Payplan Changing Times FINCAN 16.1.14. Setting the scene and what we see at Payplan.
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Transcript of Payplan Changing Times FINCAN 16.1.14. Setting the scene and what we see at Payplan.
Payplan Changing Times
FINCAN 16.1.14
Setting the scene and what we see at Payplan
Every Day
• CABx see 8000 debt problems every day• 2.5 million remain unemployed• Interests rates at lowest since introduction in 1694 • Estimated 4m people will take out payday loan in next 6 months• MAS report 52% people are struggling to keep up with payments
At Payplan
Understanding our clients
Our Clients Experience
“I’m not out of the
woods yet”
“I feel it’s all
getting sorted”
“Some one is
helping.. Phew”
“I can’t juggle
anymore”
Client types
Happy Long Term payersDejected long term payers
Must be Debt free Optimistic future group
What next…
• Reviewing our messaging, operational processes and how we support
• In the future we hope to be able to position Payplan where we can offer appropriate support to all regardless of their needs
• Formal Launch in February Invites to follow
• https://vimeo.com/69735199
Using our debt map
Debt AdviceLee Forrest, Team Leader Financial and Social Inclusion
Title of presentation hereSupporting information
Financial and Social Inclusion
Presentation title 04/19/23 12
1750 PTC’s
1655Clients
2838Areas of advice
£1.83mConfirmed Income Gains/ Debt Reduction
Life On The Edge
FINCAN 16th January 2014
Caroline HamiltonRelationship Officer
•Established 1993 as the Consumer Credit Counselling Service
•Rebranded 5th November 2012
•Over 400 000 people per year helped by over 1300 staff
•Dedicated to overcoming problem debt with solutions that are tailored, effective and free
•We know debt, the causes, consequences and most importantly, the way out
•Realistic sustainable approach
•Funded by voluntary donations from the credit industry (FSC)
Who we are
Our Vision and Mission
Our vision is for a society free from problem debt
Our mission is to provide a free and effective debt advice, solutions and re-establishment service to help transform the lives of those struggling with the stress and worry of problem
debt
Average Income £1,381
Average Expenditure £1309
Unsecured Debts of £15 9796.1 Unsecured Creditors
Rob from Peter to Pay PaulImpact on Health, Family, WorkBury heads in the sand
18 Phone calls per day chasing payments
• Unemployment ● Illness• Divorce ● Bereavement• Unexpected costs
Life on the edge
INCOME SHOCK
The Situation in the North East• Over 6500 clients advised in 2013*
• Average non priority debt owed £13483
• Under 25’s have the lowest debt levels at 4179
• Over 60’s have the highest levels with £16871
• Average budget surplus £5
PresentationTitle pageCorbel 38
DateAuthor Arial 18
Situation for Social Housing Tenants
PresentationTitle pageCorbel 38
DateAuthor Arial 18
PresentationTitle pageCorbel 38
DateAuthor Arial 18
PresentationTitle pageCorbel 38
DateAuthor Arial 18
How can StepChange Debt Charity Help?
Collect personal details
Collect income & priority
expenditure
Budget for household
expenditure
Retrieve creditor & debt
details
Assess suitable solutions & recommend
Create personalised
advice booklet
o Priorities checked for arrears & arrangements calculated
o Household expenditure calculated based on family composition & CCCS guidelines
o Collection of debt info - credit report from Callcredit
o Suitability of solutions assessed using decision logic
o A recommended course of action is given
PresentationTitle pageCorbel 38
DateAuthor Arial 18
How can you refer to StepChange Debt Charity?
0800 138 1111
•Warm transfer the client•Ask the client to call directly
WWW.StepChange.org
•Direct the client to Debt Remedy•Suggest the client book a call back from the ‘contact us’ section
Problem debt can happen to anyone.
We’re here for everyone.
Caroline Hamilton Relationship Officer
01244 304321 07538 [email protected]
The Role of an Independent Financial Adviser
Alan Dennett DipFAAmethyst IFAs
Who are we ?
All advisers are not the same.Independent Financial Advisers (whole of market)Restricted Advisers (limited Panel)Restricted Advisers (specialist)Or just Mortgage advisers
Qualifications
NVQ level 4DipFA (diploma in Financial Advice)CeMAP (Certificate in Mortgage advice and Practice
and many more)Regular testing Continual professional Development
What we Do
Informed Advice and Recommendation
• Protection• Retirement• Investments• Savings• Mortgages
The Advice processHow we Work
• Engagement, introductory meeting• Fact Finding circumstances goals needs• Research and analysis• Recommendations• Implementation• Reviews
How we get paid
• Fees• Commissions• mixture
Protection for the Client
NetworkFinancial Conduct AuthorityFinancial Services Compensation SchemeComplaintsFinancial Ombudsman serviceIndemnity insuranceProvidersReputation
What is financial capability?
2006
34
Skills
Knowledge
Attitudes
2013
Opportunity
Motivation
Skills
Knowledge
Attitudes
Strategy ObjectivesThe Financial Capability Strategy for the UK will set out
A compelling evidence base
An overview of current UK wide initiatives to improve financial capability, identifying gaps
Agreed action plan to fill gaps and address specific target groups
How the organisations involved in financial capability can optimise their resources
An evaluation framework to monitor success
1
36
Call for Evidence Summary
• Call for evidence for the UK Strategy for Financial Capability ran from 16th May 2013 to 26th July 2013.
• 46 formal submissions were received with 39 of those providing supporting documentation and evidence.
• The submissions were analysed by the Money Advice Service and this is a short summary of findings.
