Vanquis Repayment Option Plan

 

Are you an existing Repayment Option Plan customer? 

 

 

How do I get the most out of Repayment Option Plan?

Repayment Option Plan is an optional part of your account with 5 features designed to help you build or rebuild your credit. If you’re an existing Repayment Option Plan customer and want to learn more about how to make the most of it please read the information below. 

 

Account Freeze

 

You can freeze your account for up to 24 months if you experience certain life events.

 

To activate: call us on 0330 099 3000

 

More Information

   

Lifeline

 

Once an Account Year▲, if you forget to make your minimum monthly payment, we‘ll activate a Lifeline for you automatically.

 

More Information

   

 Payment Holiday

 

Once an Account Year▲ you can call us and arrange to miss your minimum monthly payment in a month of your choice.

 

To activate: call us on 0330 099 3000

 

More Information

   

Overlimit Alerts

 

We assess your account 5 days before the payment due date. If you’re over your Credit Limit or if you’re close to your Credit Limit we’ll send you a text alert to let you know, giving you an opportunity to pay your balance down before you receive an overlimit fee.

 

To update your number: call us on 0330 099 3000

 

More Information

   

Payment Reminders

 

You’ll receive a text message 5 days before your payment due date with your current balance, available credit, minimum payment amount and date due.

 

To update your number: call us on 0330 099 3000

 

More Information

   

   

Account Freeze

You can freeze your account for up to 24 months if you experience certain life events. We have two plans.

   

The Standard Plan which is for people who are homemakers, students, retired or not in employment. The Full Plan is for people who are in full, part-time or temporary employment or self-employment.

   

The Full Plan which is for people in full, part-time or temporary employment or self-employment. The Standard Plan is for people who are homemakers, students, retired or not in employment.

   

You must tell us as soon as possible if your employment status changes so that we can make sure you’re on the right Plan.

   

   

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

   

Full Plan Cost

The cost 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.

 

If the balance on your statement is:

The amount added to your balance each month will be: If your balance is the same each month the annual cost would be:
£0.00 £0.00 £0.00
£250 £3.23 £38.76
£500 £6.45 £77.40
£1,000 £12.90 £154.80
£1,500 £19.35 £232.20
£2,500 £32.25 £387.00
£3,500 £45.15 £541.80
£4,000 £51.60 £619.20

   

Important Information

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

   

Standard Plan Cost

The cost 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.

 

If the balance on your statement is: The amount added to your balance each month will be: If your balance is the same each month the annual cost would be:
£0.00 £0.00 £0.00
£250 £2.98 £35.76
£500 £5.95 £71.40
£1,000 £11.90 £142.80
£1,500 £17.85 £214.20
£2,500 £29.75 £357.00
£3,500 £41.65 £499.80
£4,000 £47.60 £571.20

 

Important Information 
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.

 

How to activate?

   

If you are experiencing one of the life events listed you may be able to freeze your account. Please call us on 0330 099 3000 and we’ll be able to tell you what evidence you need to send us showing your change in circumstances. 

 

We’ll always ask that the evidence is from an official source, for example, a Doctor’s or Hospital certificate if you’re sick. You’ll need to send these to us, along with any declaration that we ask you to sign.

 

Benefits

If you activate an Account Freeze:

  • You won’t need to make monthly payments;
  • You won’t incur interest and charges;
  • Your Vanquis account won’t show as being in arrears on your external credit report;
  • You’ll be eligible to use this feature as soon as you opt in.

   

Useful things you should know

  • You won’t be able to use your card while your account is frozen.
  • You can choose to make voluntary payments to reduce your balance while your account is frozen.
  • Account Freeze will affect your eligibility for a Credit Limit Increase and interest rate reductions. Usual eligibility criteria will apply again at the end of the Account Freeze.
  • We’ll contact you at least every 6 months to review your individual circumstances while the Account Freeze continues.
  • Whether or not you choose to opt in to Repayment Option Plan, if you find yourself in financial difficulty we’ll always work with you to find an affordable solution to your situation. For more information, see ‘How we support you’ below.

 

Payment Holiday

Once an Account Year you can call us and arrange to miss your minimum monthly payment in a month of your choice.

 

Benefits

  • You won’t need to make your minimum monthly payment in your month of choice;
  • Your Vanquis account won’t show as being in arrears on your external credit report for that payment;
  • You’re eligible to use this feature as soon as you opt in to Repayment Option Plan.

   

Useful things you should know

  • Your account can’t be overlimit and you must have made your last minimum payment in full.
  • There must be a minimum gap of 2 months between a Lifeline and taking a Payment Holiday. This applies even if the Lifeline and the Payment Holiday fall in different Account Years.
  • Interest will continue to be added to your account.
  • If your balance is close to your Credit Limit and you take a Payment Holiday the interest added may take you over your Credit Limit.

