FOS complaint upheld Vanquis

financiallyanidiot65

Vanquis have upheld an irresponsible lending complaint and have agreed to refund interest and charges from the opening of my account, which totals £656.30. Initially, my credit limit was £1000. After removing the interest and charges, my remaining debt stands at £343.70. However, over the course of my account, I have paid a total of £2511.60 to Vanquis.

Given these figures:

• Original credit limit: £1000
• Interest and charges removed: £656.30
• Remaining debt: £343.70 (after the removal of interest and charges)
• Total amount paid to Vanquis: £2511.60

The difference between what I've paid and my remaining debt is £2167.90.

Based on this, I'm wondering if I will get the difference back? Has anyone else had a similar experience or know how Vanquis handles these situations? Any insights or advice would be greatly appreciated.

Thanks in advance for your help!

RBYHS

No. When a complaint is upheld, you will only get back the interest and charges they have applied on the account that’s all. 

WillPS

If Vanquis have agreed or been directed to credit back £656.30 then you still owe the rest.

If Vanquis have agreed or been directed to remove the interest/charges then it depends what point the refunds apply from and what else was owed.

The total you have paid to Vanquis ever isn't relevant.

eskbanker

financiallyanidiot65 said:

Vanquis have upheld an irresponsible lending complaint and have agreed to refund interest and charges from the opening of my account, which totals £656.30. Initially, my credit limit was £1000. After removing the interest and charges, my remaining debt stands at £343.70. However, over the course of my account, I have paid a total of £2511.60 to Vanquis.

So you've paid a total of £2511.60, of which £656.30 is interest and charges, and therefore the other £1855.30 is repaying what you'd actually spent?

If so, and the agreement is that they refund the £656.30, then there's nothing else to claim.

financiallyanidiot65

The debt was sold at 1081£. I wasn’t expecting the complaint to be upheld, so anything is a bonus. Just wondering is all.