Single Mums Business Network [SMBN CIC]

This week has been quite a momentous one with respect to my work around barriers to finance. It started with an invitation to the dual APPG in Westminster by The Finance Innovation Lab, followed by an Invitation to Purple Shoots head office in Pontypool to meet with the Bank of England, peaking with our very own SMBN Conference with the main event being a panel discussion with Experian, the British Business Bank (Start Up Loans) and Purple Shoots..

When I share my own journey in great detail, it is not that I want the world to see my dirty laundry, but I realise that I must, in order to drive positive change, and actually I do not see it as dirty laundry anymore, I see it as a systemic issue, rather than my own failings.

I know that I will reach three types of audience:

1. Those who understand, and possibly are suffering as we speak
2. Those who judge
3. Those who are in a position to drive positive change, and use my work as brain food for good

It is the 1, who are my why. We have a stiff upper lip in the UK, and often, you have to be at your lowest ebb and already feel that you have no dignity to hold onto to share your story, and it is these stories that the media portrays, and so other classes struggle to relate. As I said in Parliament on Monday. Pride = Suicide. I know that many of these people are too proud to share their own suffering, and I understand why, we feel shame, and that is okay, I’ve got you covered!

And then there is the 2, who judge. They live in their own worlds, I won’t say privileged because that would be pretty judgmental of me too, they have their own life experiences and challenges, that are far detached from financial adversity. I understand their ignorance to this issue, and simply remove them from my energy field with love;

And that brings me to 3, luckily, we have some stunning humanity on earth, even when we can’t see it or feel it, it is there, and we have some powerful people who do understand, and are in position to drive change. I work for 1, to reach 3, and I trust them to ensure that this, is not how our story ends..

So, assuming you are 1 or 3, I do not need to explain the issue, but to summarise; I journeyed from barriers to work as a primary carer, leading to negative income and a damaged credit score, leading to barriers to finance for years (as you pay the price for years if you have an adverse life event), also then leading to barriers to homes, and other things, like barriers to certain employment, professional membership, and pet care payment plans. I had worked full time for 20 years before becoming a mum, a single mum at that, and I was acutely aware of the doors that suddenly closed, and the sudden change from social acceptance, to societal vermin. We have much work to with hate speech. I digress..

So what is the good news? what work is being done?

The first event in Westminster was thanks to the work of The Finance Innovation Lab. (The Finance Innovation Lab is part of the Fair Banking for All Campaign, a coalition of purpose-driven finance institutions, organisations working to tackle financial exclusion, civil society organisations and academics) who called the event in support of ‘A Fair Banking Act’, which has the potential to transform our financial system, as well as the lives of millions of people in the UK. Fair Banking Act Policy Paper

Kay Polley and Sam Rex-Edwards of The Finance Innovation Lab, who looked after me incredibly well throughout the process

I love, that they ask for transparent data into rejections, to give a clearer picture of who is being held down, rather than enabled. It has been a great frustration of mine on social media as I have watched mainstream banks shout from the rooftops about supporting women in business specifically, when I have had full site of the reality that this access to being economically active excludes women in adversity.

To support the economy as a whole, we must enable those who are trying to stand on their own two feet via enterprise, where barriers to employment are at play.

I met several incredible people and organisations at the event and I am looking forward to engaging more with them and their work.

And then, there was the invite from Purple Shoots to join them in meeting with the Bank of England’s Agents and Committee members..

With Karen Davies CEO of Purple Shoots, Steve Hicks, Ian Derrick and Carolyn Wilkins for the Bank of England, and peer entrepreneurs

I walked into this meeting feeling a little as though it was a tick box exercise (for the Bank of England, not Purple Shoots!), as last time we tried to speak about the suffering that would come as a result of interest rate increases, but they came anyway. But, this time it was different, and, with the fresh figures from Monday (circa 19 million rejected by banks and applying to CDFI’s – see Responsible Finance) – I was able to say with clarity, that if the banks must raise interest rates, then by equal measure they must enable people to weather the storm. We have already long established that most people live pay cheque to pay cheque (my favourite resource is JRF for stats and insights), and whilst the banks obviously have their reasons for raising interest rates, my fear is that they fall into category 2, and therefore human life is collateral damage. This does appear to be a wealth divide war. Thankfully, we do have category 3 humans, who are most definitely beginning to understand and support change, and I met some of these in person at this event. You cannot have negative or low disposable income AND barriers to finance to help you weather the storm and improve your own long-term prospects by remaining economically active. When you fall off the survival ladder, ill health follows and the cost is much greater.

