Vanquis ROP Interest Refunds – FAQs

 

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Vanquis ROP – Interest Refund FAQs


About the Repayment Option Plan (“ROP”)

What is the Repayment Option Plan?

The Repayment Option Plan is an optional part of Vanquis' customers' credit card account. The Plan currently has 3 features, designed to help you build or rebuild your credit profile. The features are:

  • Account Freeze,
  • Lifeline,
  • Payment Holiday,

Further details about the Plan are available here.

Is ROP the same as Payment Protection Insurance (PPI)?

No ROP and PPI are not the same. PPI was an insurance product which would cover certain repayments or even repay the whole debt in certain circumstances where you couldn’t make payments yourself. These usually included if you were made redundant or couldn’t work due to an accident, illness, disability or death. Vanquis did not sell PPI with its credit cards.

 

ROP is different. It allows you to miss payments or for payments not to be required in certain circumstances but it does not make payments on your behalf or repay the outstanding balance. ROP is not an insurance product and is not treated as such by the FCA.

 

As a reminder, ROP offers you the ability to freeze your account in the event of certain difficult financial circumstances, take a payment holiday and have a lifeline if a payment is missed. Further details about the Plan are available here.

How much does it cost?

There are two plans:

 

The Standard Plan which is for people who are homemakers, students, retired or not in employment. The Plan currently costs £1.09 for every £100 of your outstanding statement balance each month.

 

The Full Plan which is for people in full, part-time or temporary employment or self-employment. The Plan currently costs £1.19 for every £100 of your outstanding statement balance each month.

 

The Plan is charged as a purchase transaction on your Vanquis card and therefore incurs interest at the purchase interest rate if your balance is not paid off in full each month.

If I still have ROP, am I still paying interest on the Plan?

Yes. The refund of interest is from the date on which you first incurred interest relating to the Plan to 30 days after we sent a letter explaining the details of the Plan and its cost to you. If you are still opted into the Plan and do not pay your credit balance in full each month, then the accrued charges will be subject to interest in the same way and at the same rate as other purchase transactions you make on your card.

If I have ROP, does this refund mean I can no longer use the product should I need to?

No, if you have ROP on your account, you can continue to use the features in line with the card’s Terms and Conditions. Details of ROP and its features can be found here.


About the ROP Interest Refund

Why am I receiving a refund of interest incurred on ROP?

We agree with the FCA’s conclusion that we did not, during the call where you opted-in to the product, tell you that charges for the Plan attracted interest at your purchase interest rate (though this was disclosed in writing before and after the call). As such, we have agreed with the FCA (using its statutory powers) that customers should be refunded interest charged relating to ROP.

Was ROP mis-sold?

We agreed with the FCA that we did not, during the call where you opted-in to the ROP, tell you that charges for the ROP attracted interest at your purchase interest rate. As such, we are required by the FCA under their statutory powers to refund customers who were charged interest on ROP from 1 April 2014. In addition, we are voluntarily refunding customers who were charged interest on ROP from June 2003 until 31 March 2014.

 

The FCA's findings were in relation to the disclosure of interest of ROP charges, and the FCA did not find that ROP was generally mis-sold. As such, this refund does not include a refund of ROP charges. ROP mis-sale claims are reviewed on a case by case basis by our Customer Relations team.

Are you putting me back into the position I would have been had the ROP interest never been charged?

No. As set out in the Final Notice, we agreed with the FCA that we did not, during the call where you opted-in to the ROP, tell you that charges for the ROP attracted interest at your purchase interest rate, although, this was disclosed in writing before and after the call.

 

In light of this, we are refunding the interest you were charged on ROP balances but we are not required to reconstruct your account as if ROP interest had never been applied.

 

This calculation methodology was agreed with the FCA and has been audited by an independent company to ensure it is accurate.

Why have I been waiting so long to get my ROP interest refund?

We would like to apologise if you have not received your refund yet. The process of refunding interest on ROP is very complex and is taking longer than we first anticipated. This is because we have focused on making sure the refunds are 100% accurate and externally verified before starting the refund process for all our customers. We have agreed with the FCA that all ROP Interest Refunds will have been paid to customers by 27th February 2019. We expect to process all of the refunds by this deadline.

 

I understand this may be disappointing for you, but please rest assured that we are working as quickly as we can, and our number one priority is ensuring that you get the money you are owed.

 

Where applicable, compensatory interest will continue to be added until payment is actually made so you will not lose out as a result of any delay.

Can I have my refund as cheque or cash?

