MSE News: Vanquis Bank to pay customers £169m
Comments
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Probably, but you don't have to do anything initially. Vanquis are supposed to be writing to all concerned. I suppose it depends on if Vanquis have your current address though.If you changed address and then were tracked down by the DCA, maybe you could update your current address to vanquis as not sure the DCA will do that.Hi, I has a Vanquis card and definitely paid ROP. I ended up defaulting and the card is now paid off via a debt agency. Am I entitled to anything or should I just leave it? Thanks0 -
Hi, yes, I!!!8217;m living at another address now. I!!!8217;ve only recently moved, so neither Vanquis or the DCA have my current address. I!!!8217;ll drop the, a quick email/call. Thanks0
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I won't get a refund because I never took up the insurance because I had the choice. It's for that reason that I wonder just how valid the ruling is and also why Provident / Vanquis has not appealed against it. I'm not in any way defending Vanquis. I just think it's a valid point.0
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I won't get a refund because I never took up the insurance because I had the choice. It's for that reason that I wonder just how valid the ruling is and also why Provident / Vanquis has not appealed against it. I'm not in any way defending Vanquis. I just think it's a valid point.
https://www.moneysavingexpert.com/news/cards/2018/02/vanquis-bank-to-pay-customers-more-than-168-million-in-compensation:Vanquis stopped selling the ROP in April 2016, but says it is now working with the FCA to begin selling it again.
Vanquis wants to put the past behind it and begin signing customers up to ROP again.
It was a huge money spinner for them.
https://www.vanquis.co.uk/existing-customers/repayment-option-plan-refund:...Vanquis has agreed to refund any interest relating to ROP together with 8% statutory interest to cover any period your account would otherwise have been in credit.
That probably amounts to a small portion of the income Vanquis received from ROP. 1.2 million customers paying up to an extra £1.29 a month for every £100 they borrowed.
From Vanquis' website:Full Plan Cost
The cost is £1.29 plus interest per £100 (or 1.29% per month) of your monthly outstanding balance on your statement each month. So, as your balance changes the monthly cost will also change.
Presumably punters pay 1.29% per month on their statement balance even if they pay it in full. 15% a year.
It's not difficult to see why Vanquis is keen to sell ROP again.0 -
Hi My dad was paying a massive amount of so called insurance every month and still they pilled it on when he died, How do I get this money back as his next of kin?
Many thanks0 -
The executor should contact them, to see if payment is owing.0
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ROP wasn't insurance and refunds might not be as much as punters expect.
Vanquis is not refunding ROP payments. It's refunding the interested it charged on them.
£169m split between 1.2 customers is an average of £140 each. Obviously more for some; less for others.
Few customers are likely to see thousands of pounds returned to them.0 -
No idea what Robby is going on about with his mum, given no one has exploited her or anyone else.
Your mum had a choice Robby to use them or not, no one else's including Provident.
*rolls eyes*0 -
Has anybody actually had any contact from Vanquis yet?
I don’t have a card anymore but did have ROP and a sizeable balance in my past darker days0 -
I was thinking the same thing last night but I have not heard anything as yet!0
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