HootCreditUnionPersonalLoanFairbankingMarkResearch

TheFairbankingFoundationawardsmarkstoproductswhichcandemonstratethattheyactincustomers’bestinterests,andimprovecustomers’financialwellbeing.

Inordertoqualifyforthisaward,HootCreditUnionmustbeabletodemonstratethatcustomershaveexperiencedatangiblepositiveimpactontheirfinancialwellbeingfromusingtheirpersonalloanfeatures.Todemonstratethis,asurveywasconductedtogaugefeedbackfromcustomersholdingtheproduct.

Abroadsampleofcustomerswereinterviewedoverthephoneandwereaskedtocompleteasetofpre-definedquestions.

Thepersonalloankeyfeaturesthatweretestedwere

• Theapplicationprocess

• Makingpayments

• Experiencingachangeincircumstances

• ConnectingLoansandSavings

Thisdocumentsummarisestheoutputsfromtheresearch.

Technicalnote

• 135completedinterviews–93telephoneand42onlineinterviews(between23rdMarch–13thApril)

• Thesurveywasapproximately15minutesinlength• AllrespondentswereholdersofaHootCreditUnionloan.

SCREENERANDINTRODUCTIONS1.Pleasecanyoutellus,doyouhaveorhaveyoueverhadaloanwithHootCreditUnion?Singleresponsequestionaskedtoeveryone.Yes 135 100%No - -Don’tknow - -Prefernottosay - -Total N=135 100%S1a.AndwhichofthefollowingbestdescribestheloanyouhavewithHootCreditUnion?Singleresponsequestionaskedtoeveryone.Iamcurrentlypayingbackaloan 107 79%Idon’thavealoanwiththematpresentbutIhadaloaninthepastwhichisnowpaidoff 28 21%Don’tknow - -Prefernottosay - -Total N=135 100%S2.Pleasecanyoutellus,approximatelywhenwillyoufinishpayingofftheloan.Ifyou’reunsure,pleasegiveyourbestguess.Singleresponsequestionaskedtoeveryonecurrentlypayingbacktheloan.Inthenextmonth 5 5%In1to3months’time 21 20%4to6months’time 17 16%7to12months’time 35 33%Morethan12months’time 28 26%Ihavealreadypaidoffmyloan - -Don’tknow 1 1%Prefernottosay 0 -Total N=107 100%

ABOUTTHELOANANDTHEAPPLICATIONPROCESSQ1a.Pleasecanyoutellus,whatwasthepurposefortakingtheloan?IfyouhavehadmorethanoneloanwithHootCreditUnion,pleasethinkaboutyourmostrecentloan.Multipleresponsequestionaskedtoeveryone. Tomakehomeimprovements 36 27%Topayforaholiday 24 18%Topayforaspecialoccasion(e.g.Wedding/Christmas/Birthday,etc.) 19 14%Purchasinghouseholdelectrics(e.g.TV,Fridge,Freezer,etc.) 7 5%Purchaseacar/bike 15 11%Topayforeverydaylivingexpenses(makeupforashortfallinmyincome) 6 4%Topayforhouseholdrepairs 8 6%Tohelppayforafuneral 1 1%Tocoverunexpectedoutgoings 11 8%Toconsolidatemydebts–sotheyareallinoneplace 11 8%Formyowneducation/furthereducation 1 1%Tofundacareerbreak - -Formychildren’seducation 1 1%Tohelpmyadultchildren 2 1%ForemergenciesorbackupincaseIneedmoremoney 3 2%TohelptidemeoverwhilstIwasill - -Tohelppayforafuneral - -Somethingelse(specify) 18 13%Don’tknow 2 1%Prefernottosay - -Total N=135Q1.WhichofthefollowingappliestoyourloanwithHootCreditUnion?Multipleresponsequestionaskedtoeveryone.Thisismyfirstpersonalloanwiththem 19 14%Ihadaloanbeforewhichhasbeencompletelypaidoff 81 60%Ihavehadatop-uptomyexistingloan 48 36%Noneoftheabove 1 1%Don’tknow 1 1%Prefernottosay -Total N=135

