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Vanquis Credit Card Refunds

Vanquis Bank are A FTSE 250 company providing specialist banking services for 10-12 million UK adults who are not served by traditional lenders.

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Who are Vanquis?

Formerly known as Provident Financial plc, Vanquis Bank’s headquarters are in Bradford and the firm specialise in credit cards, loans and consumer vehicle finance. The brand primarily focuses on providing services to those with a less than perfect credit history who may have been declined by other more traditional lenders. In fact, Vanquis is the leading provider of credit cards to people in the non-standard credit market, promoting financial inclusion by bringing credit
cards to people who are typically declined by mainstream credit card providers.

There are 1498 Barclays branches across the UK and according to the brands claimed Trustpilot page, the current overall rating is marked as ‘bad’ with a 1.4 customer score (August 2023). As of quarter three in 2022, Barclaycard consumer UK income reached £283 million.

What are Vanquis credit card claims?

Formerly known as Provident Financial plc, Vanquis Bank’s headquarters are in Bradford and the firm specialise in credit cards, loans and consumer vehicle finance. The brand primarily focuses on providing services to those with a less than perfect credit history who may have been declined by other more traditional lenders.

In fact, Vanquis is the leading provider of credit cards to people in the non-standard credit market, promoting financial inclusion by bringing credit cards to people who are typically declined by mainstream credit card providers.

Who has a Vanquis credit card claim?

Have you had a credit card with a high credit limit? If your limit was so high that your monthly repayments were hard to manage causing more debt, you may be entitled to compensation. When choosing a credit card most people are initially given a sensible limit. Unfortunately, investigations by the Financial Ombudsman Service have shed light on lenders in the past who have continued to increase a customer’s already high credit limit. For some customers, a legitimate unaffordability claim can be explored if their credit card lender was irresponsible in allowing them to borrow so much that the debt was unaffordable.

Credit Card Refund Check List

 

“Rules imposed by the Financial Conduct Authority mean any firm offering credit has an obligation to check your financial situation to make sure you could afford the credit they were providing, before
giving it to you.”

1

You should never have been approved

Your lender should've assessed your financial situation each time they increased your credit
limit. In addition, if you had a recent spell of high cost and short term lending, recent credit
problems in the form of missed payments they should have also taken greater responsibility.
The customer felt that they were pushed into making the wrong decision without complete understanding.
2

Your limit should not have increased

Your lender should not have increased your credit card limit if it was obvious you were currently
struggling to pay your existing repayments. In addition, if you were only making minimum
payments for an extended period of time or you were missing payments, they should not have increased the limit. Transactions that show gambling should have been noted before a credit increase as well as taking out payday loans to cover costs.
3

You should be able to cover necessities

Your credit was not affordable if it resulted in you being unable to make your monthly
repayments without difficulty. You should also have been able to cover your normal household running costs, expenses and any other debts.