On 00:01hrs, Monday 12 September, a debt charity, Fair for You (www.fairforyou.org.uk) Better lending leads to better lives says new report from high cost credit challenger .
The report, coming the week after the Joseph Rowntree Foundation call to solve poverty, shows that better credit solutions for lower income households can have a significantly beneficial impact on people’s lives.
The independent research showed that as a direct result of taking a loan from Fair for You:
More than half (58%) of people said that they were better able to run their home - this increased to two-thirds (67%) for lone parents.
45% of all respondents said they felt less anxious, stressed or depressed
Over half (56%) of customers with a health condition or disability said they felt less anxious, stressed or depressed
61% of people with a health condition or disability said they were better able to save money as a result of a loan from Fair for You, compared with high-cost alternatives.
Half of all respondents (50%) said they were better able to budget and manage their money.
More than one-third (37%) said they were better able to pay rent or mortgage or other household bills including rent, council tax, gas and electricity and television licence.
The fact that a £300 loan for a washing machine can do that, as well as help relieve the symptoms of stress, anxiety or depression, rather than trap them with penal debt, because of the amount taken out of their home by the high cost credit provider, is staggering, says CEO, Angela Clements.
CfRC Director, Damon Gibbons, said:
“Our research shows that Fair for You is making a real difference to its customer’s lives. Today, we are calling local authorities, social housing landlords, utility companies and the voluntary sector to support Fair for You’s challenge to the high cost lenders and to actively promote it to their service users. Together, we can, at last, offer a positive, national, alternative to the high cost credit rip off that has existed in this country for far too long.”