Represents English HAs 1,000 members (99% coverage) 2 million homes for 5m disadvantaged
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Transcript of Represents English HAs 1,000 members (99% coverage) 2 million homes for 5m disadvantaged
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Represents English HAs
1,000 members (99% coverage)
2 million homes for 5m disadvantaged
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Financial exclusion
No access to mainstream finance
No credit history
No affordable answer to urgent needs
Must borrow from high cost lenders
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Consumer borrowing
1.2 tn mort-gaged
149bn main-
stream unse-cured
65bn non-standard unsecured
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The Credit Gap
Doorstep/payday/illegalCredit
unionsBanks
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Debt spirals
Rent arrears
Health/social issues
Member concerns
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Federation Response
National, sustainable social business
Small sum lending & allied services
Long-term financial plan
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Launch
Launch
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Shops
Wolverhampton
Birmingham City
Worcester Northfield
Hereford Coventry
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CreditBasic bank accountsSavings accountsMoney advice
Services
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Process
Initial contactAppointmentInterviewDecisionDisbursementMoney advice
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Banks + Credit union MHF Home/payday
(IML) Loan shark
The annual cost of credit
£6 £13 per £100
£30 per £100
£75 - £100 per £100
£100 + per £100
Good credit historyShare based & can’t take high risk percentage
All high risk but no further subsidy required
High risk, flexible, personal
Female, 30-40yr, welfare benefit, social
housing
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Partners
Housing Associations
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So far…
Loans: 9,800
Average loan: 340
Aggregate lending: £3.3m
Est. aggregate savings: > £2m
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Savings Accounts
46%
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Age
39%
26%
25%
10%
30 or under31 - 4041 - 5051 onwards
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Household make up
31%
18%
44%
7%
Applicant onlyCouple (with child)Single parentCouple (no child)
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Future plans Consolidate WM
Roll out
Refine model
‘One-stop shop’
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Future plans Capitalisation
Loan note offer
5 years at 6%
Dual return