Vanquis Credit Card Claims

Have you been affected by a mis sold Vanquis Credit Card?
You could be eligible to make a claim.

If you’ve had a Vanquis credit card in the past and struggled to make repayments, you may be eligible for compensation.

Check whether you can make a claim against Vanquis credit cards.

Who Are Vanquis?

Vanquis was established in 2002 and offers credit cards to help people build up their credit – also known as “credit-building credit cards”. These cards are tailored specifically to help people build up their credit rating, and are therefore often used by those with a bad credit history looking to improve their credit score.

Vanquis Bank, a subsidiary of Provident Financial Group, own Vanquis. Their loans and credit cards are offered to over 4 million UK customers. Their app is award-winning, and in January 2022 their TrustPilot averaged at 4.6 stars.

Why Could I Be Owed Compensation From Vanquis?

In 2018, Vanquis was fined £1,976,000 by the Financial Conduct Authority (FCA). In a press release published by the FCA, Vanquis was ordered to pay their customers compensation, as the company had failed to disclose an add-on product’s full price. This product was called the Repayment Option Plan (or ROP).

When selling this ROP, customers were told the following by Vanquis:

How the product worked
What its monthly charge was

However, Vanquis neglected to tell customers that there was an interest component included in the product’s full cost.

Vanquis have been ordered by the FCA to pay the interest back to customers who were charged through this ROP.

The FCA have reported that Vanquis will pay back an estimated £168,781,000 in compensation.

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Am I Eligible for Compensation From Vanquis?

If you’ve had a Vanquis credit card and struggled to keep up with repayments on this, it may be worth looking into whether you’re eligible for compensation.

Whether you’re eligible or not will depend on the details of your situation and the circumstances you found yourself in when you were sold the Vanquis financial product.

If you believe you were mis sold to, you could potentially be owed compensation for this. If you’re concerned about the Vanquis products you have, and faced difficulties affording these, customers have been encouraged to voice their concerns to Vanquis.

How Do I Make a Claim Against Vanquis?

As when making any claim against a company for their financial products, you’ll have to provide a few details. These can include personal details about you (e.g., your name and contact details), and information about the situation in which you believe you were mis sold the product.

Claim requests can vary depending on the nature of the claim, who it’s with and how it’s being dealt with. You’ll have to find out more about the compensation process with Vanquis in order to potentially be eligible for it.

Is There a Deadline?

There’s currently no deadline to submit a claim against Vanquis.

Those who have struggled to pay back their credit cards with Vanquis in the past might be eligible to make a claim. If you feel you could be due compensation, it’s worth checking to see if you are, and check how much compensation you could be owed.