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Represents English HAs 1,000 members (99% coverage) 2 million homes for 5m disadvantaged

Represents English HAs 1,000 members (99% coverage) 2 million homes for 5m disadvantaged. Financial exclusion. No access to mainstream finance No credit history No affordable answer to urgent needs Must borrow from high cost lenders. Consumer borrowing. The Credit Gap. Banks.

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Represents English HAs 1,000 members (99% coverage) 2 million homes for 5m disadvantaged

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  1. Represents English HAs • 1,000 members (99% coverage) • 2 million homes for 5m disadvantaged

  2. Financial exclusion • No access to mainstream finance • No credit history • No affordable answer to urgent needs • Must borrow from high cost lenders

  3. Consumer borrowing

  4. The Credit Gap Banks Credit unions Doorstep/payday/ illegal

  5. Member concerns • Debt spirals • Rent arrears • Health/social issues

  6. Federation Response • National, sustainable social business • Small sum lending & allied services • Long-term financial plan

  7. Launch Launch

  8. Shops Wolverhampton Birmingham City Worcester Northfield Hereford Coventry

  9. Services • Credit • Basic bank accounts • Savings accounts • Money advice

  10. Process • Initial contact • Appointment • Interview • Decision • Disbursement • Money advice

  11. The annual cost of credit

  12. Partners Housing Associations

  13. So far… • Loans: 9,800 • Average loan: 340 • Aggregate lending: £3.3m • Est. aggregate savings: > £2m

  14. Savings Accounts 46%

  15. Age

  16. Household make up

  17. Future plans • Consolidate WM • Roll out • Refine model • ‘One-stop shop’

  18. Future plans • Capitalisation • Loan note offer • 5 years at 6% • Dual return

  19. Thank you tess.pendle@housing.org.uk

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