Scheme Name

Tandem

Key objectives of scheme:

Tandem is a dedicated financial inclusion project, set up to provide free, confidential help and support on a wide range of money matters to all tenants and leaseholders of Erimus Housing, part of Fabrick Housing Group.   Tandem is a partnership between Erimus and the Five Lamps, a local community development finance institution (CDFI). Tandem advisers assist clients to:

• Claim their full benefit entitlement
• Deal with any debts, including rent arrears
• Budget, save and find ways to make their money go further
• Compare loan costs and access affordable loans
• Choose a bank account or other financial services
• Get specialist help and advice

Supporting and educating all clients to move towards financial inclusion is our over arching ambition.

Approximate costs involved in scheme:

• Two full time advisers and a project manager have been seconded to Tandem, with costs met through efficiency savings within Erimus, a restructure of the income management team and small charitable donations.
•  Tandem has a small budget to cover advertising, travel and other expenses.  
• The Five Lamps provide loan administration, a part time financial adviser and back office support, with loan capital from Northern Rock Foundation.
•  Securing additional funding to improve sustainability is one of our strategic objectives

Length of time scheme has been running:

• Tandem advisers started working with clients in November 2007.
• To date, Tandem advisers have had 558 appointments, with increasing numbers of self referrals.
• From April to October 2008, the financial impact of Tandem intervention stands at £274,567 (yearly equivalent).  

Key Benefits of Scheme:

• Tandem offers a comprehensive, generalist-level financial inclusion service, with dedicated, well-trained advisers able to engage and support clients on a wide range of money matters.

• The partnership with the Five Lamps is a crucial factor in Tandem's success - sharing expertise and enabling financially-excluded Tandem clients to access financial advice and access to Five Lamps loans, as an alternative to borrowing from doorstep lenders.

• Tandem has developed good links with local advice agencies, referring clients for specialist advice, as necessary.
• Tandem provides a free, independent, confidential service to all Erimus tenants and leaseholders, including new tenants and people with rent arrears. No details are disclosed to Erimus staff or other professionals, without permission

Contact name:

Lisa Fearn, Tandem Project Manager

Telephone number:

01642 707901

Email:

lisa.fearn@tandemfinance.org.uk