We have agreed with the FCA that if you have an outstanding balance with Vanquis any refund will be applied to your account, therefore reducing your outstanding balance. If your account goes into credit due to the refund, any additional funds will be sent to you in the form of a cheque.

I’ve lost my cheque. What should I do?

If you have lost your cheque then please contact us to organise a replacement:

Will this refund have any impact on my relationship with you as a lender?

No, it won’t have an impact. We will continue to be your credit card provider and support you in improving your credit profile.


About the ROP Interest Refund amount

What is the ROP interest refund amount comprised of?

ROP is charged monthly per £100 of the outstanding balance. In line with your credit agreement, ROP is applied to your account as a purchase transaction and interest is incurred on this charge at the purchase interest rate. However, if you pay your balance in full, you will not incur interest.

 

We have agreed with the Financial Conduct Authority’s conclusion that we did not, during the call where you opted-in to the ROP, adequately inform you that charges for the Plan attracted interest at your purchase interest rate. We are therefore refunding the interest incurred on the ROP charge but not the ROP charge itself.

 

Your ROP interest refund is comprised of two components:

  1. A refund of the compounded interest that you were charged on the ROP amount.
  2. Additional compensatory notional interest where you would have been in credit had the interest on ROP not been charged.

How is my Repayment Option Plan interest refund being calculated?

The refund is made up of two things:

  1. Compound interest charged on Repayment Option Plan charges – This is the proportion of your interest charges that related to the Repayment Option Plan.
  2. Compensatory interest – This is due when your account would have been in credit had we not charged you interest on the Repayment Option Plan.

One important thing to remember is we are not refunding the Repayment Option Plan charges themselves. These charges were clearly explained when the Repayment Option Plan was sold and in the accompanying paperwork.

 

There are many factors that influence the refund which makes the calculation complex. To help explain it, we’ve explained a simplified example of a customer's refund below. It doesn’t cover every customer in every set of circumstances, as there are a number of situations that make the calculations more complicated than this example. It may not be representative of the specifics of your account, particularly if you have ever

  • Paid more than your statement balance
  • Been charged late or over limit fees (as interest is applied differently on these transactions)
  • Returned a purchase for a refund or had a purchase reversed for any other reason
  • Had payments reversed, for example as a result of insufficient funds or through the Direct Debit Guarantee

Although these are some of the most common situations, we haven’t listed them all here, but we have taken them into account in calculating everyone’s refund to ensure that you haven’t been disadvantaged as a result.

 

Please note that your refund could be higher or lower than this example as the refund all depends on how you used your card. We are using this same approach to calculate everyone’s refund.

 

The underlying methodology for the refund calculation has been agreed with the Financial Conduct Authority. It is really important to us that we refund you the right amount, so we asked an independent company to validate the calculation before we started issuing refunds to our customers.

 

1. Calculating Interest charged on the Repayment Option Plan

 

This calculation has 4 key steps, as outlined below.

 

 

Step 1 – Gather monthly statement information

 

In this example the customer, let’s call him John, opened his account in March 2014 and opted into the Repayment Option Plan at that time. To calculate the refund we use information that can be found on John’s statements which are held on our system.

 

