The Salvation Army strongly agrees with the problems with high-cost lending identified in the MBIE Discussion Paper. We are integrated with the National Building Financial Capability Charitable Trust (NBFCCT) and therefore fully endorse their submission to this Review.
However, we also have our own fairly large network of frontline financial mentors (budgeters) and a Community Finance service providing no and low interest loans for vulnerable consumers.
These frontline workers of ours are working with clients under huge amounts of stress because of the effects of harmful debt and high-cost lending. This submission has been prepared by the Social Policy and Parliamentary Unit of The Salvation Army. But it has been hugely informed and shaped by our frontline financial mentors and Community Finance workers.