Can I claim back from Vanquis

stringer25

Hello all,
Just wondering if anyone knows anything about this. I had a vanquis gold credit card and ended up using it for various things. I had a balance on this card of roughly £1900 for long enough (nearly a year or more) because the min payment every month on interest alone was £125 per month I couldn't afford to make further payment on top of this to repay the balance.
I recently balanced transferred this to an 0% interest card for 22 months and when I looked back on my vanquis statements online (hadn't done this for a year or more) I noticed I'm being charged for "repayment option plan" which I know nothing about. After reading into it I was paying something like £1.20 per £100 on the balance so every month I've been paying roughly £24 month for the past year or two for a service I never even knew I had?
Just wondering if anyone else has had the problem and knows If I can reclaim all this money I've been paying as I feel I've been mis-sold this? I read about other people saying the same thing and Vanquis' reply is that they agreed to this over the phone??
Thanks in advance for any advice you can give me about this.

Nasqueron

You can certainly complain but if you were sold it over the phone and they have a recording showing you agreed you may well be stuck.

Do remember that simply having the cover is not a miss-sale, nor can you claim you didn't know about it as it was on your statements (you not reading them is not a miss-sale reason)

You would then be relying on the cover being unsuitable (such as having pre-existing medical conditions, working part-time under 15 hours) or having some other way of paying if you couldn't afford to (such as work sick benefits).

antrobus

stringer25 wrote: »

....Just wondering if anyone else has had the problem and knows If I can reclaim all this money I've been paying as I feel I've been mis-sold this? I read about other people saying the same thing and Vanquis' reply is that they agreed to this over the phone??
Thanks in advance for any advice you can give me about this.

ROP stands for repayment option plan. It is different from PPI, which meets monthly payments while ROP does not repay any capital or interest, it just freezes credit card debt. ROP is not insurance, which means it is not regulated by the Financial Services Authority so you cannot complain to the ombudsman about the product.

http://www.theguardian.com/money/2011/jan/16/vanquis-repayment-option-plan