tess pendle head of my home finance. why? response to members concerns needs of vulnerable tenants
TRANSCRIPT
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Tess Pendle
Head of My Home Finance
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Why?
Response to members concerns
Needs of vulnerable tenants
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The Credit Gap
Doorstep/IllegalCreditUnionsBanks
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Debt spirals
Rent arrears
Health/social issues
Member concerns
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Federation Response
Solvent & sustainable social business
Small sum (“micro”) lending
Long-term financial plan
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Not for Profit
“a social business...You are committed to solving a social problem with no intention of making personal financial gains. You cover all costs through your operations so that your business is self-sustaining”
Muhammad Yunus, May 2010 Grameen Bank founder & Nobel Peace Prize Winner,
2006
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Governance
Independent CLG
Federation Founder Member
Board and Sounding Board
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Launch
Launch
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Pilot
Wolverhampton Tamworth
Walsall Erdington
Dudley Birmingham City
Worcester Northfield
Hereford Coventry
38 Jobs
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CreditBasic bank accountsSavings accountsMoney advice
Services
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The cost of credit today
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Customer Relations
Building Credit ScoringFlexibility in PaymentsPersonal Contact Early repayment no penaltiesArrears collection
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Process
Initial contactAppointment
InterviewDecisionPayment
(Money advice)
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Roll Out
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Roll out
• North East/West
• Alternative delivery models
• Closer HA and stakeholder involvement
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So far…
Loans: 4,007
Average loan £366
Aggregate lending £1.2 million
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Savings Accounts
46%
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Demographics gender
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Demographics - age
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Demographics - ethnicity
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Analysis/Impact
Typical MHF customer:
Borrows around £366
Currently repays £417
Better off by £249/year (against HC)
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Analysis/Impact
Based on average loan £366
if borrowing taken out at £82/£100:
Total annual savings for clients roughly
£996,000
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Thank you [email protected]