John’s summarised statement information

Month Opening Balance Payments Cash, cash fees and interest Purchase Purchase Interest ROP Fees Statement Balance
Mar-14 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00
Apr-14 £0.00 £0.00 £0.00 £57.00 £0.00 £0.74 £57.74
May-14 £57.74 -£57.74 £0.00 £76.04 £0.00 £0.98 £77.02
Jun-14 £77.02 -£77.02 £0.00 £106.84 £0.00 £1.38 £108.22
Jul-14 £108.22 -£108.22 £0.00 £73.95 £0.00 £0.95 £74.90
Aug-14 £74.90 -£74.90 £0.00 £190.61 £0.00 £2.46 £193.07
Sep-14 £193.07 -£193.07 £0.00 £142.96 £0.00 £1.84 £144.80
Oct-14 £144.80 -£144.80 £0.00 £155.22 £0.00 £2.00 £157.22
Nov-14 £157.22 -£157.22 £0.00 £235.97 £0.00 £3.04 £239.01
Dec-14 £239.01 -£239.01 £0.00 £130.76 £0.00 £1.69 £132.45
Jan-15 £132.45 -£132.45 £0.00 £238.08 £0.00 £3.07 £241.15
Feb-15 £241.15 -£241.15 £0.00 £527.50 £0.00 £6.80 £534.30
Mar-15 £534.30 1
-£50.00
£0.00 £300.04 £31.62 £10.53 £826.49
Apr-15 £826.49 -£60.00 £0.00 £64.31 £36.37 £11.19 £878.36
May-15 £878.36 -£100.00 £0.00 £393.74 £33.31 £15.55 £1,220.96
Jun-15 £1,220.96 -£1,001.00 £0.00 £371.34 £42.33 £8.17 £641.80
Jul-15 £641.80 -£100.00 £0.00 £123.10 £29.98 £8.96 £703.84
Aug-15 £703.84 -£100.00 £0.00 £185.11 £29.73 £10.56 £829.24
Sep-15 £829.24 -£50.00 £0.00 £29.76 £40.96 £10.96 £860.92
Oct-15 £860.92 -£59.82 £0.00 £220.28 £32.91 £13.60 £1,067.89
Nov-15 £1,067.89 -£56.71 £0.00 £538.23 £50.41 £20.64 £1,620.46
Dec-15 £1,620.46 -£86.52 £0.00 £263.54 £72.91 £24.13 £1,894.52
Jan-16 £1,894.52 -£114.81 £0.00 £13.94 £77.91 £24.14 £1,895.70
Feb-16 £1,895.70 -£119.72 £0.00 -£18.00 £75.89 £23.66 £1,857.53
Mar-16 £1,857.53 -£116.87 £0.00 £13.94 £74.66 £23.60 £1,852.86
Apr-16 £1,852.86 -£115.56 £0.00 £29.29 £69.95 £23.69 £1,860.23
May-16 £1,860.23 -£111.13 £0.00 £13.94 £72.96 £23.68 £1,859.68
Jun-16 £1,859.68 -£114.05 £0.00 £13.94 £77.20 £23.69 £1,860.46
Jul-16 £1,860.46 -£118.21 £0.00 £13.94 £70.23 £23.56 £1,849.98
Aug-16 £1,849.98 -£111.16 £0.00 £13.94 £74.35 £23.57 £1,850.68
Sep-16 £1,850.68 -£115.21 £0.00 £13.94 £74.36 £23.53 £1,847.30
Oct-16 £1,847.30 -£115.14 £0.00 £13.94 £71.95 £23.45 £1,841.50
Nov-16 £1,841.50 -£112.65 £0.00 £43.95 £78.81 £23.89 £1,875.50
Dec-16 £1,875.50 -£120.13 £0.00 £13.94 £69.21 £0.00 £1,838.52
Jan-17 £1,838.52 -£109.90 £0.00 £13.94 £73.92 £0.00 £1,816.48

 

Repayment Option Plan charges are purchase transactions and therefore any interest relating to them is included within the Purchase Interest charge (highlighted in yellow above). To split out the Repayment Option Plan interest from this we need to work out every month how much of John’s balance related to the Repayment Option Plan.

 

 

Step 2 – Calculate how much of John’s balance related to the Repayment Option Plan each month

 

To do this we need to work out how much of John’s payments went to pay for the Repayment Option Plan each month. Payments are allocated to cash first, as per the terms and conditions, as the cash interest rate is higher. Once the cash balance is paid off, any remaining payment is shared between purchases and the Repayment Option Plan in proportion to their balance. This is best explained by looking at how John’s payments are split.

 

John’s payments split by the balance they are allocated to:

Month Cash Purchase ROP
Mar-14 £0.00 £0.00 £0.00
Apr-14 £0.00 £0.00 £0.00
May-14 £0.00 £57.00 £0.74
Jun-14 £0.00 £76.04 £0.98
Jul-14 £0.00 £106.84 £1.38
Aug-14 £0.00 £73.95 £0.95
Sep-14 £0.00 £190.61 £2.46
Oct-14 £0.00 £142.96 £1.84
Nov-14 £0.00 £155.22 £2.00
Dec-14 £0.00 £235.97 £3.04
Jan-15 £0.00 £130.76 £1.69
Feb-15 £0.00 £238.08 £3.07
Mar-15 £0.00 £49.36 £0.64
Apr-15 £0.00 £59.00 £1.00
May-15 £0.00 £97.19 £2.81
Jun-15 £0.00 £966.72 £34.29
Jul-15 £0.00 £97.02 £2.98
Aug-15 £0.00 £96.79 £3.21
Sep-15 £0.00 £48.20 £1.81
Oct-15 £0.00 £57.27 £2.55
Nov-15 £0.00 £53.82 £2.89
Dec-15 £0.00 £82.20 £4.32
Jan-16 £0.00 £109.17 £5.63
Feb-16 £0.00 £112.92 £6.80
Mar-16 £0.00 £108.71 £8.16
Apr-16 £0.00 £106.12 £9.44
May-16 £0.00 £100.78 £10.35
Jun-16 £0.00 £102.20 £11.85
Jul-16 £0.00 £104.64 £13.57
Aug-16 £0.00 £97.17 £13.99
Sep-16 £0.00 £99.50 £15.71
Oct-16 £0.00 £98.25 £16.89
Nov-16 £0.00 £94.97 £17.68
Dec-16 £0.00 £100.22 £19.91
Jan-17 £0.00 £91.22 £18.69

