Improving the support available to people experiencing financial hardship.
Australians who fall into debt often struggle to pull themselves out of it. With very high interest rates offered by debt consolidator and payday lenders, people can end up in even greater financial hardship.
SVA Consulting worked with the Australian Banking Association (ABA), the four major banks, and consumer and community organisations to develop a feasibility study and business plan for a new not-for-profit social enterprise. It would offer a fairer way for people to consolidate and pay off their debts. We then worked with these representatives to agree to a common approach to implementing the business plan and helped them secure the initial funding for the enterprise.
The enterprise, Way Forward, is jointly governed by the finance industry and the consumer sector. It provides free services to customers experiencing vulnerability, allowing them to repay unsecured debt according to their capacity, and return to financial stability in a reasonable time.