And then there was our conference! with a key focus on a panel discussion with Experian, Start Up Loans (British Business Bank) and Purple Shoots

With James Jones, Experian, Mike Lewis and Karen Davies, Purple Shoots, and Anthony Turner, British Business Bank (Start Up Loans)

With the brain food of the previous two events, Saturday was an opportunity to reflect, relax but have very important conversations whilst ensuring all who came knew what their financial business journey might look light. Our panel all shared plenty of information and advice, some of which I will summarise below.

In the essence of humanity, transparency, and working towards minimal emotional and data damage, I have previously suggested a traffic light system on lending websites. When you watch a movie you know immediately if it is suitable or recommended for your age group. This protects you from harm. Would it not be simple to offer the same transparency when shopping for loans? We can see the APR, but we need to see something like this:

Of course my sketch is rough, and acceptance rates vary depending on lender, and that is why transparency is so important, as multiple applications not only damage mental health, but they are also reflected on your credit sore *check soft search

As James from Experian reiterated, it is not the data that leads to the rejection but the lenders benchmark for acceptance, and these are each to their own, albeit when I questioned two main stream banks about this, they insisted their hands were tied with the FCA, so we have a little bit of playing off as to where these barriers originate.

Meanwhile, Experian are committed to enhancing their data, to give a fairer and more accurate picture of positive payments and affordability. They face / have faced some challenges with gathering data from private landlords, mortgages and smaller subscription payments, but they are keen to promote Experian Boost, as a way to share your data with open banking. I am not sold for privacy reasons, but, keeping an open mind, or at least attempting to open it.

Let me just pop back to a blog I published in 2019 about Law and the National Curriculum

I have been open about the fact that I have a CCJ, my ‘data’ advises that I am ‘High Risk’, which, given my healthy disposable income for a couple of years, does not really tell the whole story. I pay all of my bills on time every month and have some left over, BUT, and it is a big but, if I meet Adam Ant on the street and he says ‘stand and deliver, your money or your life’, I’m not big on theft or bullies, and so I stand up for myself, and this is where it goes horribly wrong, and this is where companies have too much power, to take money that does not belong to them, or you pay with your life, most certainly by significant impact to it. My CCJ stems from a telecoms contract in 2015, there was a breach, but because I sent everything back a few days after the 14 statutory right to cancel, I was billed for 12 months. I disputed but they sold the ‘debt’ 66 pence in calls turned to a £326 bill with fees on top. It was sold again and again, all agents ignoring my dispute, and six years later, in 2021, the ‘debt’ resulted in a CCJ for £1,100. Eight years later, now, I am deemed as High Risk because I refuse to hand it over. I could pay it, and clear my score and CCJ, but then I am rewarding the theft and encouraging the pursuit of others in the same way. (you serve less for bankruptcy of much larger amounts) Contract Law is very dangerous in the wrong hands. This is the darker side of humanity. I am SO tired of sharks, even legal ones, hurting people.

My other ‘defence’ was the Water Company significantly over-charging me. Instead of paying more money that I had and disputing it retrospectively, I argued from the beginning that I was being overcharged and ‘withheld’ my money, that simply was not their money, ever, but again, they was able to reflect this as ‘debt’ on my credit file – and I have only recently had confirmation from them that they are removing the carefully calculated £368 ‘overcharge’ as a ‘Gesture of Good Will’ of course to ensure they admit no liability, but the price I have paid for this argument, in APR and rejections has negatively impacted my life and finances significantly. We must do better with the power of damaging data.

So then we have The Start Up Loans, subsidiary of the British Business Bank

I was delighted that Anthony agreed to join our panel on Saturday, as, whilst he would admit that I would be rejected due to the above, he was clearly open, as was James, to listening, learning, observing, speaking, and gaining fresh inspiration to better cater for those of us who have faced adversity, but instead of being enabled to be economically active, are penalised and held down by judgement and fear.

Anthony signposted me to some public sessions that Start Up Loans will be delivering as part of ‘Business Finance Week’. You will find them here: Business Finance Week 2023 – 6th to 10th November

I really appreciate those who are prepared to think outside of the box, and see the bigger picture, when it comes to humanity and access to equal opportunity, and that brings me to close in my celebration and gratitude for Purple Shoots Responsible Finance. Karen and Mike have always believed in me and supported me and I in turn will always look out for them. I have celebrated Karen by making her Cover Girl of this issue of the Single Mums Business Magazine. She IS the ‘Angel of Opportunity’ and she represents true beauty. Have a read! Just click the image below, and grab a coffee  You can SUPPORT Purple Shoots here, as they support and enable those of us who are hastily dismissed yet desperately fighting to be economically active.

To close with my earlier analysis of readership:

1. Those who understand, and possibly are suffering as we speak – I really hope this helps you!
2. Those who judge – My energy field rejects you with compassion.
3. Those who are in a position to drive positive change, and use my work as brain food for good – Don’t think it, do it. What can you do today to commit positive action to enabling growth? Please do it, do it now.

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