Promoting financial inclusion through partnerships Jason Herbert Hyde Housing Association

Introduction The Problem Why partnerships? Scope of work Achievements Case Study – Direct Debt line

The problem Among our residents: 13% Have no bank account 48% Have an income under £200 p/w 53% In receipt of State Benefits or Pension 46% Have no savings 38% Have significant debt Significant regional variations mean that there is no “one size fits all” solution

Why partnerships? Enables scale to be built quicker than with direct delivery Cost effective way of delivering services Independence gives clients confidence that their best interests are prioritised by services Quality of specialist providers Can strengthen community based organisations for wider community benefit

Scope of work Over 20 Partnerships in place Partners include Credit Unions, Advice Agencies, CDFIs, and Community Banking Partnerships Delivering core services round advice, banking and credit 80% of Hyde residents have access to services in an area from Southampton to Peterborough

Achievements Around 350 affordable loans granted, with around £175,000 lent Close to £30,000 in interest saved by previous users of high cost credit Over 300 residents receiving advice in respect of over £1m of debt Rent arrears agreements made in close to 60% of advice cases Many residents saving for the first time

Case study – Direct Debt Line (DDL) Telephone based money advice & casework service Chosen in Kent because dispersed stock made access to face to face services difficult for many residents System of automatic referral for residents reaching notice stage of arrears process

Client profiles Services provided –65% of tenants engaged with service –31% receive advice, guidance and assistance –34% receive a casework service –10% have received help from utility grants Debt profile (of those who engaged) –38% have unsecured debts averaging around £7700 –45% have council tax arrears –50% have utility arrears –42% have benefits issues – primarily HB and CTB

Impact of services Around 65% of clients who had arrears and engaged with the service made arrears repayment agreements Over £2,000 of Monthly arrears repayments agreed At least 7 possible evictions prevented Around £40,000 in additional income generated for clients Immediacy of telephone casework beneficial

Contact details Hyde Plus London Regional Office Hollingsworth House 181 Lewisham High St London, SE13 6AA E: T: