Vanquis ROP

minks123

Hi,

I have had a Vanquis credit card for a while and thought that I had cancelled the ROP I complained to vanquis as they have had a huge amount of money out of me for this when it turns out that I could have frozen my card anyway.

I complained in hope that they would pay me back some of the money that I had paid in £1.29 per £100. It was no wonder I was struggling to get out of debt with them.

Anyway, they came back to me and fobbed me off, advising that because I had let it go on so long and because I had the occasional text off of them that basically I do not have a claim. (I have a long letter from them regarding this) They advises that if I wasn!!!8217;t happy with the decision then to take it up with the ombudsman, but then said that the ombudsman would take their stance on this due to the timescales etc.

Personally, I feel that I have been mid sold this. Or at least have overpaid considerably as they could have advised me that I could have reduced my debt a lot quicker had I not been paying this plus interest on this over the time period.

I suppose my questions are; do I have a substantiated claim, has anyone else taken them to task and been successful? Is it worth pursuing?

I am aware that they have come under investigation regarding this last year but do not know what the outcome was.

Thanks in advance to any positive suggestions/solutions/advice.

Minks123

[Deleted User]

What is the basis of your complaint?

The 1.29% that the ROP added to your balance isn't a credible reason for remaining in debt. Do you have stronger mis sale reasons?

[Deleted User]

It's been investigated for a while now (I believe it's suspended for new customers, I wasn't offered it - where in the old days there used to be a fairly hard-sell). It is still under investigation last I heard.

I think they're going to reject most complaints (similar to PPI!) - an FOS appeal may or may not overturn it. But, when a ruling is made, it could be easier to claim then (IF it's ruled to be unfair).

As zx81 says, the 1.29% isn't credible in itself, although it certainly does add up. Carefully examine the terms and whether you were eligible to claim - it may be that you should have been signed up onto the 1.19% one instead. Check your employment status vs what you signed up to. Minimum time of employment etc.

If the policy would have been invalidated had you needed to claim, that strengthens your case. Although, they do tell you to advise them of changes - so they'll argue it's your responsibility. Depending on the timescale involved, there may (or may not) be some onus on them to be checking with customers that the plan is still suitable.

Provident's preliminary results are due on Tuesday... will be interesting to see the ROP update in those - they always cover the subject as there is the potential for fines etc until the FCA have made their minds up.

Ultimately, it's up to you whether to push it now (and potentially get it overturned by the FOS). Or wait for an outcome and then push it later. If you get a no from the FOS now, you presumably won't be able to try again later. If you wait and it's decided Vanquis aren't liable in any way, then again I doubt you've got much hope of getting a decision in your favor from FOS

It looks like you've paid the debt off now? Primarily obviously that's the key action - you can always then claim any funds afterwards. Don't just leave the debt there because you MAY have a valid claim

Michaelw

I had a refund this morning,it relates to interest charged on this plan.I thought it was expensive and canceled this repayment option plan some time ago.Vanquis were very keen to have this taken up by their customers at the time often telephoning with already high interest rates it was a sizable proportion each month.