Vanquis ROP Help

Ollievanquis

Hi all,

I activated a repayment option plan in 2016, Vanquis froze the accounts interest, I cleared the balance and reduced the limit in 2017 but since worked back up to 600 or so.

They've now cancelled the ROP, closed my account and have registered a default on my credit file dating back to September 2016, when the plan was activated.

Is this the normal procedure? Their website literature on the ROP mentions nothing about the termination of the ROP having such consequences. If this was laid out more clearly to me at onset I would have cleared the balance prior to termination.

Many thanks

SnowTiger

Ollievanquis wrote: »

Hi all,

I activated a repayment option plan in 2016, Vanquis froze the accounts interest, I cleared the balance and reduced the limit in 2017 but since worked back up to 600 or so.

They've now cancelled the ROP, closed my account and have registered a default on my credit file dating back to September 2016, when the plan was activated.

Is this the normal procedure? Their website literature on the ROP mentions nothing about the termination of the ROP having such consequences. If this was laid out more clearly to me at onset I would have cleared the balance prior to termination.

Many thanks

That doesn't sound 'normal'.

Is there some information missing?

The whole point of ROP is that it's suppose to give you breathing space to get your act together. The fact you paid off the balance in 2016 demonstrates you did that.

Have you defaulted (broken the credit agreement) since then?

Have you claimed that ROP was mis-sold to you? If so, I guess they could argue that if ROP wasn't in place in 2016 you defaulted on the agreement.

On the other hand, it could be a mistake.

Ollievanquis

Thanks for your reply SnowTiger.

The account was cleared from £1700 to £0 in 2017 after a windfall. It crept back up afterwards (slowly learning!!), Repayment option plan has been active since.

My argument is how on earth can the original default still be there when so much has been paid into the account?

Its very odd as its registered on my credit file under Provident and not Vanquis, whereas I can still see the credit card under Vanquis as being fully paid and up to date.


I tried to log on to make payment and clear a bit of the debt off, I was met with a message to call and the woman I spoke to said she was transferring me to someone 'who could help'. I was put through to collections who acted as if it was normal.

[Deleted User]

Ollievanquis wrote: »

My argument is how on earth can the original default still be there when so much has been paid into the account?

Because you defaulted on the account. It will drop off after 6 years.

PRAISETHESUN

I feel like the default marker on your report is an accurate description of what happened, regardless of what has happened since. You would have defaulted without the repayment plan. The lender should change the status of it to "satisfied" if the debt has been since paid off, but the default will still be there for 6 years from the date it was registered.

SnowTiger

PRAISETHESUN wrote: »

I feel like the default marker on your report is an accurate description of what happened, regardless of what has happened since. You would have defaulted without the repayment plan. The lender should change the status of it to "satisfied" if the debt has been since paid off, but the default will still be there for 6 years from the date it was registered.

However, Vanquis says this about ROP:

Account Freeze

You can freeze your account for up to 24 months if you experience certain life events.

[...]

How to activate?

If you are experiencing one of the life events listed you may be able to freeze your account. Please call us on 0330 099 3000 and we’ll be able to tell you what evidence you need to send us showing your change in circumstances.

We’ll always ask that the evidence is from an official source, for example, a Doctor’s or Hospital certificate if you’re sick. You’ll need to send these to us, along with any declaration that we ask you to sign.

[...]

Benefits

If you activate an Account Freeze:

• You won’t need to make monthly payments;
• You won’t incur interest and charges;
• Your Vanquis account won’t show as being in arrears on your external credit report;
• You’ll be eligible to use this feature as soon as you opt in.

A default should be registered when a customer doesn't meet the contractual payment terms. ROP forms (an additional) part of the T&Cs, and under certain circumstances allows customers to freeze their account.

My guess is that, perhaps, the OP didn't meet the requirements to have their account frozen under ROP, however it seems a little odd that Vanquis suddenly decided to default the acount two years after the event.

If I was the OP I'd be firing a letter off to them, asking that they explain why they've done that they have.