Q2.AnddoyouhaveanyotherproductswithHootCreditUnion?Multipleresponsequestionaskedtoeveryone.Ihaveasavingsaccount 81 60%Ihaveanotherloan - -Other(pleasespecify) 3 2%No,Idon’thaveotherproductswithHootCreditUnion 52 39%Don’tknow - -Prefernottosay - -Total N=135Q4.Andpleasecanyoutelluswhichofthefollowingappliestohowyoumadetheloanapplication?Multipleresponsequestionaskedtoeveryone.Iappliedinbranch 98 73%Iappliedonline 29 21%IappliedataCollectionPoint 9 7%Other(pleasespecify) 2 1%Can’tremember 1 1%Prefernottosay - -Total N=135Q5.Thinkingabouttheinterestratewhichappliestoyourloan,pleasecanyoutellushowdoestherateyouwereofferedcomparetotherateyouexpectedtobegivenwhenyoudecidedtoapplyfortheloan?Singleresponsequestionaskedtoeveryone.ItwasmuchhigherthanIthoughtitwouldbe 4 3%ItwasslightlyhigherthanIthoughtitwouldbe 11 8%ItwasthesameasIthoughtitwouldbe 46 34%ItwasslightlylowerthanIthoughtitwouldbe 24 18%ItwasmuchlowerthanIthoughtitwouldbe 40 30%Don’tknow 10 7%Prefernottosay - -Total N=135 100%

Q8.Duringtheapplicationprocess,didyoureviewyourincomeandexpendituretohelpyoudecidehowmuchyoucouldaffordtoborrow?Singleresponsequestionaskedtoeveryone.Yes 127 94%No 6 4%Can’tremember 2 1%Prefernottosay - -Total N=135 100%

Q10.Pleasecouldyoutellusinwhichways,ifany,didreviewingyourincomeandexpenditureshelpyoudecideonwhatyoucouldaffordtoborrow?OpenendedquestionaskedtoeveryonewhosaidyesatQ8.“IcalculatedallmonthlyoutgoingsandseentheexcesscashIhadIwantedtomakesurewiththeloanpaymentremovedIstillhadenoughcashtolastthemonth,aloanismeanttohelpimproveyourlifestyleorIwouldn'toftakenitout”“IamsoconfidentwithHOOTCreditUnionthatIamhonestwithmyself(andthem.)IbelievethecreditunionwouldhavespokentomeiftherehadbeenanyindicationthatImighthavehaddifficultiesifIhadborrowedmorethanIcouldhavecomfortablyrepaid.”“Ithelpedmeplanaheadtherepaymentsaswellashowtomeetmyothercommitments”Q10bDoyourecallnowwhatyouhadsubmittedintheincomeandexpenditurereview?SingleresponsequestionaskedtoeveryonewhosaidyesatQ8.Yes 59 46%No 55 43%Can’tremember 10 8%Prefernottosay 3 2%Total N=127 100%

Q10cWouldkeepingacopyofwhatyouhadcompletedintheincomeandexpenditurereviewbehelpfulforyoutorefertoatalaterstage?SingleresponsequestionaskedtoeveryonewhosaidyesatQ8.Yes 75 59%No 39 31%Can’tremember 12 9%Prefernottosay 1 1%Total N=127 100%

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Q11.Wastheamountyoucouldaffordtoborrowmoreorlessthantheamountyouthoughtyoucouldafford?SingleresponsequestionaskedtoeveryonewhosaidyesatQ8.ItwasmuchhigherthanIthoughtitwouldbe 7 6%ItwasslightlyhigherthanIthoughtitwouldbe 19 15%ItwasthesameasIthoughtitwouldbe 61 48%ItwasslightlylowerthanIthoughtitwouldbe 23 18%ItwasmuchlowerthanIthoughtitwouldbe 10 8%Don’tknow 6 5%Prefernottosay 1 1%Total N=127 100%Q13.Which,ifany,ofthefollowingdidyoudotoworkouthowmuchyourrepaymentswouldbe,dependingonhowmuchyouborrowandoverwhatlengthoftime?Multiresponsequestionaskedtoeveryone.IhadadiscussionwithamemberofstaffonthetelephonewhereIwasshownexamplesofdifferentrepaymentslengthsandamounts

97 72%

Iwasshownanonlinetool/calculatorbythestaff 14 10%Other(pleasespecify) 18 13%Don’tknow 12 9%Prefernottosay - -Total N=135

