Earlier intervention could keep tenants in their homes – and save landlords money
Quids in! Pro has been making the business case to landlords for helping tenants manage their money and debts, based on the findings of a recent survey of Quids in! readers.
More than 800 social tenants responded to our readers’ survey over winter 2022-24.
The responses showed very low levels of financial resilience among social tenants (89 per cent were not certain they could keep food on the table if anything happened to their income).
We’ve taken this data to housing providers in our Landlords’ Pack to make the business case for earlier intervention with money guidance.
The pack breaks down reader incomes and the impact of rising prices, and outlines the knowledge and skills that would help tenants become more financially resilient.
We see money guidance as an important part of the solution, filling the void between people who are starting to struggle and the regulated financial advice sector.
Our Money Health Check is at the heart of our service. Clients take it when they first meet us, and again at the end of our time together to measure distance travelled.
And our findings show that money guidance works – after our supported money guidance service there was a 211 per cent rise in the number tenants who felt they could keep food on the table if their income dropped. And there was a 175 per cent rise in the number who said they were certain their money would last until they were next paid.
After just six to eight weeks of support, 77 per cent of clients who had been in debt or arrears and not taking action were either seeking specialist help or already debt-free.
With failed tenancies costing tens of thousands of pounds per time, there’s a clear financial case for landlords to help tenants keep their heads above water. Sustainable tenancies are not just good for renters, they’re good for landlords too.
“Your service is immeasurable,” said Michelle Hunt, Stonewater Housing’s income recovery officer. “You help so many people in a variety of ways. I’m proud to work in partnership with Clean Slate [home to Quids in! Pro], helping tenants step by step.”
And Steph Kelly, Clean Slate’s Virtual Support Hub manager, added: “We work on a one-to-one basis with clients. We ensure they’re tapping into all the state support they’re entitled to, including Council Tax Support and Discretionary Housing Payments.
“We prepare clients for appointments with debt specialists if required, discuss price comparisons for utilities and other contracts, and connect them with relevant local and national support, such as employment services, grant providers, and digital inclusion programmes.”
Have a look at our Landlords’ Pack here.
