Superfi, a new free app, that helps and rewards people for paying their bills on time is being piloted in the borough.
The app aims to support those in the early stages of financial distress – preventing missed payments and problem debt.
SuperFi, estimates it will be able to save users more than £130m in debt repayments and late fees over the next five years, by providing them with an overview of their debts, analysing their financial circumstances, and offering access to suitable debt prevention tools and services.
Users can also check eligibility for government benefits and social tariffs.
Additionally, the app offers access to discounts at hundreds of supermarkets, high street, and online stores, making it easier to save money on everyday purchases
Research by charity StepChange highlights 18 million people are struggling to pay their monthly bills and credit commitments.
Many of these individuals do not yet have “problem debt” so they are not eligible for formal debt solutions.
Lutfur Rahman, Executive Mayor of Tower Hamlets, said:
“With 18 million people across the country, some of whom live in our borough, struggling to pay their monthly bills and stay on top of credit commitments, we need to do more to support them.
“We are keen to support SuperFi in their mission to tackle the UK’s growing debt crisis and pleased to have been chosen as a pilot London borough to try out the app.”
Cllr Saied Ahmed, Cabinet Member for Resources and the Cost of Living added:
“The scale of personal debt in the UK is massive, running at over £1 trillion. The impact this is having on families across the country is devastating.
“We have been working hard to support residents through the cost of living crisis by providing universal free school meals; free holiday clubs; warm hubs; and our Household Support Fund.
“In addition, residents can apply for our Council Tax Cost of Living Relief Fund if their household income is less than £49,500.
“The new SuprerFi app makes up part of this work and can help households manage their finances before they get into debt. Please take advantage of this free app.”
Tom Barltrop, CEO of SuperFi, said:
“We are proud to partner with Tower Hamlets to support those in the early stages of financial distress. With 60% of the borough among the most deprived areas in the UK, the need for proactive solutions is urgent.
"Traditional debt relief often comes too late, but SuperFi helps people manage their bills, avoid debt, and improve their financial wellbeing before reaching a crisis point. This pilot is a crucial step in our mission to help people save millions in debt repayments and late fees.”
The SuperFi pilot is being supported by the GLA (Greater London Authority).
You can download the app through Google Play or the App Store and type in the unique access code 621403 or visit www.joinsuperfi.com
Find more money saving tips and advice at the council’s Cost of Living Help webpage at www.towerhamlets.gov.uk/costofliving
You can also use the online benefits checker to see if you are entitled to any extra support.
Posted on Tuesday 17th September 2024