Q15.Howhelpful,ifatall,hasitbeentocalculatepossiblemonthlyrepaymentsandrepaymentperiods?Singleresponsequestionaskedtoallcoding1-3atQ13.Veryhelpful 96 78%Fairlyhelpful 24 20%Notveryhelpful 1 1%Notatallhelpful 1 1%Don’tknow 1 1%Prefernottosay - -Total N=123 100%

21%Higher26%Lower

98%Helpful

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Q15a.Yousaidthatitwas[answerfromQ15]tocalculatepossiblemonthlyrepaymentsandrepaymentperiods.Pleasecanyoutelluswhyyousaythat?Openendedquestionaskedtoallcoding1-4atQ15.Veryhelpful“BecausewhentheycalledmeintheysatmedownandaskedifIwascomfortablewiththeloanandaskedifIwascompletelysureaboutit.Theywerereallyhelpfultobehonest.”“Becauseusclientshassomanymonetarycommitmenttheseday.Consideringallthecutsbackandeverythinggoingonineveryhousehold.Buttheycalculatedyourincomeandchoosetherightoneforyouandtheyconsultedyoutomakesureyouarehappywithit.Iamveryhappywithminebecausethisisnotmyfirstloan.”“Becausetheyareveryunderstandingandhelpfulandexploreeveryareaandtheyshowyouaswell.RatherthanborrowtheyshowyouhowcansaveupratherthangetthenextloanwhichIdonowwhichisverygood.”Fairlyhelpful“IworkedouthowmuchIhadcomingin,goingoutandthenwhatwasleft.ThenIaddedjustabitextraasyoudon'twanttobetiedtojustthatamount.”“SothatIcouldworkouthowmuchI'dthenhavelefttospend.”Q16.Duringtheapplicationprocess,towhatextent,ifatall,didyouconsideralldebts,loans,creditcardsandotherborrowingincludingBrighthousethatyouhadtopayoff?Singleresponsequestionaskedtoeveryone.ItookallofmydebtsandborrowingintoaccountwhenIapplied 103 76%IthoughtIhadconsideredallofmydebtsandborrowingwhenIappliedbutrealisedduringoraftertheprocessthatthereweredebt(s)thatI’dforgottentoconsider

4 3%

Ididn’treallyconsidermydebtsandborrowingwhenIapplied 15 11%Don’tknow 12 9%Prefernottosay 1 1%Total N=135 100%

Q17.Howhelpfulwasittoconsideralldebtsandday-to-daybillsandoutgoingswhenmakingtheapplication?Singleresponsequestionaskedtoeveryonewhoconsidereddebts(code1or2atQ16).Veryhelpful 86 80%Fairlyhelpful 18 17%Notveryhelpful - -Notatallhelpful 1 1%Don’tknow 2 2%Prefernottosay - -Total N=107 100%

97%Helpful

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Q18.Whichofthefollowing,ifany,appliedtoyouwhenyouconsideredallofyourborrowingaspartoftheapplication?Multiresponsequestionaskedtoallwhoconsidereddebts(code1or2atQ16).IfeltreassuredthatIcouldaffordrepaymentsonthedebtsIalreadyhad

63 59%

IfeltreassuredthatIcouldaffordtherepaymentsontheloanIwasapplyingfor

52 49%

Ire-consideredwhetherIcouldtakeouttheloanatall 5 5%Idecidedtotrytodecreasemyborrowinginthefuture 8 7%IdecidedIneededmoreadviceonhowtoreducemydebts 2 2%Other 1 1%Itmadenodifference;Ialreadyhadafullpictureofmydebts 12 11%Don’tknow 1 1%Prefernottosay - -Total N=107

Q18a.Inwhichways,ifatall,didyoudecidehowmuchyoucouldaffordtoborrow?Openendedquestionaskedtoallwhodidnotconsidertheirdebts(code3atQ16).“Ijustwentinandfilledinanapplicationformandsaid,Icouldaffordtopaythismuchandtheysaid,youcanhavethismuch,asaloanoratopuploan.”“Justwithmyrecentincome-it'sveryregular-IwasabletoknowwhatIcouldafford.”“WhatIcouldafford,myoutgoingsandtherepayments.”

