L&Q’s Pound Advice Service Helps Record Residents

The completely free Pound Advice service by L&Q helped an astounding 3,265 customers manage their finances throughout 2020/21 – 50% more than the previous twelve months.

Now in its third year, Pound Advice provides residents with a better understanding of not just how to manage their debts, but how to manage their money – helping them to avoid getting into financial crisis through completely impartial budgeting advice, education and support.

Showing the tremendous impact the financial support has had for L&Q residents throughout the pandemic in particular, L&Q have reported a threefold increase in financial gains for residents year on year – totalling almost £15m.

While funded by L&Q, the service is managed by a third party, We Are Digital, ensuring it remains entirely separate. Customers can be referred internally through resident teams, but the support is optional and any advice given is confidential, ensuring customers can feel confident in discussing their private matters and asking for help.

Matt Corbett, Director of the L&Q Foundation, comments; “The last 12 months have been incredibly difficult for many of our customers, and we are so proud to be able to continue to offer this service and for it to be utilised so widely. As well as an increase in the number of customers seeking Pound Advice’s assistance, we’ve seen changes to the type of help required – with a lot more people taking a proactive approach to their finances and asking for help with budgeting due to concerns about the stability of their income.”

After losing his job due to Covid last year, one L&Q customer was plunged into both debt and rent arrears, unsuccessfully applying for Universal Credit before taking out a payday loan. He contacted Pound Advice, who arranged a payment plan for his arrears and provided food vouchers in the first instance. A three month payment holiday was organised with his credit card companies, enabling him to pay his priority payments while waiting for a new job to start.

He comments; “You were really amazing, fantastic and wonderful the way you spoke to me, the way you took your time and carefully listened to me and helping me resolving these heavy issues I am facing. I am delighted to have spoken to you, a huge burden was lifted from my shoulder after speaking to you. You are doing a great thing, restoring smile on people’s faces.”

Quickly adapting their services, which were almost entirely face to face before the first lockdown, to phone and video calls has made a considerable impact on how Pound Advice relates to customers, with attendance rates soaring from 63% to 75%.

Matt Corbett continues, “Not only were we able to manage even more appointments on a daily basis, but we found customers were responding well to the additional anonymity it offered and being able to speak to the team from the comfort of their own homes. It’s something we’ll certainly be looking to maintain, whilst reinstating in person appointments for those who would prefer to engage with us that way.”

Cross referrals are made to other sources of help provided by L&Q, such as employment support, and residents may also be signposted to other services external to L&Q, such as mental health support if required.

“Pound Advice is a hugely important service that we are proud to offer to all residents – whether they are housed through our community teams or have bought privately through L&Q. We offer advice and guidance on everything financial – from benefits checks through to switching utility bills, changing phone contracts and financing options and available grants.”

Pound Advice is available for free to all L&Q residents. For more information, visit poundadvice.org.uk.