 

In March 2015, John’s payment of £50 (1 – from John’s statements shown above) is allocated to purchases and the Repayment Option Plan as he has not withdrawn any cash. The payment is split as £49.36 to purchases and £0.64p to the Repayment Option Plan. This is because 1.27% of his balance is related to the Repayment Option Plan (£6.80 (3 – from balance table below) / £534.30 (2+3 – from balance table below) and payments have been allocated in the same proportion (1.27% of £50 = 64p).

 

The balances for cash, purchases and the Repayment Option Plan are calculated on a monthly basis by taking the balance from the previous month, plus any new transactions that month, less any payments. Having completed this calculation for each month for John’s account, we get the following:

 

John’s balances split by type

Month Cash Purchase ROP
Mar-14 £0.00 £0.00 £0.00
Apr-14 £0.00 £57.00 £0.74
May-14 £0.00 £76.04 £0.98
Jun-14 £0.00 £106.84 £1.38
Jul-14 £0.00 £73.95 £0.95
Aug-14 £0.00 £190.61 £2.46
Sep-14 £0.00 £142.96 £1.84
Oct-14 £0.00 £155.22 £2.00
Nov-14 £0.00 £235.97 £3.04
Dec-14 £0.00 £130.76 £1.69
Jan-15 £0.00 £238.08 £3.07
Feb-15 £0.00 2
£527.50
3
£6.80
Mar-15 £0.00 £809.40 £17.10
Apr-15 £0.00 £850.32 £28.04
May-15 £0.00 £1,179.12 £41.84
Jun-15 £0.00 £624.61 £17.19
Jul-15 £0.00 £679.87 £23.97
Aug-15 £0.00 £796.91 £32.33
Sep-15 £0.00 £817.83 £43.09
Oct-15 £0.00 £1,012.11 £55.78
Nov-15 £0.00 £1,544.30 £76.16
Dec-15 £0.00 £1,795.12 £99.39
Jan-16 £0.00 £1,773.71 £121.99
Feb-16 £0.00 £1,713.71 £143.82
Mar-16 £0.00 £1,687.83 £165.04
Apr-16 £0.00 £1,674.72 £185.51
May-16 £0.00 £1,653.56 £206.11
Jun-16 £0.00 £1,633.94 £226.51
Jul-16 £0.00 £1,604.93 £245.05
Aug-16 £0.00 £1,586.20 £264.48
Sep-16 £0.00 £1,564.36 £282.93
Oct-16 £0.00 £1,540.99 £300.51
Nov-16 £0.00 £1,555.92 £319.59
Dec-16 £0.00 £1,527.06 £311.46
Jan-17 £0.00 £1,511.18 £305.30

 

 

Step 3 – Calculate how much interest was charged on the Repayment Option Plan balance

The interest refund has been calculated by taking the total monthly Purchase Interest charge from John’s statements and splitting it between the Repayment Option Plan and Purchases. This has been split using the same approach as used for payments described in step 2 above. John’s refund is shown below:

 