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MAKINGPAYMENTSQ19.Whichofthefollowingmethodsofpaymentdoyouusetomakeyourmonthlypersonalloanrepayments?Ifyouusedifferentmethods,pleasetellusabouttheoneyouusemost.Singleresponsequestionaskedtoeveryone.Viapayrolldeduction 31 23%Viachildbenefit/orsimilar 6 4%UsingmyAllpay/membershipcardatpostofficeorstore 19 14%Viaonlinebankingtransfer 9 7%Viastandingorder 43 32%Inabranch 9 7%Onthetelephone 3 2%Other 15 11%Don’tknow - -Prefernottosay - -Total N=135 100%

Q20.Andhowconvenientdoyoufindittomakeyourrepayments[answerchosenatQ19]?SingleresponsequestionaskedtoallwhoallocatedamethodofpaymentatQ19.Veryconvenient 131 97%Fairlyconvenient 3 2%Notveryconvenient - -Notatallconvenient - -Don’tknow 1 1%Prefernottosay - -Total N=135 100%

Q20a.Pleasecanyoutelluswhyyouchoosetomakeyourrepayments[answerchosenatQ19]Openendedquestionaskedtoall[code1-9atQ19]Viapayrolldeduction“Itisveryeasyandsimple.Idon'tneedtoworryaboutanything.MoneygoesoutatstartofthemonthsoIknowwhatIhavetospendforthedurationofthemonth”(Veryconvenient)“Don'tneedtothinkaboutit,itjusthappens.Andevenmysalary,whenitcomes,iswiththeloanalreadytakenout,soyoudon'tevenmissit.”(Veryconvenient)

99%Convenient

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Viastandingorder“Icansetitsothemoneyleavesmya/cassoonasI'mpaidonadateofmychoosing”(Veryconvenient)“BecauseI'vemadeitwiththestandingorderthemoneyhasjustgone.SoIdon'tpanicandgetreminderssoit'seasy.”(Veryconvenient)UsingmyAllpay/membershipcardatpostofficeorstore“I'mgenerallyinthePostofficepayingotherbillssoit'seasyandhavingthecardremindsmeandIjustsortofautomaticallypay.”(Veryconvenient)Viaonlinebankingtransfer“JustbecauseIknowtheyarenotgoingtogointomyaccountandtakeitout,incasemywagesarelateorsomething.IknowI'mnotgoingtogetcharged.”Q20b.Doyoumakeyourrepaymentsontheday,orverysoonafter,youreceiveincome?SingleresponsequestionaskedtoallwhoallocatedamethodofpaymentatQ19.Yes 122 90%No 9 7%Don’tknow 4 3%Prefernottosay - -Total N=135 100%

Q20c.Andhowhelpfulwasittobemakingyourrepaymentssoonafteryoureceiveyourincome?Singleresponsequestionaskedtoallwhoanswered‘yes’atQ20b.Veryhelpful 115 94%Fairlyhelpful 6 5%Notveryhelpful 1 1%Notatallhelpful - -Don’tknow - -Prefernottosay - -Total N=122 100%

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99%Helpful

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Q20d.Yousaidthatmakingyourpaymentssoonafteryoureceiveincome[answerchosenatQ20c].Pleasecanyoutellusmoreaboutwhyyousaythat?Openendedquestionaskedtoall[code1-4atQ20c]Veryhelpful“Iknowhowmuchincomeisleftforlivingexpensesonceallexpenseshavebeenpaid,soitiseasiertohaveallpaymentsdeductedassoonasIhavereceivedincome”“It'sjustthatyoudon'tevennoticeit-itjustgoesandIknowit'ssortedsoIknowwhatIhaveremainingforthemonth.”“It'sjustconvenient,IknowexactlywhatI'vegottobudgetwithtilltheendofthemonth,Iknowmysalarydeduction'sgonestraighttoHootCreditUnionandIdon'thavetoworryaboutit.”Fairlyhelpful“It'slesstroubleandlesshassleifit'sdirecttothem,itsavestime.”Q20e.Didyourlenderatanypointsuggestmakingrepaymentssoonafterreceivingincome?Singleresponsequestionaskedtoall Yes 31 23%No 88 65%Don’tknow 16 12%Prefernottosay - -Total N=135 100%

Q21.Wereyouawarethatyoucanmakeadditionalpaymentsonyourloanwithoutcharge,overandaboveyournormalrepayments?Singleresponsequestionaskedtoall Yes 110 81%No 23 17%Don’tknow 2 1%Prefernottosay - -Total N=135 100%

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Q22.Overandaboveyournormalrepayments,haveyouevermadeanadditionalpaymentonyourloan?Singleresponsequestionaskedtoallwhoanswered‘yes’atQ21 Yes 50 45%No 57 52%Don’tknow 3 3%Prefernottosay - -Total N=110 100%

