The current cost of living crisis has left many individuals and families struggling to make ends meet. With rising costs of everything from groceries to utilities, the gap between income and expenditure is becoming increasingly difficult to bridge. This predicament not only threatens financial well-being but also puts a significant strain on people’s mental health. Against this tough economic backdrop, our Debt Advice has emerged as a beacon of hope, empowering thousands of individuals with expert financial advice.
Our Debt Advice
Our Debt Advice offers customers free and personalised advice. Whether it's essential money guidance, in-depth budgeting advice, achievable repayment plans, or application support for entitled grants and benefits, we ensure customers are connected to a qualified advisor best suited to their needs. Advisors also provide crucial advice and support to help manage debt and avoid legal action. We aim to handle each customer’s situation as efficiently and compassionately as possible, giving them the advice they need to regain financial stability and independence.
When a customer is referred to our Debt Advice, they are triaged over the phone to ensure they receive the right support. At this first point of contact, our agents book an appointment for the customer, allowing them to choose an in-person appointment that takes place in one of our local Community Partner Centres or in the customer’s home, or a remote appointment that takes place over the phone or via video call. Our omnichannel delivery ensures convenient access to our Debt Advice.
Empowering L&Q residents with Debt Advice
A shining example of our Debt Advice’s impact is our work with L&Q, a leading UK residential developer and housing association. Prior to partnering with us, L&Q had been managing a complex supply chain of small organisations to provide debt advice to their residents. This approach led to a fragmented delivery of services, and residents were not receiving the comprehensive support they needed.
However, since turning to our Debt Advice, L&Q now has a seamless customer journey and has eliminated the stress of managing a complex supply chain. Our turn-key solution has empowered L&Q's residents with the Debt Advice they need while simplifying the process for L&Q itself.
Since 2019, we've had the privilege of empowering 22,000 L&Q residents with Debt Advice, and the results have been remarkable. We've put a staggering £42.5 million back into their pockets by helping them remove debt, reduce outgoings, and maximise income.
In 2023 alone, each L&Q resident who received Debt Advice gained an average of £3000.
It’s not just the residents who benefitted from our Debt Advice; L&Q also reaped the benefits of having us manage and deliver Debt Advice efficiently and effectively. To demonstrate the social impact created by our clients' investment, we measure the Social Return on Investment (SROI). Our SROI methodology calculates the extra financial value generated by our services. In 2023, L&Q yielded an impressive social return on investment of £2.75 for every £1 invested into our Advice service.
In these challenging times, our Debt Advice has proven to be a vital lifeline for individuals and families struggling with the current cost of living crisis. By providing free and personalised advice, we have empowered thousands of people to regain financial stability and independence. Our partnership with L&Q has demonstrated the significant impact our service can have, not only on customers but also on organisations looking to streamline their support services. The remarkable results speak for themselves, with millions of pounds put back into the pockets of those in need.
Interested in offering efficient Debt Advice to your customers? Get in touch with us here