Month Purchase interest1 Proportion ROP is of total purchase balance Interest on ROP
Mar-14 £0.00 -- £0.00
Apr-14 £0.00 -- £0.00
May-14 £0.00 1.3% £0.00
Jun-14 £0.00 1.3% £0.00
Jul-14 £0.00 1.3% £0.00
Aug-14 £0.00 1.3% £0.00
Sep-14 £0.00 1.3% £0.00
Oct-14 £0.00 1.3% £0.00
Nov-14 £0.00 1.3% £0.00
Dec-14 £0.00 1.3% £0.00
Jan-15 £0.00 1.3% £0.00
Feb-15 £0.00 1.3% £0.00
Mar-15 £31.62 1.3% £0.40
Apr-15 £36.37 2.1% £0.75
May-15 £33.31 3.2% £1.06
Jun-15 £42.33 3.4% £1.47
Jul-15 £29.98 2.7% £0.80
Aug-15 £29.73 3.4% £1.01
Sep-15 £40.96 3.9% £1.60
Oct-15 £32.91 5.0% £1.65
Nov-15 £50.41 5.2% £2.63
Dec-15 £72.91 4.7% £3.43
Jan-16 £77.91 5.2% £4.09
Feb-16 £75.89 6.4% £4.97
Mar-16 £74.66 7.7% £5.78
Apr-16 £69.95 8.9% £6.23
May-16 £72.96 10.0% £7.28
Jun-16 £77.20 11.1% £8.56
Jul-16 £70.23 12.2% £8.55
Aug-16 £74.35 13.2% £9.85
Sep-16 £74.36 14.3% £10.63
Oct-16 £71.95 15.3% £11.02
Nov-16 £78.81 16.3% £12.86
Dec-16 £69.21 17.0% £11.79
Jan-17 £73.92 16.9% £12.52
Total Interest charged on ROP £128.93

1 Taken from John’s statement in step 1

 

 

Step 4 – Check whether John was informed that interest is charged on the Repayment Option Plan as part of the annual reminders that we started to send in late 2016

John was sent an email on 4th December 2016 advising him:

  • How much he had been charged for the Repayment Option Plan over the last 12 months
  • That interest is charged on the Repayment Option Plan charges
  • How to cancel the Repayment Option Plan if he felt he no longer wanted the product

 

John decided to keep the Repayment Option Plan up until he closed his account in December 2017. As John had been informed that interest is charged on the Repayment Option Plan in the email, we have stopped the calculation 30 days after sending the email, in line the approach we have agreed with the FCA. In total John is owed £128.93 in interest charged on the Repayment Option Plan.

 

 

2. Calculating compensatory interest

 

We have followed the industry standard approach used by the Financial Ombudsman Service (FOS) to calculate compensatory interest. This means that compensatory simple interest is paid at 8% per year.

 

Compensatory interest is paid for any period where either:

  • John’s account balance was less than the refund of Repayment Option Plan interest charges
  • John had no balance on his account

John was paid compensatory interest for two periods:

  • In June and July 2017 when his balance was less than the Repayment Option Plan interest refund; and
  • After he paid off his balance in full in November 2017, until he was paid his refund in July 2018.

This was a total of 11 months of compensatory interest, which is £10.76.

 

Under HMRC guidelines, compensatory interest is classed as income and we are required to pay tax at the basic rate (20%) on your behalf. If you are a non-tax payer you can reclaim this tax, whilst higher rate tax payers are responsible for any further tax payments. Further details on this will be included in your refund communication.

 

 

Final refund amount owed to John

 

The total refund for John is the sum of all interest charged on the Repayment Option Plan, plus any compensatory interest less the basic rate tax.

Interest charged on the Repayment Option Plan £128.93
Compensatory simple interest @ 8% £10.76
Less withheld tax (£2.15)
Total Refund owed to John £137.54

 

When is my refund paid until?

We are refunding interest on ROP charges because we agreed with the FCA that we did not tell you, on the call when you opted-in to ROP, that you would be charged that interest.

 

In 2016, we separately agreed with the FCA to send customers a written reminder of the costs and features of ROP, including the way that interest is applied. Customers who had ROP on or after 19 April 2016 were sent a written communication between October 2016 and February 2017.

 

The FCA is satisfied that, for customers who held ROP at the time, the written reminder adequately informed customers that ROP charges attracted interest at the purchase interest rate. As a result, we have agreed with the FCA that the ROP interest refund will be paid up to 30 days after each customer received their written reminder.

 

Since September 2017, we have sent an annual written reminder to customers explaining the costs of ROP in the previous year and the projected cost for the year ahead if they were to maintain the same balance. These communications are made either by letter, email or are sent with statements.

 

Customers who did not receive a written reminder, for example because they cancelled ROP or closed their account before 19 April 2016, will receive a refund of interest on ROP charges up until the refund is paid.

 

In addition, where a customer’s account would have been in credit had the ROP interest not been charged, compensatory interest at 8% is due on the amount by which the account would have been in credit. This is to compensate for the loss of access to those funds and will be paid up until the date of the refund, irrespective of whether a written reminder communication was sent.

Can I just calculate the ROP interest refund myself from my statements?