Q23.Whichofthefollowingmethodsdidyouusetomaketheadditionalpayment?Ifyouhavemademorethanoneadditionalpayment,pleasetellusaboutthemostrecentonethatyoumade.Singleresponsequestionaskedtoallwhohavemadeadditionalpayments.Viapayrolldeduction 1 2%Viaonlinebankingtransfer 4 8%Viadirectdebit 5 10%Onlineonamobilephone - -Onthetelephone 9 18%UsingmyAllpay/membershipcardatpostofficeorstore 14 28%Other 15 30%Don’tKnow 1 2%Refused 1 2%Total N=50Q23a.Inwhichways,ifany,didyoudecidehowmuchyoucouldaffordtooverpayyourloanby?Openendedquestionaskedtoallhavemadeadditionalpayments[code1atQ22]“I'veworkedallthetime,Irecentlydidtheelections,additionalincome,soIjustusedthemoneytopaytheloanoff.”“Ihadabillthatdidn'tneedtobepaidforacoupleofmonthsandthemoneywasusedtopaymoreontheloan.”“Adecisionwasreachedhavingconsideredallmyexpenses.”

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Q24.Doyourecallyourproviderremindingyoutoconsiderrepayingyourloanearlyoroverpayingifyoucould?Thiscouldhavebeeninpersoninbranch,inmarketingmaterials,onthetelephone,aletter,anemail,aspartofyourapplicationandstatement,orviasomeothermethod.Singleresponsequestionaskedtoall Yes 53 39%No 72 53%Don’tknow 10 7%Prefernottosay - -Total N=135 100%

Q24aa.Pleasecanyoutelluswhat,ifanything,didyoudoasaresultofreceivingthatreminderfromyourprovideraboutbeingabletorepayearly(andsaveinterest)?Openendedquestionaskedtoallhadreceivedencouragementtorepayearly[code1atQ24]“Ididn'tdoanythingatthetimebutIhaveputbitsinextranowandagainwhenIcan.”“Nothing,I'mawarethatIcan,ifcircumstanceschange,Iwouldmakehigherpaymentsvoluntarily.”“Yestheytoldmethatinbranch.Infactmyfirstloanwaspaidbeforetheendtime.SoIknowthatifIhaveextraincomesIwillprefertopayoffbeforemyduetime.”Q24a.Pleasecanyoutellus,whichofthefollowingbestappliestohowoftenyouhavebeenabletomakeadditionalpaymentsonyourloan?Singleresponsequestionaskedtoallwhohavemadeadditionalpayments.Ioncemadeanadditionalpayment 11 22%Ihaveoccasionallymadeanadditionalpayment 28 56%Iregularlymakeadditionalpayments 5 10%Ialwaysmakeadditionalpayments 6 12%Don’tknow - -Refused - -Total N=50 100%Q25.Forwhatreasonswereyoumotivatedtomakeanadditionalpaymentonyourloan?Openendedquestionaskedtoallweremotivatedtomakeanadditionalpayment[code1atQ22]“BecauseIliketoclearitoffbecauseImightneeditforanemergency.Inevergetatop-up,ever.”

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“BecauseIhadenoughinmysavingstofinishpayingtheloanandanothertimewasjusttospeeduptherepaymentstofinishtheloan”“Justtogetitpaidoffquicker.It'sonelessworry.”“ItisalwaysmoreimportantformetopayoffaloanasquicklyasIcan-Ihavethisintheforefrontofmymind.However,thisisalwaysMYOWNCHOICE,thereisnoreverhasbeenanypressurewhatsoeverfromHootCreditUNION-BOLTON”Q26a.Pleasecanyoutellushowhelpfulitistobeabletomakeadditional/earlypaymentsonyourloan?SingleresponsequestionaskedtoallwhohavemadeadditionalpaymentsVeryhelpful 39 78%Fairlyhelpful 9 18%Notveryhelpful 1 2%Notatallhelpful - -Don’tknow 1 2%Prefernottosay - -Total N=50 100%

Q26b.Yousaidthatbeingabletomakeadditionalpaymentsis[insertanswerfromQ26a].Pleasecanyoutelluswhatmakesyousaythat?OpenendedquestionaskedtoallwhohavemadeadditionalpaymentsVeryhelpful“It’sgoodhavingthisoptiontherenostressorworriesegyougot12monthsormoreandifyougottheopportunitytopayabitmoretheyoucanwithoutthepressure.”“Becauseifitdoesn'tcomeoffmyloanitwillgointomysavingsaccount.ItlooksgoodformethemoreIhaveinmysavings.”Fairlyhelpful“Ifyoucanpayyourloanoffquickeranddecreaseyourinterestratesyou'reinabetterpositionlong-term.”“JustincaseIdon'thaveenoughmoneyonemonth.Icanmakeanadditionalpayment.”

