Money Smart
One Vision Housing are committed to addressing issues around poverty and financial exclusion in our area and are currently developing a Financial Inclusion Strategy which will cover five areas of exclusion.
- Sustaining Communities
- Accessing mainstream financial services
- Anti-poverty
- Homelessness
- Worklessness
We are working to build relationships with other services like banks and utility providers to improve access to services and provide better services to our customers. We have built links with debt avisory services like A4e and Sefton Credit Union to assist our residents with access to savings, debt advice and affordable credit. If you require further information please contact the Income Team on 0300 365 1111.
Financial Inclusion
Financial inclusion is the work being done to help residents who are currently unable to access mainstream financial services like:
- Basic Bank accounts
- Savings accounts
- Money advice and support
- Affordable Credit
- Home Contents Insurance
One Vision Housing is working to build partnerships with organisations to jointly tackle the problems our tenants and leaseholders may experience in these areas and ensure that they receive the best service possible.
Why is it important to One Vision Housing?
One Vision Housing recognise that in order to be the landlord of choice in Sefton we must be more than just a landlord. We also recognise that those of our customers who are heavily in debt or lending from loan sharks are more likely to miss rent payments or abandon their property. We believe that maximising tenants incomes and ensuring that access to independent financial help will enable us to sustain the communities where we work.
Debt
Money Problems?
Money worries especially debt can have long standing effects on your health as well as having wider implications to you and your family. If problems are not dealt with they can snowball into desperation. It is important in these situations to seek help and advice. One Vision Housing staff work with a number of agencies that can help you work towards resolving your problems in complete confidence.
Do you have a Debt Problem?
Most people from time to time struggle to make ends meet without necessarily having a debt problem. Life can often throw up additional unforeseen costs that result in you being short of money. There are however some key indications that you may have a debt problem. Are you:
- Struggling to meet minimum credit card payments.
- Having to borrow money to pay for day to day living expenses.
- Borrowing to meet outstanding debt repayments.
- Missing rent or mortgage payments.
If you are experiencing any of these problems please contact us as soon as possible or ring moneymadeclear, the Financial Services Authority (FSA) money advice service 0300 500 5000.
Priority Debts
Priority debts are debts that are more important than other debts due to what can happen if you do not pay them.
Mortgage and rent – not paying these can result in you and your family losing your home and being made homeless.
Council Tax – can result in additional fines or even a prison sentence if not paid.
Fuel Bills – can result in you being cut off.
Court Fines, Child Maintenance and TV Licence – can result in further fines or prison sentence.
These are samples of the most important bills that need to be paid before any other as they will have a direct effect on your quality of life if they are not.
Other Debts
These debts are still important as you may have signed legal contracts with service providers and credit companies.
- Credit Cards
- Personal Loans
- Hire Purchase Agreements
- Mobile Phone Contracts
- Catalogues and Mail Order accounts.
You may have a legal obligation to pay them, however it is more likely that you will be able to negotiate more affordable repayment plans with these providers.
Borrowing Money
Banks and Building Societies
Banks and Building Societies offer a range of affordable loan products, however these are only available if the customer has a satisfactory credit score. People who are financially excluded will have a low credit score an be unable to access these forms of credit.
Credit Unions
One Vision Housing is working with Sefton Credit Union (SCU)to encourage saving which in turn can lead to access to affordable borrowing. Credit Unions are community run institutions that use member savings to lend to other savers. They do not make a profit and any money they make is reinvested for the benefit of its members and to expand its services. Interest rates are generally comparable to banks. This is a great option for people with a low or no credit rating. (SCU -934 5463)
High Interest Credit
There are a number of companies who offer instant credit with set weekly payment plans that may seem affordable but can often result in large amounts of interest being repaid. They are most notably:
- Doorstep lenders offering small loans at weekly rates.
- Cheque cashing centres and shops offering immediate cash payouts with little or no employment information.
- High street shops offering credit with no credit checks and ‘affordable weekly payments’.
One Vision Housing recommends that these forms of credit are avoided as they may, on first impression, seem affordable but can often result in interest rates exceeding 1000% compared with an average of 12% charged by banks and credit unions.
Illegal Money Lending
Illegal money lenders or Loan sharks as they are commonly known are the most dangerous and unregulated form of credit available. Often non payment can result in threats, intimidation and assault. Some reported cases have seen borrowers forced into prostitution and other criminal activity to clear their debt.
Often a loan shark will be someone a friend knows who can lend you a bit of cash and can be seen as providing a necessary service. That is until you can’t afford to pay. If you are in debt to a loan shark, or know of one operating in your community please contact us immediately. Alternatively you can contact the Illegal Money Lending Team anonymously on 0300 555 2222.
Did you know: Loan sharks have no legal basis to recover monies they have lent out. 100’s of people have had their debts cancelled following the arrests of loan sharks.
Saving Money
Banks and Building Societies
It is important to save in order to protect yourself from any unexpected costs that may come along. Saving is also far cheaper than credit as you receive interest for your money rather than pay it against borrowings. There are a number of ways that you can save. A reputable bank or building society will have a number of products, some can offer higher interest rates, others can give easy access to your money. The choice of savings account depends on what is most suitable for you. Some accounts may restrict you from getting you money for between 30 - 90 days however the interest you receive will be higher than savings accounts that offer instant access. These accounts can be useful as they remove the temptation to withdraw the money, however stiff penalties can be incurred if the money is needed quickly. Instant savings accounts will generally offer very low interest rates but will be very flexible in the way you can access your money.
Credit Unions
Credit Unions offer a good rate of return on savings and being a member gives access to other benefits depending on what arrangements the Credit Union has. They can assist with loans, and often help with things like budgeting advice. They are non profit making organisations that can assist with a range of financial arrangements. Credit Unions are more community focused and will have been set up due to a local need. One Vision Housing has signed an agreement with Sefton Credit Union to work with them and recommend them to our tenants.
Home Contents Insurance
Many people who are on benefits or low incomes don’t always see home contents insurance as an essential item and often believe that they can’t afford it - that is until something goes wrong. One Vision Housing offers a high quality, low cost contents insurance scheme through Aon that we believe is unbeatable compared to other providers. The unique features include:
- Weekly payment plans from as little as £1.62 (£1.08 for over 60s)
- No excess charged in the event of a claim.
- New for old as standard on all policies.
The service is available to all One Vision Housing tenants and leaseholders. Please contact us on 0300 365 1111.
Fuel Poverty
It is recognised that often people who can least afford to pay are charged the highest tariffs for their fuel bills. One Vision Housing is working with a number of fuel providers to ensure our customers get the best possible rates. Often the reason for these high tariffs is the use of prepayment meters. We are working to identify which of our properties have these meters and will work with our customers to remove them.
Basic Bank Accounts
Often the easiest and preferred way to pay bills is via direct debit. Most companies including One Vision Housing offer incentives to pay in this way as it the cheapest payment method and gives a degree of certainty of payment. People who do not have bank accounts cannot access this payment method.
IF YOU DO NOT HAVE A BANK ACCOUNT OR ARE STRUGGLING TO FIND A BANK THAT WILL OPEN ONE FOR YOU - PLEASE CONTACT US ON 0300 365 1111.
Maximising Your Income
Welfare Benefits
One Vision Housing currently employs a Welfare Benefits team whose job it is to assess the benefits our customers are claiming and ensure that they receive the maximum amount they are entitled to. Last year our advisors successfully obtained circa £2m in unclaimed benefits for One Vision tenants and leaseholders.
If you would like to know more about this service and benefits you are claiming or would like to make an appointment to see an advisor please call 0300 365 1111 and ask for the Welfare Benefits Team.
