Avoid Poor Credit with our Repayment Option Plan
Offering you more benefits for even more peace of mind
If you’re new to credit, on a low income or have a history of poor credit, credit cards might have seemed out of reach? Even if you managed to get credit in the past, you might be nervous about getting out of your depth? Whilst Vanquis aim to provide credit limits that help you stay in control, you may want extra peace of mind with our Repayment Option Plan.
Let us tell you more about the Plan
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 you’re unable to make your Vanquis Visa Card repayments. Thankfully, that’s where Repayment Option Plan comes in. Please note that the Plan is only available to holders of credit cards issued by Vanquis.
Take time out
If you've been a customer for at least 6 months, your account is in order and you give us 7 days notice before your payment is due, you can choose to take a payment holiday. You can then take further payment holidays every 6 months.
This valuable feature is designed to give you breathing space at expensive times of the year, when you're paying for holidays, or getting the kids kitted out for school. However, please note that interest will still accrue on your Account.
Peace of mind for your Vanquis Visa Card payments
Freeze your account for up to 2 years in the event of a difficult financial circumstance. While your account is frozen, you will not be charged any additional interest or charges and you will not need to make payments to your account. Please note you will not be able to use your Vanquis Visa Card whilst your account is frozen.
Free Back to Work helpline
Should you have the added worry of losing your job, Repayment Option Plan offers a free Back to Work helpline offering professional help to find a new job. From helping you write your CV to managing interviews, the advisors are there to make your life easier. Please read our Back to Work helpline Terms and Conditions for further information.
What assistance will I receive?
Whether you’re looking for a new job, or a career change, get professional advice on:
- General career planning
- CV writing and review
- Looking for job vacancies
- Applying for job vacancies
- Interview preparation
- Managing job offers
SMS Alert Service
Our free SMS alert service allows you to receive monthly alerts to help you manage your Vanquis account. If you register for this service you will receive your monthly alerts via text at least 5 working days before your payment due date.
Via your SMS text you will receive:
- Account balance
- Credit available on your Vanquis Visa Card
- Payment due date and amount to be paid
Please read and print a copy of our SMS alert service Terms and Conditions for your records.
How much does it cost?
Full Plan: If you are employed in any way, the cost is just £1.29p per £100 (or 1.29% per month) of your monthly outstanding balance.
Standard Plan: If you are unemployed or retired, the cost is just £1.19 per £100 (or 1.19% per month) of your monthly outstanding balance.
A Plan to suit you
| |
Full Plan |
Standard Plan |
| You become unemployed involuntarily |
yes |
no |
| You become sick, disabled or have an accident which affects your ability to make your payments |
yes |
yes |
| You take leave from work to take care of your partner who you have lived with for more than 6 months, or an immediate family member, and suffer loss of income |
yes |
no |
| You have to stay in hospital because of a medical condition |
yes |
yes |
| You have to attend jury service |
yes |
yes |
| Your main home is significantly damaged by a natural disaster e.g. flooding |
yes |
yes |
| Your partner who you have lived with for more than 6 months, or an immediate family member dies |
yes |
yes |
| You take materity, paternity or adoption leave |
yes |
no |
How do I apply?
- It’s easy. Please start by reading our Repayment Option Plan Terms and Conditions.
- You can enrol in the Plan or request more information by simply calling the Repayment Option Plan helpline on 0871 770 4188 between 8am and 8pm Monday to Friday or 9am - 5.30pm on Saturday. Please note calls to 0871 numbers will be charged at 7p per minute from a BT landline. Calls from mobiles and other networks may vary.
- When you call we may ask you a selection of questions to provide you with the best choice of Plan for you.
- You can cancel the Plan within 30 days of receiving the information pack where you will receive a full refund of any Plan charge that you have paid to date, as long as you have not activated the Plan.
- Your account can only be frozen with our Repayment Option Plan subject to you supplying documentation to support your change in circumstances.
*Lines open 8am - 8pm Monday to Friday and 9am - 5.30pm on Saturday. Please note that calls to 0871 numbers will be charged at 7p per minute from a BT landline. Calls from mobiles and other networks may vary.