1. The evidence base in relation to existing provision requires further
developed and investigation
2. A common evaluation framework will evidence what works well and support
the sharing of best practice across the sector
3. There are a number of barriers to financial capability, on both the supply and
demand side, that need to be addressed
4. Additional work needs to be done to ensure funding is used effectively and
structured to deliver better outcomes for consumers over the longer term
37
Call for Evidence Summary
15
Planning Ahead
2006 2013
39% tended to live for today v 32% prefer to live for today
25% not saving for a rainy day v 37% not saving for a rainy day
42% not paying into a pension v 67% not paying into a pension
What’s changed since 2006?
16
Making ends meet & Keeping Track Keeping Track
2006 2013
35% struggle with bills and commitments v 51% struggle with bills and commitments
9% run out of money at the end of week/month v 13% run out of money at the end of the week/month
7% of people have no idea what their bank account balance is
17% of people have no idea what their bank account balance isv
What’s changed since 2006?
40
Making informed decisions
2006 2013
Choosing financial products & staying informed
21% shopped around for the best deal
11% kept up with best buys
78% aware of at least one financial indicator
23% not shopping around (insurance)
29% did not identify best performing ISA
33% unaware of the impact of inflation on savings
What’s changed since 2006?
What’s changed since 2006 – Macro economic environment, policy changes, Financial Capability Tracker, Call for Evidence Submissions etc.
Domain
Keeping track of money (day to day budgeting, using credit sensibly, managing debt etc)
Planning ahead Making informed decisions
Target Groups
Young People Working age people Older People in retirement
SchoolsParents
First EmployerYouth Workers
Advice Agencies
EmployersPoint of Sale/FS Providers
Advice AgenciesCentral Govt
AgeUK + other Advice AgenciesPoint of Sale/FS Providers
Trusted sources (doctor/solicitor/accountant/IFA)Local Authorities
Mapping of Existing Provision
Evaluation, Sharing Best Practice, Addressing Gaps/Intervention Design
Channel
Existing Delivery
What works
Overlay vulnerability across target groups
Include specific intervention to be
designed
Include specific intervention to be designed
Include specific intervention to be
designed
Agreed Actions and Priorities
Include information and advice interventions
Improving peoples financial wellbeing
Co-ordinating provision, measures of success and priorities
Scope of the Strategy
43
This is not just a Money Advice Service Strategy
Yo
un
g P
eo
ple
Wo
rkin
g a
ge life
eve
nts
Old
er p
eo
ple
Eva
lua
tion
UK Financial Capability Strategy – High Level Plan – 20 November 2013
Pre-Nov 13
Identify evidence providers
Nov 13
Dec 13
Jan 14
Feb 14
Mar 14
Apr 14
May 14
Ongoing 2015 through 2018
Engage & collect evidence
Publish baseline study
Map current interventions
landscapeAgree scope and priorities for the
strategy
Run strategy consultations, regional and devolved administration events
Consultation launch
Strategy launch
Draft strategy framework
Produce strategy v1.0
Iterate strategy v2.0
Continual strategy iteration
Steering Group Meeting 29th Nov – agree strategy development approach
Steering Group Meeting 21 Feb – Report back from workstreams
Develo
p d
atabase o
f in
terventio
ns an
d evid
ence
of im
pact
Develo
p
on
line
resou
rce h
ub
On
go
ing
interven
tion
map
pin
g
Bran
din
g ag
reed
Defin
e com
mu
nicatio
ns an
d
go
vernan
ce pro
cesses
June 14
Q3 14
Q4 14
Publish evidence papers & launch
hub
Establish workstreams, assess evidence, identify gaps and potential channels
Develop recommendations of how to address gaps and longlist priorities for agreement by Steering Group
Develop first version of evaluation framework
Steering Group Meeting May– Report back from workstreams
Money advice developments at Citizens AdviceRobert Wilson,
Head of Money Advice, Citizens Advice Specialist Support
Context for money advice strategy
• Increasing demand for money advice services
• Advice sector losing key funding streams
• Growth in competition
• Inconsistent quality
• Clients want different things
What creditors and funders say
• Single point of contact preferred
• What happens to the client?
• Inconsistent practices
• Communication
• Debt management
• Client education/rehabilitation
Money advice strategy objectives 2012-15
• Developing and implementing a new service-wide approach to money advice.
• Supporting bureaux and the money advice not-for-profit sector.
• Developing key partnerships.
• Influencing policy, legislation and creditor practices.
Progress so far
• Standardising the client journey- integrated money advice pilots
- debt payment solutions
- focus on outcomes
- common first point of entry
• Money advice module and electronic communications
• Partnerships
• Digital strategy-webchat/email pilots
-move to multi channel
Working with the Money Advice Service
• Common initial assessment
• Organisational and individual standards
• Single financial statement
• Syndication of information
• Outcomes, impact and evaluation of advice
• Financial capability strategy
Comments, questions, feedback?
Anna Hall
Money Advice Strategy Manager
Citizens Advice
Robert Wilson
Head of Money Advice
Citizens Advice Specialist [email protected]
Funded by the BIG Lottery
Anita Heskett-Saddington& Andrew McGill
FISCUS
Lesson 1: “New Partnerships”
Lesson 2. “Partnership Development”
Lesson 3: “Choosing the Lead”Lesson 4: “Project Approval”
Lesson 5: “Managing the Project”
Lesson 6: “Hiring the New Staff”
Lesson 7: “Dividing up the outputs”
Lesson 8: “Team ACES Delivery”
Lesson 9: “Recruiting Volunteers”
Lesson 10: “Sustainability”
Lesson 11: “Evaluation & Learning”
Lesson 12: “The Future?”
Funded by the BIG Lottery
Anita Heskett-Saddington& Andrew McGill
FISCUS
