This information is out of date as of 28/03/24. For up-to-date information please visit: Customers and Services | Vanquis Banking Group plc (LSE: VANQ)

We provide customers with opportunities to borrow an affordable amount in a transparent, responsible and sustainable way.

Whether they're working through a tough situation, making an exciting purchase, or navigating everyday life - we support our customers based on their needs and circumstances. And we always try to find a way to help, even if it's not possible right away.

Serving customers in a responsible way

The customers we seek to serve have low levels of financial resilience and relatively low levels of disposable income and savings, and their goal is to achieve peace of mind, stability, and financial comfort. They’re not looking for great wealth. They’re simply seeking ‘enough’ to remove some of the barriers and burdens they face and to feel they have the space to truly live, rather than just get by. You can learn more about our customer proposition here.

Supporting customers in vulnerable situations

We understand that our customers can find themselves, at times, in financially challenging situations due to unforeseen circumstances such as ill health, loss of income, family bereavement or other significant life events. Therefore, we ensure that our call centre colleagues are trained in recognising signs that might indicate a customer could be classified as ’vulnerable’, or may be facing financial difficulty, whether in the short or long term.

In addition to having skilled and engaged colleagues to support our customers throughout their journeys with us, we are able to draw on the longstanding relationships we have developed over the years with organisations in the money advice sector. By supporting these organisations, our customers can also access independent and personal financial advice and support if they encounter financial challenges.

For example, we continue to support IncomeMax, a community interest company that helps people to maximise their household income by providing them with independent advice and support to navigate the complex welfare system, allowing individuals to take control of their finances. The advice provided by IncomeMax helps individuals and households to increase their income, reduce household bills, apply for white goods, switch utility tariffs and access specialist support services such as debt advice should this be required.

Finally, while our business works to collect outstanding debt from customers, they sometimes enter debt agreement plans with leading debt charities such as StepChange (a similar arrangement is in place with Christians Against Poverty (CAP)). We continue to accept the offers of payment when customers have sought advice from these charities and a financial assessment has been made of their circumstances. Through the fair share agreements we have with these charities, we contribute almost 12% of any payment we receive from a customer who has entered a debt agreement plan with the charities. The fair share contributions mean our operating businesses pay for the debt advice received by the customer. They provide the charities with financial support so that they can continue to provide free, independent advice. During 2023, the Group’s operating companies paid £400,724 (2022: £451,247) to StepChange and CAP in fair share contributions.

Customer satisfaction rates

One of the key performance indicators we track to determine whether we are providing our customers with products, services and partnerships that meet their particular needs is customer satisfaction.

Measuring this year on year also gives us some insight into where we can make improvements to our offerings so that we can continually meet or surpass customers’ expectations.

Here you'll find these rates for the year ending 31 December 2023.