Refund of Interest for Vanquis Repayment Option Plan (ROP)


Refund of interest for customers who opted in to our Repayment Option Plan (ROP)



Financial Conduct Authority Conclusion


The Financial Conduct Authority (FCA) has completed their investigation into our Repayment Option Plan (ROP). They have concluded that when selling ROP, we told customers about how the product worked and what the monthly charge was but we were not clear enough on the opt in call in explaining that ROP will accrue interest in the same way as any other Purchase Transaction.


As a result they have decided that Vanquis should refund any interest relating to ROP. For customers who opted into the ROP on or after 1 April 2014, Vanquis has agreed with the FCA (using its statutory powers) to pay back interest charged from 1 April 2014 to when we told customers about the full cost of ROP. We have also voluntarily agreed to pay back interest to customers who opted into the ROP before 1 April 2014. A total of £168 million will be refunded to 1.2 million customers.



An apology to our customers


We are sorry that we have not been clear enough in the past and we should have done better for our customers. What's important to us now is that we put things right. We will be taking a proactive approach to refunding customers in full and aim to complete this as soon as possible.



Refund of Interest for Repayment Option Plan


All customers that accrued interest on ROP between June 2003 and the time that we wrote to you about the full cost of ROP will receive a refund. This is not a refund on the monthly ROP charge, but the interest accrued on it. You do not need to make a claim to receive your refund as we aim to process them automatically.



Refund for Existing Customers


We will be processing refunds automatically and you do not need to make a claim to receive your refund. There is no need to contact us to receive your refund. In most cases your refund will be credited to your Vanquis Account.



Refund for Past Customers


If you are no longer a customer with Vanquis we will process your refund for you. You do not need to make a claim for your refund. If you are concerned that we do not hold your most recent name or address details please complete the form below.


If you closed your account with us we will send you a cheque in the post.


If your account was charged off and passed to a specialist Debt Purchaser or other 3rd party then your outstanding balance will be reduced by the refund amount, or where paid in full we will send you a cheque in the post.



Update Your Details


If you have changed your name or address since being a customer with Vanquis please complete the form below. This will help us process your refund as quickly as possible.