Vanquis Repayment Option Plan

mourning33

I have just checked my Vanquis statement and i have seen that i have been put on the repayment option plan. Despite that i made it very clear that i didn't want it when i had my "welcome" call.

My account is now showing that i'm -£5.34 because of it (which im assuming they will try and charge me some random fee) It's only been 4 months.. So if i kick off on the phone do you think they'll refund me amounts taken from my statement?

Thanks in advance.

SnowTiger

mourning33 wrote: »

I have just checked my Vanquis statement and i have seen that i have been put on the repayment option plan. Despite that i made it very clear that i didn't want it when i had my "welcome" call.

My account is now showing that i'm -£5.34 because of it (which im assuming they will try and charge me some random fee) It's only been 4 months.. So if i kick off on the phone do you think they'll refund me amounts taken from my statement?

Hmmm... this seems to come up here quite often.

Vanquis listened to the welcome phone call of the last person who mentioned this, agreed they'd made a mistake and refunded the charge.

mourning33

Thanks, Its only that i'm £5.34 over the limit im afraid it's going to lead to more charges.

Will give them a bell after work!

chanz4

they should refund, but what is worrying is why your carrying a balance on vanquis card and so close to the limit. Remember the intrest that is going to be applied and will take you over

ejc81

mourning33 wrote: »

My account is now showing that i'm -£5.34 because of it (which im assuming they will try and charge me some random fee) It's only been 4 months.. So if i kick off on the phone do you think they'll refund me amounts taken from my statement?

It's usually on some sort of deal for 1p a month for the first three months I had no problem cancelling mine after the 3 months were up. I only took it because I couldn't get the woman off the phone who initially rang when I first got the card.!

Tremour-88

ejc81 wrote: »

It's usually on some sort of deal for 1p a month for the first three months I had no problem cancelling mine after the 3 months were up. I only took it because I couldn't get the woman off the phone who initially rang when I first got the card.!

Lol I had the same problem, I called up to cancel mine and they insisted I had the 1p a month for 3 months and wouldn't accept NO as an answer so next month I gotta call to cancel that offer

chanz4

they have to cancel

Tremour-88

When I tried to cancel it the woman on the phone kept going on saying its only 1p a month and I'd be a fool to pass up an offer like this and I seriously need to consider it so I gaveup and agreed.

I dunno what it offers me tho when the highest balance I put on the damn thing is £50

SnowTiger

Tremour-88 wrote: »

When I tried to cancel it the woman on the phone kept going on saying its only 1p a month and I'd be a fool to pass up an offer like this and I seriously need to consider it so I gaveup and agreed.

She lied.

Details about what Vanquis' Repayment Option Plan offers can be found in their terms and conditions, search them for REPAYMENT OPTION PLAN TERMS AND CONDITIONS.:

9. If you are in full-time, part-time or temporary employment or are self-employed, the cost of the Plan will be charged at the rate of £1.29 per £100 (1.29% per month) of your monthly outstanding balance (‘Plan Charge’). This is known as the Full Plan.

10. If you are unemployed or retired, the cost of the Plan will be charged at the rate of £1.19 per £100 (1.19% per month) of your monthly outstanding balance (‘Plan Charge’). This is known as the Standard Plan.

almost_there

Tremour-88 wrote: »

When I tried to cancel it the woman on the phone kept going on saying its only 1p a month and I'd be a fool to pass up an offer like this and I seriously need to consider it so I gaveup and agreed.


I tried to cancel it too and was given 3 months at 1p per month, then a letter saying that it goes back up to £1.29 per £100


Didnt bother me as was cancelling anyway.

Got to say though, Vanquis certainly what it says on the tin if you use it carefully! Had a limit of £2500 when I closed it! Would have hated to see the interest if I had went anywhere near that limit.

ejc81

SnowTiger wrote: »

She lied.

Details about what Vanquis' Repayment Option Plan offers can be found in their terms and conditions, search them for REPAYMENT OPTION PLAN TERMS AND CONDITIONS.:

I was definately only charged 1p a month for the first 3 months. This seems to be a standard selling tactic.

Firstly they tried to get me to take take a £500 cash advance "as my card wouldn't arrive for another few days, how would I manage?" Erm no thank you I'll survive just fine without the extortionate rates that will cost me :eek:

Secondly the PPI. I said no straight away but I got sick of her going on and on! So finally agreed to the 1p offer.

They have it timed perfectly though. I mean usually I would just point blank say no to these sales techniques & hang up on these people but because they are doing this as part of your security check (for the new credit card that you desperately want to build your credit rating!) then you feel more obliged to be polite IMHO.