After the announcement that the Financial Conduct Authority has ordered Vanquis Bank is to pay 1.2 million customers around £169 million in compensation by cheque, Martin Lewis, founder of MoneySavingExpert.com, said:
“This is an improved system compared to similar past pay-outs from CPP and Sentinel, as here you should be paid automatically rather than having to claim. Yet that doesn’t mean there aren’t hurdles to jump.The big one is they’re sending cheques, so do they have the right address?It’s important to check to see if you’ve had a Vanquis, Chrome, Aquis or Argos card (or a few others) since 2003, and if you did, have you moved house since?If so ensure you let them know, otherwise you could risk missing out.”
About Martin Lewis: Martin Lewis OBE, Money Saving Expert, is the journalist and consumer campaigner who created MoneySavingExpert.com and is now the site’s Executive Chair. Martin also founded and chairs the Money and Mental Health Policy Institute charity.
He’s the UK’s most-googled man, Citizens Advice’s Consumer Champion of the Year, and has spearheaded major financial justice campaigns including bank charges reclaiming (over seven million template letters downloaded), PPI reclaiming (over six million) and a successful large-scale campaign to get financial education in schools. He has his own prime-time ITV programme, The Martin Lewis Money Show, as well as a range of other regular media slots. He was appointed OBE in the Queen’s Birthday Honours in June 2014.
About MoneySavingExpert.com: MoneySavingExpert.com is dedicated to cutting consumers’ bills and fighting their corner. The free-to-use consumer finance help resource aims to show people how to save money on anything and everything, and campaigns for financial justice. It was set up in 2003 for just £100, and its free-to-use, ethical stance quickly made it the UK’s biggest independent money website, according to internet ranking site Alexa.com, and the number one ‘Business and Finance – Business Information’ site, according to Hitwise. It has more than 12 million people opted-in to receive the weekly MSE’s Money Tips email, and more than 16 million unique monthly site users who visit more than 28 million times a month. In September 2012, it joined the MoneySupermarket.com Group PLC.