|Other Incentives||Repayment Option Plan
The Repayment Option Plan (ROP) is a financial device that allows the customer to effectively freeze their account balance in the event of a difficult financial circumstance or allows them to take a payment holiday should they so require it, i.e. if the cardholder has become sick, disabled, unemployed involuntarily or had an accident which has effected their ability to make repayments (full details covering activation are covered later in this specification). A customer can add either ROP plan to their account at anytime (for an additional cost) and it is available to both Classic and Gold card holders.
There are 2 plans available to the customer:
The FULL (for cardholders who are currently employed) or
The STANDARD (for cardholders who are currently unemployed, student or retired),
Both plans allow the cardholder to either:
Freeze the account for up to 24 months or
Take a Payment Holiday once in a 6 month period
Use the SMS service for account alerts and
Make use of the Back To Work Helpline (BTWH)
FULL Plan: Costs 1.29% of the outstanding balance per month (1.29p per £100). If there is no balance then there will be nothing to pay.
STANDARD Plan: Costs 1.19% of the outstanding balance per month (1.19p per £100). If there is no balance then there will be nothing to pay.
|Internet fraud protection||If the cardholder's Vanquis Card is observed being used in unusual transactions or in a suspicious manner, Vanquis will call the customer to confirm if the transactions were authentic/ authorised.