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Promoting financial inclusion through partnerships

Explore how Hyde Housing Association is promoting financial inclusion through strategic partnerships, focusing on addressing key challenges faced by residents. Discover the benefits of partnerships, scope of work, achievements, and a case study on the Direct Debt Line initiative.

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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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