Hillmead residents in Shepton Mallet had the chance to get a free financial health check-up this week when local housing provider Flourish Homes opened its first Money Doctor surgery.
Monday and Tuesday saw the housing association's staff join representatives from Mendip Community Credit Union and Mendip CAB to offer free prescriptions to help put tenants' finances on the road to recovery.
"Tenants can get into financial problems which spiral out of control, leaving them unable to pay high priority bills like their rent, putting them at risk of losing their home if they fall into serious arrears," explained Income Recovery Manager Terry Pitfield at Flourish Homes, which is a member of the Aster Group.
"We've launched our new Money Doctor surgery to offer free prescriptions to help our tenants' finances get a clean bill of health. A lot of the people in rent arrears are struggling with large debts. Together with Mendip Community Credit Union and CAB, we hope to help them get a grip on their finances, to prioritise key bills they must not fall behind with and make sure they know the importance of paying their rent. They need to understand that they are at risk of losing their home if they get into serious rent arrears."
Flourish Homes is the largest provider of affordable housing on the Hillmead estate, with more than 110 one and two-bedroomed flats. The estate has one of the highest levels of unpaid rent, at three times the average rate of rent arrears across all Flourish Homes properties.
The Money Doctor Surgery aims to bring down the level of arrears on the estate by offering tenants free, impartial assistance to help them solve their cash crises. Tenants who attended got the chance to find out about:
- Low interest loans from Mendip Community Credit Union for people on low income to tackle the doorstep loan companies who can charge 170 percent APR on the money they lend
- Easy ways to save for the future
- Whether they are receiving all the benefits to which they are entitled
If successful, the Money Doctor Surgery will also be visiting Flourish Homes estates in other towns.
