Repayment Option Plan

 

Repayment Option Plan will be withdrawn on 21st October 2022.

Repayment Option Plan is being withdrawn

Our Repayment Option Plan will be coming to an end on 21st October 2022. If you are already opted into the Plan, you will no longer be charged for the Plan from 11th April 2022, however, you will still be able to activate the features during this remaining time (subject to eligibility).

 

We will continue to send you communications over the coming months to keep you fully informed. In the meantime, please refer to the below sections for information on the features and how to activate them.

 

For more information about the withdrawal of Repayment option plan, you can use our FAQ tool by clicking the speech bubble at the bottom right of this page. Be aware, this service is not a live chat.

Financial difficulties

Whether you're opted in to Repayment Option Plan or not, all our customers are entitled to support with financial difficulty at no extra cost. Find out more about the support we offer.

Repayment Option Plan features

Click one of the boxes below to find out more about each of our Repayment Option Plan features:

 

Account Freeze

 

Freeze your Vanquis Credit Card for up to 24 months.

Lifeline Icon

 

Lifeline

 

Automatically activates once an Account Year^ if you accidentally miss a payment.

 

Payment Holiday

 

Take a break from your monthly payment once an Account Year^ with a Payment Holiday.

 

 

Account Freeze

Account Freeze allows you to freeze your Vanquis Credit Card for up to 24 months if you are impacted by certain long-term life events.

 

What are the benefits of Account Freeze?

 

If you are eligible and activate an Account Freeze:

  • We'll freeze your account as soon as we've received sufficient evidence that you're experiencing one of the listed life events.
  • Your account won't show as in arrears on your external credit report for the duration of the Freeze.
  • You won't need to make your monthly repayment during the Freeze period.
  • You won't incur any interest or charges during the Freeze.

Which life events are covered?

 

Full Plan customers

  • Losing your job through no fault of your own or taking voluntary redundancy. This doesn't include retirement.
  • Your work hours being reduced by 20% or more, this could be due to being put on short-time working for example.
  • If you're self-employed this could be your weekly income being reduced by 20% or more through loss of contracts or work not being renewed.
  • A loss of income through taking leave from work to care for your partner or a member of your immediate family who is sick. Your partner is someone who you've lived with for more than 6 months. Your immediate family member is a sibling parent, spouse, or child.
  • Taking maternity, paternity or adoption leave.

Standard & Full Plan customers

  • Becoming sick, disabled or having an accident which stops you making 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.
  • The death of your partner or an immediate family member. Your partner is someone who you've lived with for more than 6 months. Your immediate family member is a sibling, parent, spouse, or child.

 

Things to note about Account Freeze

  • You won't be able to use your Credit Card while your Account Freeze is active.
  • You can also choose to make voluntary payments to reduce your balance while your account is frozen.
  • While the Freeze is active, we'll contact you from time to time to discuss your circumstances.
  • Account Freeze will affect your eligibility for a Credit Limit Increase and interest rate reduction. Our usual eligibility criteria will apply again at the end of the Account Freeze.

How do I activate an Account Freeze?

 

If you're experiencing one of the life events listed above give us a call on 0330 099 3000*. If you're eligible we'll ask you to provide some evidence to confirm your life event.

 

Your evidence must be from an official source ( for example, a Doctors of Hospital Certificate if you're sick.) You'll be able to send this to us electronically through our secure portal, or by post.

 

 

Lifeline

If you miss your monthly payment, whether you were away, ill, or just forgot, we'll automatically activate your Lifeline and let you know by text following your payment due date. This feature is available once per Account Year^.

 

What are the benefits of Lifeline

 

If your Lifeline activates:

  • You won't be charged late payment of overlimit fees.
  • We'll report your Vanquis Credit Card account as up to date on your external credit report for that payment.

How does Lifeline work?

 

We'll automatically activate a Lifeline once per Account Year^ if you forget to make your minimum payment. We'll also send you a text to let you know.

Things to note about Lifeline

  • You must make your missed payment before your next payment due date, if you don’t, and/or you miss your next payment, your account will be charged a late fee and your account will show as 2 months in arrears.
  • Using your Lifeline will affect your eligibility for a Credit Limit Increase.
  • Interest is still charged when a Lifeline is activated.

To be eligible for a Lifeline

  • You must have made your last minimum payment in full.
  • There must be a minimum gap of 1 month between a Lifeline and taking a Payment Holiday. This applies even if the Lifeline and Payment Holiday fall in different Account Years^.
  • Your account should not be overlimit, on a payment arrangement, or in arrears.

 

 

Payment Holiday

If you're having an expensive month , just let us know and if you're eligible you can take a break from making your monthly payment once an Account Year^.

 

What are the benefits of Payment Holiday

 

  • You won't need to make your minimum monthly payment in your chosen Payment Holiday month.
  • You wont be charged a late payment fee.
  • We'll report your Vanquis Credit Card account as up to date on your external credit report for that payment.

How does Payment Holiday work?

 

Call us on 0330 099 3000* before midday on the day your minimum payment is due. If that's not a working day, then please call before midday on the last working day before that.

Things to note about Payment Holiday

  • If you have a Direct Debit in place and activate a Payment Holiday within 3 working days of your payment due date, you will need to contact your bank to cancel the Direct Debit.
  • Interest is still charged during the Payment Holiday period.
  • If your balance is close to your credit limit and you take a Payment Holiday, any interest or charges added can take you over your credit limit and you may be charged an overlimit fee.

To be eligible for a Payment Holiday

  • Your account should not be overlimit, on a payment arrangement, or in arrears.
  • You must have made your last minimum payment in full.
  • There must be a minimum gap of 1 month between a Lifeline and taking a Payment Holiday. This applies even if the Lifeline and the Payment Holiday fall in different Account Years^.

 

^An Account Year is the period of 12 month, starting from the date you opened your account and each successive 12-month period after that.