Vanquis Bank, a sub-prime lender targeting those with a poor credit rating and multiple debts, has finally vanished from the Oldham Bus Station after a campaign by Oldham Liberal Democrats led to a ban from Transport for Greater Manchester (TfGM).

At the July 17th Council meeting, Leader of the Opposition and of the Liberal Democrat Group, Councillor Howard Sykes raised the issue of the inappropriateness of Vanquis Bank marketing its products to residents of the borough by having a stand in the Oldham Bus Station.

At this stand, company representatives were seen to be handing out promotional brochures, and harassing passers-by entering the bus station.

Vanquis Bank, a subsidiary of doorstep lender Provident Finance, operates in the sub-prime lending market offering a credit card requiring a typical interest payment of 39.9% to UK residents with a ‘limited or uneven credit history’.

It has been criticised on credit forums such as Money Saving Expert, established by financial journalist Martin Lewis, for the high interest charges on these cards and the high charges levied on defaulted payments.

At the July meeting, Cllr Sykes questioned why Transport for Greater Manchester, which had worked with bus operators to introduce reduced fares to make bus travel more affordable to those on low incomes, was permitting such an organisation for a fee to operate on its premises.

Cllr Sykes and Oldham representative on TfGM fellow Lib Dem Cllr John Dillon together began a campaign to have Vanquis banished.

Cllr Sykes said: “Vanquis actively targets customers with limited means and a poor credit history who cannot access cheaper credit elsewhere, putting them further into debt. These individuals often already have multiple debt issues and struggle to make repayments. Quite simply the Oldham Liberal Democrats did not want to see this company using a bus station to push their products on the poorest citizens in our society so we called upon TfGM to revoke their agreement with them immediately”.

On 3rd October, Councillors Sykes and Dillon were informed by senior manager Jon Lamonte of TfGM that following Lib Dem demands an internal review was conducted a corporate decision made not to let Vanquis back into the bus station.

Cllr Sykes: “This is a pleasing result, and the latest positive action to combat loan sharks and sub-prime, high-interest lending companies in our borough resulting from pressure brought to bear by the Liberal Democrat Group on Oldham Council.

We recently also led the way in calling first for the Council to ban links to the websites of loan companies –such as Wonga – from the computers of public libraries and Council offices, a policy that the Council chose to adopt days after we suggested it.

We now need to get TfGM to agree to our second demand – that the Oldham Credit Union be invited to have a free stand in the Oldham Bus Station”.