Vanquis Credit Card -
Repayment Option Plan (ROP)

 

 

Please see below for the benefits of our Repayment Option Plan.

We help our customers protect their credit scores

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. 

 

 

   

   

   

Repayment Option Plan (ROP) consists of the 5 following features:

  • Account Freeze
  • Payment Holiday
  • Lifeline
  • Payment Reminders
  • Overlimit Alerts

 

 

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. 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 Repayment Option Plan (ROP) Costs

Repayment Option Plan - Full Cover

The Full Plan cost:

 

The cost for the Full Plan 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.

 

Your Repayment Option Plan will appear on your statement each month as a purchase transaction. It will be added to your balance and interest will be charged on it at your purchase interest rate.

 

The Full Plan covers:

  • Losing your job through no fault of your own or taking voluntary redundancy, but not including retirement;

  • Being put on short-time working or laid off, reducing your usual weekly hours of work by 20% or more;

  • If you’re self-employed, experiencing a reduction in weekly income by 20% or more through loss or non-renewal of contracts or work;

  • Taking leave from work to care for a partner who you’ve lived with for more than 6 months or a member of your immediate family, and you suffer a loss of income;

  • Going on maternity, paternity or adoption leave;

  • Becoming sick, disabled or having an accident which affects your ability to make your repayments;

  • Having to stay in hospital because of a medical condition;

  • Having to attend jury service;

  • Your main home is significantly damaged by a natural disaster e.g. flooding;

  • Your partner who you’ve lived with for more than 6 months or an immediate family member dies.

Repayment Option Plan - Standard Cover

The Standard Plan cost:

 

The cost for the Standard Plan is £1.19 plus interest per £100 (or 1.19% per month) of your monthly outstanding balance on your statement each month. So, as your balance changes the monthly cost will also change.

 

Your Repayment Option Plan will appear on your statement each month as a purchase transaction. It will be added to your balance and interest will be charged on it at your purchase interest rate.

 

The Standard Plan covers:

  • Becoming sick, disabled or having an accident which affects your ability to make your repayments;

  • Having to stay in hospital because of a medical condition;

  • Having to attend jury service;

  • Your main home is significantly damaged by a natural disaster e.g. flooding;

  • Your partner who you’ve lived with for more than 6 months or an immediate family member dies.

Important Information

 

The Repayment Option Plan is charged as a percentage (%) of your total balance, 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.

 

Call us on 0330 099 3000 to discuss your plan - Please click here for Vanquis opening hours and call charge information >