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Promoting financial inclusion through partnerships

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

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Promoting financial inclusion through partnerships

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  1. Promoting financial inclusion through partnerships • Jason Herbert • Hyde Housing Association

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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. Contact details Hyde Plus London Regional Office Hollingsworth House 181 Lewisham High St London, SE13 6AA E: Jason.Herbert@hyde-housing.co.uk T: 020 8297 7587

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