IS 'Repayment Option Plan' SAME AS 'PPI'?

ChimeraPancakes

hi all,

i have something called 'Repayment Option Plan' on my credit card statement which, to be perfectly honest, i havent paid too much attention to till recently.
when i first got my credit card the amount i was paying for this thing was something like £1.50. it barely registered with me. at the time i was trying to build my credit score and was just grateful that i had been accepted for a card! its a Vanquis card by the way, more about that later..
anyway, as the limit on my card has grown and the amount i owe has grown with it, this figure has increased and i am now paying in the region of £30 a month!
along with the astronomical interest this card charges i am paying them a small fortune. equivalent to a small mortgage actually! so now it has my interest because im thinking 'do i really need this'?
things is its nothing like Payment Protection as i understood it. theres no help with payments if youre unemployed or sick, all it does is offer the option of freezing payments for a spell. the interest still accrues. so in fact its a very bad idea to use it because the amount you owe will simply increase and increase.
what i really need to know is can it be claimed back like PPI? i applied for the card online and i dont recall if this product was mentioned. i guess it must have been but my usual practice with such things is to reject them. any help will be appreciated.

before i go i would like to extend a word of warning for anybody thinking about applying for a Vanquis card - DONT DO IT!
the interest they charge is a joke. i made the mistake of using my card to access some cash at a time when i desperately needed it. now i pay double the interest. one amount for card purchases and another for the cash. which essentially means i am paying approx 7.5% of my total debt each and every month because the purchase and cash amounts are roughly equal. thats 89% interest per year!
unfortunately if you are in a similar position that i was in you wont have much choice. so if you do get this card try very hard not to use it so much. pay off the balance in full each month if you can and get another card as soon as possible.

System

Hi ChimeraPancakes

My advice would be to cancel the 'Repayment Option Plan' immediately, as you've already said it doesn't even take over repayments in the same way as PPI is supposed to, merely freezes the balance.

Looking at this and your other post, it seems you are struggling with your financial management. Help and support is available on the Debt Free Wannabe board.

Regards
UNDERGROUND

malutki220

Hi!

There has been no better time for this post to appear here.
I've just the same problem with ROP.
I have requested all data Vanquis holds (against me and its just arrived.
To be honest I have no idea what to do with this next.
Hope someone will have a answer.:o

Tom

Vasantha59

Good news is that the Ombudsman has confirmed that ROP IS the same as PPI...so if you have tried to claim it back from Vanquis and they have refused to refund it,just call the Ombudsman and they will get it back for you!
I have and it has worked

milehp

i have repayment option plan with my vanquis credit card, however at the time of taking this i was not working due to sickness, i opened the account in 2007 and i wasnt asked about any pre existing medical condition...Was this missold?????can anyone help me with this?

markman1969

We are in the process of going through claimimg this form of PPI with vanquis bank right now. We submitted to them 2 weeks ago the initial form that we got from moneysavingsexpert and today we received a reply from vanquis saying that "Repayment Option Plan" is not PPI and therefore they are not prepared to reimburse us for any charges made to the credit card. We have now filled in the form again from moneysavingsexpert that will be sent to the financial ombudsman. We will post again when we know what their final decision is.

callum9999

Vasantha59 wrote: »

Good news is that the Ombudsman has confirmed that ROP IS the same as PPI...so if you have tried to claim it back from Vanquis and they have refused to refund it,just call the Ombudsman and they will get it back for you!
I have and it has worked

Except PPI isn't illegal... Mis-selling it is illegal.

Either we live in a country full of complete morons or a significant number of people attempting to get it back weren't actually mis-sold it. I wonder which one it is...

bigadaj

callum9999 wrote: »

Except PPI isn't illegal... Mis-selling it is illegal.

Either we live in a country full of complete morons or a significant number of people attempting to get it back weren't actually mis-sold it. I wonder which one it is...

Both?.....

SnowTiger

callum9999 wrote: »

Except PPI isn't illegal... Mis-selling it is illegal.

Either we live in a country full of complete morons or a significant number of people attempting to get it back weren't actually mis-sold it. I wonder which one it is...

ROP isn't the same as PPI and it wasn't possible for it to be mis-sold, in the sense that the customer couldn't use it. IIRC ROP had two basic elements: it offered customers who were having financial problems the opportunity to suspend their payments and it also offered jobseekers help and advice to find work. So, basically, everyone who took out ROP could (potentially) take advantage of it. Even those who didn't work. I think the helping people find work part of ROP was recently dropped.

As with PPI, there is the argument that it was simply added to some customer's accounts without them agreeing to it. However, ROP was usually sold during the 'welcome' phone call and I expect Vanquis will be able to show that staff followed a script. Whether or not customers agreed to PPI and ROP during a phone conversation is always difficult to prove, either way, unless there's a recording of the call.