Vanquis ROP – Interest Refund FAQs
What is the Repayment Option Plan?
The Repayment Option Plan is an optional part of Vanquis' customers' credit card account. The Plan currently has 5 features, designed to help you build or rebuild your credit profile. The features are:
- Account Freeze,
- Payment Holiday,
- Overlimit Alerts and
- Payment Reminders
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 £1.19 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 £1.29 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.
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.
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.
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.
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.
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
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 call our dedicated team on 0330 099 3105, email us on ROPRefundsTeam@email.vanquisbank.co.uk or write to us at Repayment Option Plan Team, PO Box 399, Chatham, ME4 4WQ.