Specialist Motor Finance partners with leading UK debt charity, StepChange
Specialist Motor Finance (SMF) are pleased to announce our ongoing partnership with StepChange, a not-for-profit organisation that offers free, comprehensive financial advice and support to those struggling with debt, alongside practical help for finding solutions to repay.
As a leading provider of motor finance, considered by StepChange as ‘priority debt’ due to the importance of vehicles on the quality of life of our customers, SMF has always prioritised customer care as a key part of its company values.
The recent cost of living crisis and the FCA’s updated Consumer Duty standards have highlighted to both businesses and the customers the importance of duty of care and this partnership allows us the opportunity to further demonstrate SMF’s genuine commitment to customer care and our ethos of putting people firmly before profit.
Since our partnership began in 2023, we have already referred several of our vulnerable or struggling customers to the friendly team at StepChange. At time of writing, we are proud to have helped 543 customers to date – with a 42% increase in referrals already on last year.
Simon Bayley, Managing Director at SMF says of the partnership:
“This partnership cements SMF as a business that puts people before profit. We are committed to providing a duty of care to our customers that goes above and beyond what is considered standard in our industry by providing access to solid financial advice and support from the excellent individuals at StepChange. We are proud to be playing our part in revolutionising the finance industry with a more humanised approach to debt management and supporting many more SMF customers towards a debt-free future.”
Vanessa Northam, Head of Charity Development at StepChange continues:
“Financial pressures over the past few years have plunged more households into difficulty, with many turning to borrowing to cope with the cost of living or falling behind on essential bills and credit commitments. Yet we know that people struggling with debt can try and juggle their finances for a long time before reaching out for help. We’re pleased that our new partnership with SMF will ensure their customers showing signs of financial difficulty get through to debt advice early for effective support.”
About StepChange:
StepChange is the UK’s largest debt advice charity, helping hundreds of thousands of people a year. Founded in 1993, StepChange supports people experiencing debt problems through telephone and online services, and campaigns for change to reduce the harm and stigma associated with debt.