This is not a simple calculation so it is unlikely that you will be able to work out the refund amount from your statements. The ROP interest charge does not appear as a separate interest line on your monthly statement. Similar to other purchases, it was included within the total monthly amount of interest you were charged on outstanding purchases. This monthly interest figure includes interest on purchases you made with the card, which are not being refunded.

Other people have a higher refund than I do? How can that be right?

Every account is unique. When you opted into ROP, the balance of your account over time, how you made payments and other factors influence the refund you are now entitled to. There can be a difference in the amount of interest incurred and therefore refunded between two customers who took out ROP on the same day with the same credit limit, depending on how they have subsequently managed their accounts.

 

For example, you will typically receive a higher refund if any of the following apply:

  • You frequently take out cash on your Vanquis card
  • You sometimes miss payments or typically pay the minimum amount due
  • You have never paid your balance in full
  • You are on a higher interest rate (APR) – meaning more interest is charged
  • You have a high balance over a sustained period

 

Conversely, you will typically receive a lower refund in the following circumstances:

  • You have never taken cash out on your card
  • You are a full balance payer or near full balance payer
  • You do not use your card much
  • You have paid off your balance in full at any time
  • You have a lower credit limit and therefore cannot spend large amounts
  • You have activated your ROP product as this freezes interest

 

The calculations are complex and your payment and spending behaviour may change over time (e.g. moving from being a minimum payer to paying the full amount due).

 

Your refund will depend on all of these factors, not just the fact that you may happen to have the same credit limit as someone else; the refund amount will be calculated on how you individually managed your account.

My ROP interest refund looks really low – is it right?

In some cases, the refund amounts will be low, sometimes no more than a few pence. We are refunding the amount of interest you incurred on the ROP charge and the refund is influenced by how you have managed your account. We have highlighted above the factors that may lead to a lower refund amount. If you had the ROP for a short time and did not use your card much or paid the balance in full then you may have only been charged a small amount of interest on the ROP and therefore you will receive a small refund.

 

If you have a question about your refund amount please contact us:

How do you know your ROP interest refunds are right?

The underlying methodology for the refund calculation has been agreed with the Financial Conduct Authority. It is really important to us that we refund you the right amount, so we asked an independent company to validate the calculation before we started issuing refunds to our customers.

Am I eligible for compensatory interest?

If your account would have been in credit had the interest on ROP not been charged, we have automatically added 8% compensatory interest to your refund amount. For periods where your account would not have been in credit, compensatory interest is not payable.

 

Our assessment of any compensatory interest is in accordance with the Financial Ombudsman Service and Financial Conduct Authority’s guidance. This is calculated on a simple interest basis at 8%. Where applicable, compensatory interest will continue to be added until payment is actually made so you will not lose out as a result of any delay.

 

In line with HM Revenue & Customs (HMRC) guidelines, we are required to deduct income tax from the notional interest at the basic rate of 20%.

Will I be getting compensatory interest up to the date of the refund?

Compensatory interest will be paid where your account would have been in credit had no interest applied on ROP charges. This will be paid up until the date of the refund.

Why aren’t you refunding over limit fees?

We have agreed with the FCA that these fees will not be refunded. We assess your account each month when we produce your statement and if you are over your agreed credit limit by more than a certain amount; you may be charged a fee. This assessment is carried out before any ROP is charged. The interest charged on ROP typically makes up a small element of the overall purchase interest charged in any given month.

I have had a previous refund of ROP charges plus associated interest. Am I still eligible for a ROP interest refund?

We are reviewing all accounts where ROP was ever charged to see if a refund is due. We will take into account any previous refunds that have been given. For example, if you have had a refund of all ROP charges and associated interest, it could be there will be no further refund. If one is due, you do not need to do anything to receive your refund*, this will be applied to your credit card balance or sent to you via cheque.

 

We will not be actively communicating with customers who are not entitled to a refund or who did not incur any interest on ROP charges.

 

* If you have moved address, please let us know by completing the form here


Need further support?

I think I’m in Financial Difficulty, what can I do?

Please call us to discuss your current situation, as we may be able to help. You may also benefit from contacting one of the below agencies who offer free and impartial debt advice.

   

Money Advice Service: 0300 500 5000

   

National Debtline: 0808 808 4000

   

StepChange Debt Charity: 0800 107 9613

What should I do if I want further detail about how my ROP interest refund was calculated?

If you have any questions on the interest refund calculation then our ROP specialist team would be more than happy to discuss this with you. Please contact us:

I have another question which hasn't been answered in the above or in the letter from Vanquis

If you have any concerns or issues about the refund or the Plan, please contact us: