Posted on 06 June 2016
Housing association, The Hyde Group, has scooped two national awards at the Institute of Money Advisors’ (IMA) 2016 Money Advice Awards in Manchester.
The Money & Debt Team - part of Hyde Plus, Hyde’s pioneering community investment team - has won the ‘Debt Team of the Year’ Award, while The Money House (TMH), a Big Lottery-funded project which prepares 16-24 year olds to live independently and improve their financial capability, was awarded the ‘Best Financial Capability Project 2016’.
“These awards are well deserved and are testament to Hyde Plus’s commitment to deliver essential money and debt advice services to Hyde’s residents to sustain their tenancies,” said Jahanara Hussain, Hyde Plus Head of Community Investment, “The two services for which we have achieved recognition are the cornerstone of Hyde Plus’s pioneering new service, Successful Tenancies, to prevent tenancy failure, particularly for our more vulnerable residents.”
The Money & Debt Team helps residents improve their financial skills and wellbeing and sustain their tenancies, reducing costs to the business. It also works with residents affected by Welfare Reform and those in higher need and provides Home Essentials & Crisis Fund payments for residents in financial stress.
The team currently comprises 14 IMA-qualified debt advisers, trained money guidance specialists and project workers covering London, the south-east of England and Peterborough.
TMH targets young people in the Royal Borough of Greenwich (RBG) and uses a real flat to simulate a ‘home space’ where experiential learning takes place. The young people are given tasks based on real-life scenarios so that they can become financially confident.
This includes being taught budgeting skills, how to negotiate bureaucracy and access appropriate financial products. This preventative approach equips care and supported housing leavers and young residents with the financial skills and knowledge to help avoid rent arrears and eviction.
Both winners will appear in the IMA’s ‘Quarterly Account’ Journal and each was presented with a prize of £500 for the organisation.