they would have cancelled it themselves. Would we be due a refund of monies already paid?

We also have a Capital One card, that is being paid through CCCS, and although there is no PPI on recent statements they are charging Purchase Interest at approx £15 per month so getting nowhere with paying that either!
(sorry - I know this is PPI post, but, and please excuse my ignorance - what does that mean?)
Thanks, any advice much appreciated!!
If life gives you lemons, make lemonade.;)
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Comments

  • di3004
    di3004 Posts: 42,579 Forumite
    dippynina wrote: »
    We are struggling financially at the moment as my partner has had a downturn in work since the beginning of the year, and the situation doesn't look like improving in the immediate future. Anyway, at the beginning of the year we started using the CCCS - who have been a godsend.
    One of our creditors is Vanquis Credit Card. We owe around £600 and make a payment of £5.00 per month. I have just checked our statement and Vanquis are deducting £6.22 for 'repayment option plan' . I have looked through old paperwork and found a leaflet which states its the credit card agreement (it doesn't actually have any signatures etc on it) This 'repayment option plan' is actually PPI which we did not know we had and furthermore are still paying, ie our outstanding account is increasing by £1.22 per month!! I am unsure how to proceed with this? Obviously we will to call them and cancel it. I would have assumed under the circumstances they would have cancelled it themselves. Would we be due a refund of monies already paid?

    We also have a Capital One card, that is being paid through CCCS, and although there is no PPI on recent statements they are charging Purchase Interest at approx £15 per month so getting nowhere with paying that either!
    (sorry - I know this is PPI post, but, and please excuse my ignorance - what does that mean?)
    Thanks, any advice much appreciated!!


    Hello there and good one for sorting out your issues.

    I would definately try to reclaim on the PPI, not sure on the other matter with Cap one though so hopefully someone else can advise you on that one.

    In regards of reclaiming you can write to reclaim on the ppi with the interest etc, they have 8 weeks in full to respond.
    More info here with templates to help you though:
    http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
    Post all letters by recorded delivery, if they don't resolve this on the first response write back to them and keep on until you receive the final response, they should confirm the details of the financial ombudsman service (FOS), you can go to these if your not satisfied with the outcome.

    Going back to the purchased interest on Cap one, just a suggestion but if you were not unaware of this until recently, write to ask what this involves and if your not happy about this then complain, again they have 8 weeks and its another matter you can take to the FOS if they don't resolve in your favour in returning your money.

    You never know if successful it could all help to towards what you owe, good luck and ask for further help when required.;)
    The one and only "Dizzy Di" :D
  • dippynina
    dippynina Posts: 315
    Uniform Washer
    Forumite
    di3004 wrote: »
    Hello there and good one for sorting out your issues.

    I would definately try to reclaim on the PPI, not sure on the other matter with Cap one though so hopefully someone else can advise you on that one.

    In regards of reclaiming you can write to reclaim on the ppi with the interest etc, they have 8 weeks in full to respond.
    More info here with templates to help you though:
    http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
    Post all letters by recorded delivery, if they don't resolve this on the first response write back to them and keep on until you receive the final response, they should confirm the details of the financial ombudsman service (FOS), you can go to these if your not satisfied with the outcome.

    Going back to the purchased interest on Cap one, just a suggestion but if you were not unaware of this until recently, write to ask what this involves and if your not happy about this then complain, again they have 8 weeks and its another matter you can take to the FOS if they don't resolve in your favour in returning your money.

    You never know if successful it could all help to towards what you owe, good luck and ask for further help when required.;)

    Di3004, I would just like to say thank you again for your advice. I have posted other questions previously, as in the middle of reclaiming PPI from a couple of other companies (although unsuccessful so far!!) You have been a star!!:beer:
    If life gives you lemons, make lemonade.;)
  • di3004
    di3004 Posts: 42,579 Forumite
    dippynina wrote: »
    Di3004, I would just like to say thank you again for your advice. I have posted other questions previously, as in the middle of reclaiming PPI from a couple of other companies (although unsuccessful so far!!) You have been a star!!:beer:

    Your very welcome hunni:A;)

    Keep on at them is best.;)
    I wish you all the luck in the world and I'm sure some success will come out of this.:A:beer:XX
    The one and only "Dizzy Di" :D
  • fayei
    fayei Posts: 31 Forumite
    Hii,,

    I sent off a letter requesting a list of charges from Vanquis along with a £10 chq (on the 19/10/2009).... i recieved a letter a few days later saying they would look into my request, they also sent the chq back!!!

    today...2/11/09..i received a full offer of £156.00 which is the total amount - int.

    HOWEVER.....i have a problem, i also sent off a request for my PPI to be refunded. On my statements im clearly paying ppi and the total is around £70.......

    Vanquis say.........further to the above (my offer of charges) please note that Vanquis do not sell any type of payment protection insurance against any of our credit card products...........

    I sent in a standard letter from this site regarding my ppi, are they dis-regardingmy claim or what......im not following???

    any suggestions???

    thanks
    10k in 2010 challange - or 8k in my case!! £351.87 / £8'000 - member 123!
    LBM - July 09 £6982.97 :mad: Dealing with my debt..finally!!!!:j,Total - £2518.92 (Mar 10)

    won £1136 barclays charges, £1126 hfc ppi, £1126 loan charges, £212 outfit ppi, £170 outfit charges, £156 vanquis charges, £140 Northern rock charges..... and still fighting....
  • I have had the same response, it is PPI they are selling but not calling it PPI, they call it something else - repayment option plan

    I have simply sent a letter stating same thing, mis-sold !!
  • What address are you using to send your ppi complaint to Vanquis. Cannot find a complaint department address for them and they are uber unhelpful over the phone
  • i'm having issues with Vanquis currently, they claim that their 'Repayment Option Plan' isn't actually insurance but just an option that allowqs you to 'freeze' your account if you become unemployed.

    is this legal?
  • hi

    is there any way in which i can get my credit card company, vanquis in my case, to close my account and accept regular repayments to clear the balance.

    the reason i ask is that i was made redundant with no notice, i dont have documentation stating my redundancy due to company folding. as such vanquis wont activate the repayment option plan which in itself turns out to be just a means to freeze my account for 3 months.

    in essence if i cant get the account closed and them to accept monthly reduced payments i will never be out of debt with them unless i get another job which at the moment isnt looking promising.

    any help appreciated
  • amersall
    amersall Posts: 17,004
    First Post Combo Breaker First Anniversary
    Forumite
    psmith507 wrote: »
    i'm having issues with Vanquis currently, they claim that their 'Repayment Option Plan' isn't actually insurance but just an option that allowqs you to 'freeze' your account if you become unemployed.

    is this legal?

    It is not illegal.
    If you had ways of paying this card if you were unemployed,then you may have been mis sold this,look here for reasons for mis sell

    http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance#step2
    If any/all apply to you then put a claim in.
  • amersall
    amersall Posts: 17,004
    First Post Combo Breaker First Anniversary
    Forumite
    psmith507 wrote: »
    hi

    is there any way in which i can get my credit card company, vanquis in my case, to close my account and accept regular repayments to clear the balance.

    the reason i ask is that i was made redundant with no notice, i dont have documentation stating my redundancy due to company folding. as such vanquis wont activate the repayment option plan which in itself turns out to be just a means to freeze my account for 3 months.

    in essence if i cant get the account closed and them to accept monthly reduced payments i will never be out of debt with them unless i get another job which at the moment isnt looking promising.

    any help appreciated
    If the company folded you need to contact the firm who are dealing with the assets of this company,they will give you proof of the redundancy,you have paid this insurance to Vanquis and should make use of this.
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