 

How to activate?

   

Call us on 0330 099 3000 before midday on the day your Minimum Payment is due or, if that’s not a working day, then before midday on the last working day before that.

 

 

 Lifeline

Once an Account Year, if you forget to make your minimum monthly payment, we‘ll activate a Lifeline for you automatically. If your Lifeline is activated we’ll send you a text following your payment due date to let you know.

   

Benefits

  • You won’t be charged a late payment fee;
  • Your Vanquis account won’t show as being in arrears on your external credit report;
  • You're eligible to use this feature as soon as you opt in to Repayment Option Plan;
  • You won’t be able to use your card until the missed payment is made.

   

Useful things you should know

  • You must make the missed payment before your next month’s payment is due. If you don’t and you also miss your next payment, your Vanquis account will be reported to the external credit bureaux as 2 payments in arrears.
  • Your account can’t be overlimit and you must have made your last minimum payment in full.
  • There must be a minimum gap of 2 months between a Lifeline and taking a Payment Holiday. This applies even if the Lifeline and the Payment Holiday fall in different Account Years.
  • Using your Lifeline will affect your eligibility for a Credit Limit Increase.
  • If your Lifeline is activated and you then miss another payment in that Account Year, that payment will be classed as missed, you’ll be charged a fee, and your Vanquis account will show as being in arrears on your external credit report.

 

How it works?

   

If you’re eligible, we’ll activate a Lifeline for you automatically if you forget to make your minimum payment and text you to tell you.

 

 

Overlimit Alerts

We assess your account 5 days before the payment due date. If you’re over your Credit Limit or if you’re close to your Credit Limit we’ll send you a text alert to let you know.

 

Benefits

  • You’ll have an opportunity to bring your balance below your Credit Limit before you incur an overlimit fee.

 

Useful things you should know

  • You’ll only incur an overlimit fee if you’re over your Credit Limit when your next statement is produced.
  • You’ll be able to check with Customer Service any pending transactions that might appear on your account when your statement is produced.
  • Remember that any interest and fees will be charged to your account when your statement is produced and these may take you closer to your Credit Limit, over your Credit Limit or further over your Credit Limit.
  • You’ll receive the near limit text alert if your account balance is within 10% of your Credit Limit.
  • If you receive an overlimit text alert you’ll need to bring your balance under your Credit Limit before your statement is produced in order to avoid an overlimit fee.
  • If you receive a near limit text alert you may need to make a payment to stay under your Credit Limit before your statement is produced so that you avoid an overlimit fee.

 

How to get these?

 

To receive an Overlimit Alert text message you must have a mobile phone number set up on your account. Call us on 0330 099 3000 to update your phone number.

 

 

Payment Reminders

You’ll receive a text message 5 days before your payment due date with your current balance, available credit, minimum payment amount and date due.

 

Benefits

  • Reminds you to make your payment on time;
  • Avoid late payment charges.

 

Useful things you should know

  • If you’ve made your payment before the reminder is sent, we’ll still send it and your payment due will show as £0.00 confirming to you that your payment has been made.
  • Payment Reminders are available through eVanquis online account servicing at no extra cost.

 

How to get these?

 

To receive a Payment Reminder text message you must have a mobile phone number set up on your account. Call us on 0330 099 3000 to update your phone number.

 

 

Frequently Asked Questions

 

What if I change my mind?

If you decide that Repayment Option Plan is no longer suitable for you then you can opt out of the Plan at any time. Simply call us on 0330 099 3183 and we’ll remove the Plan from your account.

  • When you opt out your Plan will be cancelled and you won’t be able to use any of the features from that point
  • If you cancel within 30 days of receiving your Repayment Option Plan welcome pack (which will confirm the Plan, Full or Standard, that you’ve opted in to) you’ll receive a full refund of the charges

 

What’s an Account Year?

An Account Year is the period of 12 months starting on the date of opening your account and each successive 12 month period after that.

   

How we support you

Whether or not you are opted in to Repayment Option Plan, if you find yourself in financial difficulty we’ll always work with you to find an affordable solution to your situation. We have a range of options we can suggest, depending on your particular circumstances.

 

The solutions we offer customers in financial difficulty all result in Vanquis accounts showing as being in arrears on external credit reports where payments have been missed. Under Repayment Option Plan, your Vanquis account won’t show as being in arrears on your external credit report while an Account Freeze is in place or where you’re using a Lifeline or a Payment Holiday. This benefit is only available to customers who opt in to the Plan.

 

Calls to 01 and 03 numbers from UK landlines and mobiles are normally included in free plan minutes if available; otherwise calls to 03 numbers cost the same as calls to 01/02 prefix numbers.

 

Call cost information correct as of September 2017.

 

8am - 8pm Monday to Friday

9am - 5:30pm on Saturday

 

Please click here for Vanquis opening hours and call charge information.