Vanquis Repayment Option Plan

cbrindle

Hi

I signed up for a Vanquis credit card in August 2010 to rebuild my credit. I never sign up for PPI, or anything that allows holidays or freezes, such as this ROP, yet to my astonishment I have checked my bills and for the last two years Vanquis have added this ROP every month.

I have read some other posts/articles and it seems this is added due to a phone call. I joined Vanquis using their online application so know for a fact I never opted in to this. I also still have all the emails and not once is it mentioned this is an optional extra (although the rop email was received 12 days after the account was setup). I do remember having an adviser ring me soon after the account was set up, but again I would never agree to take out something like this, so I believe I have either been misinformed about it or it has been placed on my account without my knowledge.

What are my options, as I note something like this is not classed as PPI so I can not go down that route of reclaiming.

Thanks in advance.

nuttyp

I had this on my account, and yes they do call you within a few days of the account being set up. As for claiming it back all calls are normally recorded so you might be able to find out if you did accidentaly agree to something. As for reclaiming, i have no idea i just cancelled as soon as it forst appeared on my statement.

cbrindle

Thanks

I guess my best bet is to call them and ask them to prove I gave permission for them to put it on my account. Others seem to have found Vanquis very difficult to work with in that regard.

Wywth

cbrindle wrote: »

Hi

I signed up for a Vanquis credit card in August 2010 to rebuild my credit. I never sign up for PPI, or anything that allows holidays or freezes, such as this ROP, yet to my astonishment I have checked my bills and for the last two years Vanquis have added this ROP every month.

I have read some other posts/articles and it seems this is added due to a phone call. I joined Vanquis using their online application so know for a fact I never opted in to this. I also still have all the emails and not once is it mentioned this is an optional extra (although the rop email was received 12 days after the account was setup). I do remember having an adviser ring me soon after the account was set up, but again I would never agree to take out something like this, so I believe I have either been misinformed about it or it has been placed on my account without my knowledge.

What are my options, as I note something like this is not classed as PPI so I can not go down that route of reclaiming.

Thanks in advance.

As with all credit card accounts, you should check your monthly statements carefully, and report to your provider asap any unexpected or unauthorised charges that appear thereon.

As you have allowed these regular monthly charges to go unchallenged for over two years now, don't expect much help from the credit card provider regarding these historic charges.

Edit: What makes you think the Vanquis Credit Card Repayment Option Plan (ROP) is not a form of PPI? :huh:
http://www.vanquis.co.uk/credit-cards/vanquis-repayment-option-plan
Certainly looks, smells and waddles like one to me.

Find out all about reclaiming PPI and ask questions about it on the MSE Reclaim PPI & Other Insurance board

cbrindle

I know, it's my fault, I only receive e-statements and never really check them unless I need too.

But I have never used any of the facilities this ROP offers, so unless they can prove 100% I asked for it then I want it repaying.

Angry_Cat

Wywth wrote: »

Edit: What makes you think the Vanquis Credit Card Repayment Option Plan (ROP) is not a form of PPI? :huh:
http://www.vanquis.co.uk/credit-cards/vanquis-repayment-option-plan
Certainly looks, smells and waddles like one to me.

Find out all about reclaiming PPI and ask questions about it on the MSE Reclaim PPI & Other Insurance board

They are very different types of products and should not be confused.

Payment Protection Insurance (PPI) is an insurance policy, similar to the concept of car insurance, you make a claim and in theory 9as insurance companies always try to get out of it) a payment(s) is made. In the case of loans and credit cards, these payments have made to the account, in the form of monthly payments.

However, with a Repayment Option Plan (ROP), in the event of a claim, there is no payout and not payments are made. Instead, the credit card account is frozen. This means that the account holder will not be required to make any payments. However, as no payments are being made the balance does not reduce as it would with PPI.

Angry_Cat

cbrindle wrote: »

Thanks

I guess my best bet is to call them and ask them to prove I gave permission for them to put it on my account. Others seem to have found Vanquis very difficult to work with in that regard.

When you received your Vanquis card, you would have had to call Vanquis to activate your card before you could use it. It is during this telephone conversation that they try to sell the ROP to consumers.

Usually because the consumer just wants to use the card they end up in some form saying 'yes' when asked about the ROP. In the case of Vanquis they are very well known for keeping recordings of these telephone calls.

cbrindle

Angry_Cat wrote: »

When you received your Vanquis card, you would have had to call Vanquis to activate your card before you could use it. It is during this telephone conversation that they try to sell the ROP to consumers.

Usually because the consumer just wants to use the card they end up in some form saying 'yes' when asked about the ROP. In the case of Vanquis they are very well known for keeping recordings of these telephone calls.

Understood. What if the adviser didn't make me aware it was optional? Obviously I can not remember if they did or not unless I listened to the recording myself.

Wywth

Angry_Cat wrote: »

They are very different types of products and should not be confused.

Payment Protection Insurance (PPI) is an insurance policy, similar to the concept of car insurance, you make a claim and in theory 9as insurance companies always try to get out of it) a payment(s) is made. In the case of loans and credit cards, these payments have made to the account, in the form of monthly payments.

However, with a Repayment Option Plan (ROP), in the event of a claim, there is no payout and not payments are made. Instead, the credit card account is frozen. This means that the account holder will not be required to make any payments. However, as no payments are being made the balance does not reduce as it would with PPI.

I don't fully understand how it differs that much from most other credit card PPI (but then I don't really understand PPI fully, hence why I suggested if it was PPI the OP would do better on the other board)

ROP appears to be marketed at those who cannot pay their credit card bills due to, for example, accident, illness or unemployment ... just like PPI

ROP has a monthly premium that depends on the credit card outstanding balance, and is added to the credit card account ... just like PPI

This is an optional, additional form of cover available customers of the credit card ... just like PPI

In the event of wishing to take advantage of the cover, the applicant must make a claim ... just like PPI

In the event of a successful claim, no payment is made to the applicant ... just like PPI...but instead with ROP the account is frozen. This means no further interest is added to the account for this period (or put another way, the interest that would otherwise accrue is being funded from elsewhere, presumably what the premiums asked for is used partly to fund). In the case of most PPI, I agree that the total minimum monthly payment is funded (perhaps more dependant on the exact terms of cover), rather than just the interest.

There is one other extra not part of PPI but included in ROP. That is the ability to take a payment holiday. PPI does not cover this and even under ROP, interest would still continue to accrue for a payment holiday. Some credit cards will offer payment holidays to some customers anyway, under similar terms, and no premium is required to be paid for this.

But if ROP really isn't a form of PPI, it sounds like the OP is probably scuppered on this one

cbrindle

So I rang them. Other than getting the obvious "you should have checked your bills", they offered me a refund for my last two months straight away. I said no and so it is now being progressed further. Why offer me any refund if they had not put it on illegally in the first place?

Wywth

cbrindle wrote: »

So I rang them. Other than getting the obvious "you should have checked your bills", they offered me a refund for my last two months straight away. I said no and so it is now being progressed further. Why offer me any refund if they had not put it on illegally in the first place?

Beacuse you complained about having ROP.

If there was anything remotely illegal in what they had done, they would have offered you a prompt, no questions asked, full refund of all the charges ever applied (and perhaps a sweetener too to entice you to keep schtum about such illegal activity )

You should have bit their hand off with that offer, because if this isn't PPI as others have informed me, then as I said, you're probably scuppered.