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CHANGEINCIRCUMSTANCESQ32.WereyouawarethatHootCreditUnionofferstheabilitytodiscussyourpersonalfinancialcircumstances,includingwaystohelpyoumanageyourfinancesandmeetyourrepaymentobligations?Singleresponsequestionaskedtoeveryone.Yes 95 70%No 39 29%Don’tknow 1 1%Prefernottosay - -Total N=135 100%

Q32a.PleasetelluswhichofthefollowingbestappliestowhatyouthinkabouttheassistanceHootCreditUnionofferstocustomerswhowishtomanagetheirfinancesbetter.Singleresponsequestionaskedtoeveryone.IfeelbetterknowingthatthehelpisavailableshouldIrequireit 115 85%Itdoesn’tmatteratalltomewhetherit’sthereornot 14 10%Ithinktheassistanceofferedhasanegativeimpactoncustomers 1 1%Other(specify) 2 1%Don’tknow 3 2%Prefernottosay - -Total N=135 100%

Q32b.HowlikelywouldyoubetogetintouchwithNHSCreditUnionifyouthoughtyoumightmissapaymentduetoafinancialproblem?Singleresponsequestionaskedtoeveryone.Verylikely 104 77%Fairlylikely 15 11%Fairlyunlikely 3 2%Veryunlikely 8 6%Don’tknow 4 3%Prefernottosay 1 1%Total N=135 100%

88%Likely

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Q32c.Yousaidthatyouare[answerfromQ27b]togetintouchwithHootCreditUnionaboutyourpersonalfinancialcircumstancesifyoueverthinkyouaregoingtomissapayment.Pleasecanyoutelluswhatmakesyousaythat?Openendedquestionaskedtoeveryonewhocoded1-4atQ32b.Verylikely“Justbecauseobviouslyyoudon'twanttoleavethesituationincaseyougetchargedinterest.I'dratherexplainthesituationtothem.”“Iknowthattheywillnotjudgemeandwillbehelpfulinsortingitout”“Well,IfeelifImissapayment,it'sbettertobehonestwiththem.Becauseifyouarehonestwiththemitwillhelpyougetaloaninthefuture.”Fairlylikely“Iknowit'sbettersometimestospeaktolendersandtheycanadviseyouonsortofwhattodo.”Fairlyunlikely“Myloanispaidback17poundsaweek,I'mpayingback20poundsaweek,soevenifImiss,I'mstillahead.”Veryunlikely“Ifit'sonlytheonepaymentIusuallycatchupthefollowingweektheyareusuallygoodaboutit.”Introscreen:Wewouldliketounderstandtheserviceofferedbyyourproviderifyouexperiencedachangeincircumstances.Pleasebeassuredthatyouranswersarecompletelyconfidential.Q33.Pleasecanyoutellus,whichofthefollowingappliestoyou?Singleresponsequestionaskedtoeveryone.Ihavemissedapaymentonmorethanoneoccasion 21 16%Ihavemissedapaymentonlyonce 13 10%Ihavealwaysmademypaymentsontimebuthavecomeclosetomissingapaymentatleastonce 5 4%Ihavealwaysbeenabletomakemypaymentsontimeandhavenevercomeclosetomissingapayment 95 70%Don’tknow - -Prefernottosay 1 1%Total N=135 100%

