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Introduction

Maintaining the flow of credit in turbulent times.

The greatest challenge for a credit company in this difficult economic climate is to maintain the flow of credit to those customers who are in a position to take on such a commitment. And when those customers have modest incomes and little in the way of savings, it is doubly important to give them access to the small sums of credit they need, exactly when they need it.

It is not always appreciated just how crucial access to credit is for those on modest incomes. Wealthier consumers have bigger household budgets and often have access to numerous credit sources if they want to borrow three or four hundred pounds.

For many home credit customers, three or four hundred pounds is a major commitment and they want to arrange the loan in such a way that it will be made easy to make their repayments. If their circumstances change and they need to make reduced payments or even stop repayments occasionally, they want to know they will get a sympathetic response.

And for those on modest incomes who want to participate in today’s world of internet shopping, but only require a small line of credit, having a Vanquis Bank credit card with a credit limit as low as £250, brings them into the modern world.

In 2009, we have succeeded in continuing to lend the small amounts of credit that our customers have asked for. We have managed to do this by:

  • having products tailored to our customers’ circumstances that help them keep up to date with their repayments;
  • securing a diverse range of committed funding sources to meet planned growth; and
  • actively managing our business to respond to the new challenges being presented in these difficult times.

Whether it is a new boiler, a new cooker or a new winter coat, in 2009 we continued to meet the needs of our customers.