The Vanquis Repayment Option Plan

About the Repayment Option Plan

Helping you protect the Credit Score you’re working so hard to build

The one thing we can all be sure of is that life is unpredictable. Accidents, illness or unemployment can happen at any time and you may find yourself in difficult financial circumstances. That’s where Repayment Option Plan comes in; helping you stay in control and protecting the credit score you’re working so hard to build. You can opt-in to the Plan for a monthly fee.

Account Freeze

Designed to act as a safety net you can freeze your account for up to 2 years in the event of difficult financial circumstances without incurring any interest or needing to make any payments. Although you won’t be able to use your card, your account will be reported to the credit bureaux as being up to date so your credit rating is protected. Terms and Conditions apply.

Payment Holiday

Taking a Payment Holiday once a year means you can miss your monthly payment in a month of your choice, providing you with extra breathing space if you’re having an expensive month. We will report your account to the credit bureaux as being up to date. You will need to have had your account for 6 months before you can take a Payment Holiday and not have used a Lifeline or Payment Holiday in the last two months. If you opted-in to Repayment Option Plan on your account before 29th July 2013 you remain eligible to up to 2 payment holidays per year up to 15th September. From 16th September onwards the new rules for Repayment Option Plan apply and you will be able to take 1 Payment Holiday per year. Interest will continue to be added to your account during a Payment Holiday.

Lifeline

Once a year, if you forget to make your monthly payment we will forgive you the late payment fee and report your account to the credit bureaux as being up to date. Your account will be suspended and you won’t be able to use your card until the payment is made. You must make the missed payment before your next payment is due - the sooner you make it, the sooner you can use your card again. You will need to have had your account for 6 months before we can activate your Lifeline and not have used a Payment Holiday or Lifeline in the last two months. Late payments will affect your eligibility for a credit limit increase. Interest will continue to be added to your account while a Lifeline is activated. 

Payment Reminders

You’ll receive a Payment Reminder text message 5 days before your payment due date with useful account information, payment amount and the date it is due, so you need never forget to make a payment.

Overlimit Alerts

If you are close to your limit or overlimit, you’ll receive a text alert before your payment due date so that you can bring your balance below your limit, avoiding an overlimit fee and protecting your credit rating.

A Summary of the ROP Costs

There are two levels of Plan:

  • Full Plan if you are employed (full, part-time or temporary) or self-employed.
  • Standard Plan if you are not working, are retired, are a homemaker or a student.

The Full Plan is charged at £1.29 per £100 (or 1.29% per month) of the monthly outstanding balance on your statement and the Standard Plan is charged at £1.19 per £100 (or 1.19% per month). So, as your balance changes, the monthly cost changes. The Plan Charges will be charged to your account and will reduce your available credit. This means you will have less credit available for other transactions.

Since the Full and Standard Plans are different, you must tell us if your circumstances change once you’ve opted-in, so that we can make sure you are on the right Plan.

How to opt-in

You can opt-in to the Vanquis Repayment Option Plan at any time during your agreement, and you can opt-out at any time. We will offer you the opportunity to opt-in to the Plan from time to time or you can call us to opt-in.

^ Credit Cards are not suitable for long-term borrowing or financing existing debt.

 

* To be considered for a credit limit increase, please keep all your credit agreements in order by paying on time, making use of your existing credit limit without going over your limit, and not taking on too much debt elsewhere. This is only a guide and meeting these criteria does not guarantee you a credit limit increase.

 

Important: Credit is subject to: status; telephone contact; confirmation of name and address; not already holding a credit card issued by Vanquis Bank; no reasonable suspicion of fraud, and is only available to UK residents who are at least 18 years of age and are not legally restricted from obtaining credit e.g.because of bankruptcy. Please read the Summary Box and Terms and Conditions for full financial details.

 

Vanquis Visa Card is issued by Vanquis Bank Limited. Vanquis Bank can be contacted at its registered office, which is at No. 1 Godwin Street, Bradford, West Yorkshire BD1 2SU. Registered number 02558509 England. VAT number 180555952. Vanquis Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 221156).

 

© Vanquis Bank Limited 2014