Vanquis provides credit cards to people with a poor credit history, and to those who usually get declined by mainstream lenders. Vanquis credit cards are currently promoted as having a representative APR of 39.9% (variable) – which means it is expensive to borrow on these cards. Vanquis Bank Limited is authorised to lend by the Financial Conduct Authority.
Vanquis is a part of Provident Financial plc (a FTSE 250 company). In 2021, Provident announced that it was withdrawing from its doorstep lending after 140 years – although it would continue to operate its profitable credit card division, Vanquis Bank.
Experience shows us that the initial decision to give a Vanquis credit card may not be an irresponsible lending decision. Typically, the initial credit limit upon the account being opened may be relatively low – perhaps £500. But it is often when Vanquis starts to increase the credit limit that the credit can potentially become unaffordable. An example Vanquis credit card case is referenced below, where the Ombudsman instructed redress to be paid after the irresponsible credit limit increase:
‘I believe the credit limit increase to £3,000 in January 2016 was unaffordable. This made Mr G’s ability to manage financially on a fixed income much worse. To put things right Vanquis need to refund all interest and charges applied to Mr G’s account after his credit limit was increased to £3,000.’ (https://www.financial-ombudsman.org.uk/decision/DRN6147698.pdf).
Before agreeing a credit limit increase, like all credit card companies, Vanquis Bank needs to carry out proportionate affordability checks. These checks should include monitoring the way the Vanquis card has been used up to that point. In the below case, Vanquis failed to take into account that the card was being used for excessive gambling – and that this would mean the credit was not likely to be sustainable for the customer:
‘In circumstances such as this, it would be expected by this service that Vanquis would have recognised the potential damage that increasing Mrs B’s credit limit, and therefore potentially further facilitating Mrs B’s possible gambling addiction, could have caused. But I can’t see that Vanquis did consider that here, even though they had charged Mrs B for gambling transactions a total of ten times between the account opening and the first credit limit increase in July 2016.’ (https://www.financial-ombudsman.org.uk/decision/DRN-2810873.pdf)
Allegiant has extensive experience of making claims against Vanquis cards, and we will happily assist you with your claim.
We realise that claiming against a high cost loan lender can seem daunting. We aim to make the claiming process as simple as possible. We specialise in affordability claims. Our experienced team will communicate with the lender (and where required, the Ombudsman service) on your behalf. We use bespoke technology to ensure efficient claims handling. Throughout the process, we inform you of claim progress using a “stage process”, so you can track your progress easily. Please remember though, that you do not need to use a claims management company to make your complaint to your lender, and if your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
Pre complaint investigation and analysis
Formal mis-selling complaint made
Lender responds with a Final Response Letter
If appropriate resolution cannot be reached with the lender, referral to Financial Ombudsman Service.
Our success fee is due only if your lender makes a compensation payout, and is calculated on the amount of the compensation payout. We do not charge you for any part of a settlement that results in the lender reducing your outstanding balance – that is on the house!
The success fee amount is calculated using a band charging system. There are five charging bands. Each band has a maximum amount that we will charge.
Success Fee Charging Table
|Percentage rate the Success Fee is calculated on (including VAT)
|Maximum Success Fee in band (including VAT)
|£1 to £1,499
|£1,500 to £9,999
|£10,000 to £24,999
|£25,000 to £49,999
|£50,000 or more
Below are examples of how this would work in practice.
If you want to see how much we would charge for a specific amount, please visit our online fee calculator at https://allegiant.co.uk/unaffordable-lending-claim-fees.
Please note that the examples in the tables are for illustration purposes only. They are not an estimate of the likely outcome or success fee.
You can cancel for free at any time within 14-days without giving any reason and without incurring any liability. You can communicate your cancellation by telephone, post, email or online.
You can cancel this agreement at any time after the 14-day cancellation period. However, if a complaint submitted by us is successful, the Success Fee will apply in the usual way.
You can cancel by post: Allegiant Finance Services Limited, Freepost RTYU–XUTZ–YKJC, 400 Chadwick House, Warrington Road, Birchwood Park, Warrington, WA3 6AE; (b) by email: firstname.lastname@example.org; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uk/compliance/cancellation.
Allegiant Finance Services is widely regarded as a pioneer in the high cost loan claims management market.
Contactable by email, phone, or post, whichever you prefer
We will only correspond with you and keep your details secure. We’ll never sell your data.
Much more than a contact form. With our full online application process you will receive an instant automated decision on whether we can take on your claim
We are proud to have recovered over £67m for unaffordable lending claims since 2013
We’ve been claiming high cost loan refunds since 2013