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Vanquis PPI/ROP Help
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Lydia2015
Posts: 2 Newbie
Good morning everyone,
I was wondering if you could help me please. I'll give you as much info as I can but please be kind, its my first post.
Back in 2007 I was struggling horrendously with money. To give you a brief insight, I was naively paying my boyfriend around £800 per month to pay our household bills/rent and assumed he had been paying this. At the time I wasn't earning a lot so this was practically my whole months wage. This went on for around 2 years and in that time this low life left me, after he did I was made aware that no bills had been paid except the rent and that he had left me in £11k worth of debt.
Anyway, I moved back home and being the daughter of a financial advisor I kept the debt quiet, literally paying off any creditor that I could just to keep me out of the court room, (my ex partner was not of UK residence hence everything being in my name and me being able to do nothing to get that money back).
I struggled for a long time before my dad finally found out and stepped in to help.
But in 2007 I took out a vanquish credit card just so I could afford to put petrol in my car each month, unfortunately as does a lot of silly people (me being one of them) this credit card subsequently spiralled out of control and I eventually owed £3k on this that was paid in full in May 2014 when I had saved enough to buy my first home.
At the time of taking out the credit card I was in a deep and dark place. I had been made redundant, my boyfriend of 6 years had left me and to top it off I had £11k worth of debt. I lost my home. At the time I was just over the moon to be accepted, I didn't even know the interest rates at the time of taking out the credit card, I just saw it as a means of getting to work ect.
Again, I paid the card off in full in 2014, in all honesty I sporadically received statements and when I did I truly didn't understand them. I thought this ''cover'' was just part and parcel of the credit card. I don't remember ever having a conversation with anyone about cover and I KNOW I would never ever have agreed to it. I would never have agreed to adding more cost on to my already strained financial life. I would have rejected it just like I reject insurance on a mobile phone, with sky or with the water company. I just don't go for extras.
Anyway, I was having a chat with my dad and the vanquis card came up in conversation recently and I mentioned this cover I had paid, it was only then that my dad asked me to fish a statement out to have a look and advised me that ROP was optional and I shouldn't have paid it as the monthly payments were so much, and they were down to this.
I was so upset as I potentially could have paid off my credit card (of £3k) far sooner. My dad advised me to come on here and send a letter. They replied advising me that as its over 6 years there is nothing they can do, they admit I had paid ROP over this time but wouldn't advise how much and that as the time had passed (despite me only realising now and having closed the card down less than 2 years ago) that they had destroyed any voice recordings or documentation of me agreeing to this cover, which I know hand on heart I would not have done, I was not in the financial position to do so.
They also advised that I can contact the financial ombudsman but they wont do anything because of the time past?
Now is this correct I would like to know because I feel I have been completely robbed (and I don't solely mean with the horrendous interest rates) and I feel like I was exploited. The financial ombudsman are looking in to this for me but am I flogging a dead horse?
Thanks
I was wondering if you could help me please. I'll give you as much info as I can but please be kind, its my first post.
Back in 2007 I was struggling horrendously with money. To give you a brief insight, I was naively paying my boyfriend around £800 per month to pay our household bills/rent and assumed he had been paying this. At the time I wasn't earning a lot so this was practically my whole months wage. This went on for around 2 years and in that time this low life left me, after he did I was made aware that no bills had been paid except the rent and that he had left me in £11k worth of debt.
Anyway, I moved back home and being the daughter of a financial advisor I kept the debt quiet, literally paying off any creditor that I could just to keep me out of the court room, (my ex partner was not of UK residence hence everything being in my name and me being able to do nothing to get that money back).
I struggled for a long time before my dad finally found out and stepped in to help.
But in 2007 I took out a vanquish credit card just so I could afford to put petrol in my car each month, unfortunately as does a lot of silly people (me being one of them) this credit card subsequently spiralled out of control and I eventually owed £3k on this that was paid in full in May 2014 when I had saved enough to buy my first home.
At the time of taking out the credit card I was in a deep and dark place. I had been made redundant, my boyfriend of 6 years had left me and to top it off I had £11k worth of debt. I lost my home. At the time I was just over the moon to be accepted, I didn't even know the interest rates at the time of taking out the credit card, I just saw it as a means of getting to work ect.
Again, I paid the card off in full in 2014, in all honesty I sporadically received statements and when I did I truly didn't understand them. I thought this ''cover'' was just part and parcel of the credit card. I don't remember ever having a conversation with anyone about cover and I KNOW I would never ever have agreed to it. I would never have agreed to adding more cost on to my already strained financial life. I would have rejected it just like I reject insurance on a mobile phone, with sky or with the water company. I just don't go for extras.
Anyway, I was having a chat with my dad and the vanquis card came up in conversation recently and I mentioned this cover I had paid, it was only then that my dad asked me to fish a statement out to have a look and advised me that ROP was optional and I shouldn't have paid it as the monthly payments were so much, and they were down to this.
I was so upset as I potentially could have paid off my credit card (of £3k) far sooner. My dad advised me to come on here and send a letter. They replied advising me that as its over 6 years there is nothing they can do, they admit I had paid ROP over this time but wouldn't advise how much and that as the time had passed (despite me only realising now and having closed the card down less than 2 years ago) that they had destroyed any voice recordings or documentation of me agreeing to this cover, which I know hand on heart I would not have done, I was not in the financial position to do so.
They also advised that I can contact the financial ombudsman but they wont do anything because of the time past?
Now is this correct I would like to know because I feel I have been completely robbed (and I don't solely mean with the horrendous interest rates) and I feel like I was exploited. The financial ombudsman are looking in to this for me but am I flogging a dead horse?
Thanks
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Comments
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If the time-bar has been correctly applied, the Ombudsman won't be able to lift it.
Your other problem, though, is that your financial situation at the time would be likely deemed as evidence that you did actually need the insurance.
However, don't let that stop you from referring your complaint to the Ombudsman...0 -
Thank you for your quick reply,
You're probably right, I may have needed the insurance in theory most definitely, but does this take away from the fact that I wasn't aware of it?
The ombudsman have contacted me to say they are going to look in to it for me so we will just have to wait and see.
My own stupid fault all along, I should never have taken out more credit, suppose that's my punishment. LESSON LEARNT
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It's difficult to argue unawareness of credit card PPI since it will have appeared every month itemised on a separate line. In effect, you are complaining that you've forgotten taking the policy and never read or checked any statements...
You're probably right, I may have needed the insurance in theory most definitely, but does this take away from the fact that I wasn't aware of it?0 -
Just wondering did the Original Poster get anywhere with this???0
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No. .0
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Moneyineptitude wrote: »I doubt we'll ever know for sure. The OP joined the forum, made two posts and hasn't logged on again since that day in May 2016.
User jaysun is just trying to get an answer he wants to hear regardless of the validity as his complaint has been time-barred but is unwilling to accept the explanation given to himSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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I just don't like to give up, if others have had success against Vanquis then that could be used as precedent, If I am wrong in my assumption that ROP is PPI then apples are oranges and both are fruit.0
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I just don't like to give up, if others have had success against Vanquis then that could be used as precedent, If I am wrong in my assumption that ROP is PPI then apples are oranges and both are fruit.
It's hard to explain this without sounding like a broken record
People have complained about ROP
People have won complaints about ROP
However, the law allows for complaints to be time-barred if they meet the specific criteria under the 6/3 year rules
There is no way around a time-bar if correctly applied unless the firm volunteers to look at it againSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Failed, ombudsman sided in favour of Vanquis....
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