Vanquis IRL Complaint - re a Loan Account - refunded all interest - loan written off. ***Resolved***

[stephenXL]

Strange letter arrived last Friday from Vanquis.

It starts off as follows:

 

Following a review of your account, we have identified that we made an error in veryfying your suitability for your loan at the point of application. Had we correctly verified your details, we would not have provided you with the loan.

(This letter goes on to say)

What are we doing to fix this?

• We have taken the decision to refund all interest accrued. This will be used first to reduce the outstanding balance and any additional amountwill be issued to you by cheque within the next 28 days.
• This means that you will not be required to make any futher payments.
• Additionally, we will be removing the record of your loan account from the credit reference agencies. Q(Can they do that?) The account stands on my record as "settled" I never missed a single payment over the term of this small loan?

 

Fact: They contacted me and offered the loan in the first place because I already had a Credit card with them.

My guess? This has been issued as a result of regulatory oversight.

 

Any advice would be appreciated. I have a copy of the letter on hand ready to attach (all relevent info has beed redacted) if you need it.

Always glad to see you guys are still here.

 

Thanks

stephenXL

[Ethel Street]

New one on me so nothing specific I can advise. I suspect you are right about the regulatory oversight. The regulator has been reviwing their lending practices and found them inadaequate probably. Failure to do affordability checks would be my best guess .

[whitelist]

Makes sense if you also had a doorstep loan from Provident. Believe Provident and Vanquish are in the same group of companies.

 

My loan in my past with provident was written off and credit files deleted.

[dx100uk]

irresponsible lending rules.

 

they've done this because they were ordered too by the FCA/FOS and they have only just gotten around to you.

 

dx

 

[stephenXL]

Update:

I had repaid this loan in full. Whatever audit was carried out Vanquis was required to repay all the interest I had paid. Almost £600

 

Thanks

stephenXL

[dx100uk]

thanks for the update 

glad cag helped you win 

 

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dx