In line with our Purpose, and in support of the UN Sustainable Development Goal to end poverty, we help to put people on a path to a better everyday life by addressing the key barriers to financial inclusion.
We also invest in activities and initiatives that address key factors which may affect someone’s likelihood of being accepted for credit by supporting and working with a range of money advice organisations, drawing on the longstanding relationships we've eveloped over the years.
By supporting these organisations, our customers can also access independent and personal financial advice and support if they encounter financial challenges. One of these organisations is IncomeMax.
Working with IncomeMax
We have been working with our partner IncomeMax since 2015. Their vision is to bring income maximisation to every vulnerable customer or low income family in the UK. They take proven and personal methodologies and couple this with their caring nature to get the right financial support to the people who need it most. Whether it’s help with social welfare, utility or financial services, IncomeMax’s goal is to improve mental and financial health.
IncomeMax work with individuals to identify ways to increase their income, reduce bills and deal with any problem debts. They also help people to overcome tricky obstacles like phone calls to government departments, claim forms and incorrect benefit decisions. Once customers have been referred, IncomeMax help to identify what resources are available, and they help every step of the way.
customers found new income
helped with their finances
of extra income found for customers
Working in partnership to develop a digital platform
During 2022, the credit card division launched a small-scale pilot of IncomeMax Messenger, the digital proposition which we have invested in to support development over the last couple of years.
Recognising that customers’ digital capacity is evolving and that a growing number may now prefer to engage digitally, this will provide even better access to specialist advice. By providing funding to cover core costs, the new platform will benefit Vanquis and non-Vanquis customers, improving access for a wider community of individuals who may be facing financial difficulties.
A full-scale roll-out is planned for 2023 to offer customers the option of engaging with IncomeMax either via a telephone or digital referral.
Additional resources were have also been developed by IncomeMax to enable us to provide branded self-help toolkits for Vanquis Banking Group customers. The toolkits provide access to valuable, comprehensive signposting and self-serve support for a wider audience, where a referral isn’t necessary.
One of our customers had recently graduated from University and was working part time. She was keen to get another role, however she was suffering with depression which was making life tough.
She had an outdated computer with very old software; and this was adding to the difficulties of trying to apply for jobs. Due to COVID restrictions at the time, libraries were shut and so she was unable to access any other IT resources to start her search.
After being put in touch with IncomeMax, she was advised her to apply for a Personal Independence Payment (PIP) due to her depression. As a result, she was awarded the daily living component, unlocking an additional £3,104 a year.
It was then suggested that the Smallwood Trust (a charity for women in financial need) might be able to help towards getting some new software for her computer. And after applying, she was awarded a £900 grant.
Our customer used this to get a new computer, which she used to write her CV and apply for jobs. Since then, she’s successfully secured an internship in Recruitment which she says has helped to turn her life around.