Affordability complaint accepted - next steps?

Always_Fishing

Hi,

I wanted to start a new thread specifically on this topic so it didn't get lost in my original thread to help me get the best advice, I hope that's ok. 

I've been lucky enough so far that 2 out of 3 responses to my complaints have been accepted partially accepted, I still have more complaints outstanding however I hope to get a little assurance on what to do next. 

The first complaint that has been accepted for a loan has offered a refund of interest of £400+ which will be issued to my bank, leaving a balance of £1700 and will remove all historic markers from my credit record. 

The second that has been accepted is for a credit card with Vanquis, they've not accepted the initial complaint when I was given the card due to it being over 6 years ago and likely reasonable at the time, they have upheld the complaint for the credit limit increases however and have offered a refund of around £3600. They have written they will deduct this from the balance leaving the balance at £170 however I have requested they instead issue the refund to my bank account, although I haven't had a response on this yet. They were very specific they would remove all negative markers from my credit file between 2019-2025. 

Moving forward, should it be that I carry on the original path still, put this money aside, wait for these accounts to default and then offer affordable small payments and/or wait for settlement offers? Or is there a risk they will not apply a default to my file now following my complaint and I should start comms for payment arrangements now?

thank you 

Brie

I'm assuming the Vanquis is a live card which you could presumably use.  So if they refund the interest that should come off the balance.  I really doubt they will pay it to your bank account instead or reducing your liability to them.  But if you don't ask, you don't get so what the heck.

I think all creditors are aware that if someone is submitting affordability complaints that the debt is going in one direction only so I wouldn't suggest you change your plan of action at this time.  Wait to hear back from Vanquis and the third creditor and take it from there.  

Always_Fishing

Brie said:

I'm assuming the Vanquis is a live card which you could presumably use.  So if they refund the interest that should come off the balance.  I really doubt they will pay it to your bank account instead or reducing your liability to them.  But if you don't ask, you don't get so what the heck.

I think all creditors are aware that if someone is submitting affordability complaints that the debt is going in one direction only so I wouldn't suggest you change your plan of action at this time.  Wait to hear back from Vanquis and the third creditor and take it from there.  

Thank you for the advice. 

I actually have about 11 affordability complaints but have had 3 responses so far, 2 accepted 1 rejected for fingers crossed there are more. 

I thought I might as well ask based on the first creditor giving me the option, potentially with settlement offers down the line I may be able to stretch the refund further but if not at least it's one debt almost cleared quite quickly.