Fairer Debt for a Fairer Society

In our Fairer Debt for a Fairer Society manifesto, we talk about our three asks for the UK Government.

1. Fairer local authority debt collection. We’re asking for the Debt Fairness Charter to apply to Local Government, which will bring Local Authority debt collection up to the high standards enjoyed by customers of the private sector.
2. Statutory bailiff regulation. The unregulated, bad behaviour of bailiffs is pushing people deeper into crisis. We want to stamp it out by putting the Enforcement Conduct Board on a statutory footing.
3. Modernisation of the Consumer Credit Act. We want to help make life easier for people in debt by prioritising reform of the Consumer Credit Act in the new Government.

We aim to improve financial education across the UK. Research from the Centre for Social Justice (CSJ) shows that almost half of people suffering from financial problems say that low money management skills played a part.

Better financial understanding is the key. We believe that by giving people the knowledge to make better decisions about their finances, we’ll help build a more financially resilient society. There will always be a place for debt in the credit cycle, but we believe that reducing the prevalence of problem debt in society is the right thing to do.

We’ve helped fund 10 family finance workshops facilitated by MyBnk around the UK. These face-to-face MyBnk WorkDosh sessions help parents and children learn about money together, getting to grips with budgeting, appreciating costs, and understanding concepts like mortgages and pensions.

With our help, people are picking up skills for life. We’ve also run basic financial skills events for families with the Money Charity; helped with sessions on essential money management for clients of Turning Lives Around; and signposted countless people struggling with debt to sources of impartial advice.

We’re talking with people across the industry to promote financial inclusion. This year, our Chief Commercial Officer, Nick Ollard, spoke at a Lincolnshire Financial Inclusion Partnership event about the ethics of debt. And Neil Costello, Marketing Director, represented us on the panel at Money Plus’s Generation Debt event in London, discussing how to combat the stigma of debt.

We had a shout-out in Parliament. During a Westminster Hall debate on financial education, MyBnk’s CEO named us as promoting awareness of the responsibility of employers to educate their staff about how to better manage their money.

We’re continuing our fight against the stigma of debt. We recognise that people in debt can feel embarrassed and ashamed about their situation. The stigma of debt stops them from seeking timely advice, which can make their financial situation worse. So we’re dispelling the myths around debt, aiming to create a more empathetic environment that encourages people to reach for help early.

The Centre for Social Justice researches debt and the challenges of financial exclusion. We help fund the CSJ’s activities, contribute data to their white papers, and have a seat on their debt advisory committee.

You may have heard us talking about debt in the media. Our Marketing Director, Neil Costello, talked on the FinTech Insider podcast about the stigma surrounding debt. And John Pears, our UK CEO, was on BBC Radio 4’s The Bottom Line in conversation with Evan Davis about the Lowell approach to helping customers. (Check it out on the BBC Sounds app: search for ‘Debt: Do collectors deserve their bad reputation?’)

As industry leaders, we’re pushing for higher standards for consumers. We work with regulatory bodies and industry peers to develop and encourage best practices that foreground transparency, respect, and empathy when dealing with people struggling with problem debt.

Our MP Hotline helps MPs contacting us on behalf of their constituents get fast-track treatment. We know that when a customer approaches their MP for help, they’re generally in a bad place. The hotline makes sure we get them the attention they need quickly.

Together with the CSJ, we host an annual reception at Westminster. These popular events bring together MPs, key players from the industry, and policymakers to raise awareness of the importance of debt standards for improving outcomes for people in debt and those in vulnerable situations.