vanquis ROP (repayment option plan)

fil_cad

It should be renamed repayment option scam.

Nixonite

I have just cancelled my ROP after having it for 3 years. I admit to not being particularly money savvy and am now starting to rectify this, I don't recall agreeing to the ROP but recall it appearing on my account and was sent a new card. I have asked for a transcript of the sales call with a view to seeing if I can reclaim this if it was mis sold. Am I right to check this or should I take this on the chin as another poor decision on my part?

adindas

fil_cad wrote: »

The trouble with vanquis, they chuck money at any poor flukker, then try and get you to take a cash advance, then phone you up and pester you to take the robbing option plan, cleverly re worded from PPI, then chuck plenty more cash at you to spend, and when you find you are struggleing to pay it, thet give you more credit, and more, and when you can't afford to repay they give you hell by ringing you all day long and every day on your mobile/work/home telephone numbers, Vanquis are the scum of the earth and will bleed most people bone dry till they die.

Key facts
They are dealing with adults.
They never force you to take the credit.
Other people also get the same option, but can manage it.
When you think cannot manage do not take loan / credit, simple ....
If you are already in debt do not blame the lender, pay it back. It is your debt + Interest + charges which you have agreed in advance and you signed it. .......

Keep in mind the credit card company is much better than loan shark.
You are still dealing with companies within the regulated industries...

CakeCrusader

I have a Vanquis card. They charge interest per day, so the sooner you pay your bill the better. It also helps if you pay it all at once, or above the minimum balance if you can't do this. Do a monthly budget and work out how much you can clear per month without starving and without missing other bills and clear it this way. If you do need to use it again just make sure you only spend what you can clear off in one go so they don't add interest. If you spend £50 a week on food, use the card but transfer enough over to cover it. I cancelled my direct debit and set up a standing order for more than the minimum amount. That way I'm paying the same amount per month rather than the minimum payments, which should go down the more you clear, so I clear it quicker (less interest).

I opted out of their repayment option plan as I didn't need it and I don't want to pay them more money for something I don't need. They do keep offering me more stuff I don't need, like discounts on shopping (for a fee), a loan for a car (I don't drive), identity theft cover. Just clear it as fast as you can. If it means cutting back for a little while, then cut back. The quicker you clear it, the less interest you pay.