Q34a.Pleasecanyoutelluswhatactions,ifany,didyoutakewhenyounearlymissedthepayment(s)?Openendedquestionaskedtoallcomingclosetomissingpayments(code3atQ33).“IwentinandspoketothemandtoldthenthereasonwhyIcouldpossiblymissthepaymentandexplainedthereasonswhy.”“Ijustpaiditthedayafteritwasdue.”Q35a.Pleasecanyoutelluswhich,ifany,ofthefollowingdidyouexperiencewithHoot?Multiresponsequestionaskedtoallwhomissedapayment(code1or2atQ33).Theycontactedmebyletter 10 29%Theycontactedmebytelephone 6 18%Theycontactedmebytextmessage 6 18%Theycontactedmebyemail 3 9%Abranchputmeintouchwithsomeonetotalkaboutmyfinancialsituation - -Other(pleasespecify) 3 9%Icontactedthemafterthepaymentwasmissedbutbeforetheycontactedme - -Ihadnocontactwithmyprovideraboutmissingthepayment 5 15%Icontactedthemtoalertthembeforethepaymentwasmissed 7 21%Don’tknow 1 3%Prefernottosay - -Total N=34Q36a.PleasecanyoutelluswhichofthefollowingbestappliestothecontactyouhadwithHootcreditunionafteryoumissedapayment.Singleresponsequestionaskedtoallwhocoded1-6atQ35a.Myprovidercontactedmestraightaway,withinadayortwoofmemissingthepayment 4 19%Myprovidercontactedmefairlysoonafterwards,withinaweekofmissingthepayment 9 43%Myprovidercontactedmemorethanaweekaftermissingthepayment 4 19%Myprovidernevercontactedmeaboutmissingthepayment 2 10%Don’tknow 2 10%Prefernottosay - -Total N=21 100%

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Q36b.YousaidthatyouhadcontactwithHootCreditUnionrecentlyaboutmissingaloanrepayment.Pleasecanyoutelluswhathappenedasaresultofthatcommunication?Openendedquestionaskedtoallwhocoded1-6atQ35a.“Theyhelpedmesortitoutbygoingthroughthearrangementwehad.Wethenworkedoutanewplanwhichwasgreat.”“WellIexplainedwhyI'dmisseditbuttheysaidthatwasfinebutIstillowedthatamountthepaymentamount,theywereverygood.”“Wearrangedalowerpaymentonacoupleofoccasionsasaresultofemergencies.”“Theyhadtobearwithmebuthadaneffectonmynextloantaken”Q37.PleasecanyoutelluswhichofthefollowingappliestowhathappenedasaresultofyourcontactwithHootCreditUnion?Multiresponsequestionaskedtoallwhocoded1-6atQ35a.Givenarepaymentbreak 2 6%Givenamendedrepaymentdatessotheloantermwasextended 5 15%Negotiatedanewrepaymentplan 2 6%Interestwasfrozen - -ReferredtoathirdpartysuchasaDebtAdviceCharity - -Providedfurtherinformationandadvice 4 12%Other 14 42%Nosolutionprovided 6 18%Don’tknow - -Prefernottosay - -Total N=33 Q38.AndthinkingabouttheoutcomeofyourcontactwithHootCreditUnion,howhelpfulwouldyousayyoufoundeachofthefollowing?Singleresponsequestionaskedtoallwhocoded1-7atQ37.

Veryhelpful

Fairlyhelpful

Fairlyunhelpful

Veryunhelpful

Don’tknow

Givenarepaymentbreak 2100%

-

-

-

-

Givenamendedrepaymentdatessotheloantermwasextended

480%

120%

-

-

-

Negotiatedanewrepaymentplan 2100%

-

-

-

-

Providedfurtherinformationandadvice

375%

-

-

1100%

-

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Q39a.Yousaidthatyouwere[answerfromQ37]andthatthiswas[ratingfromQ38].Pleasecanyoutellusmoreaboutwhatmakesyousaythat?OpenendedquestionaskedtoallwhogavearatingatQ38andrepeatedforeachstatementselectedatQ37.Givenarepaymentbreak“BecauseI'mclassedasdisabled-theyarere-assessingmybenefits.WhenIspoketotheadviser,ItoldthemthatIwaswaitingformybenefitstobereassessed.”Givenamendedrepaymentdatessotheloantermwasextended“Becauseittakesthepressureoff,whileyoutrytogetyourselfsortedout.”“Theyjustunderstoodmycircumstances.Itwasveryeasytodo.”Negotiatedanewrepaymentplan“It'sgoodtohavethatlittlesafetybarrier.IwasillsoIcouldn'tpaythem.”Providedfurtherinformationandadvice“BecausetheywereunderstandingwhenItoldthemIcouldn'tmakeapayment.”Q40.Pleasecanyoutellusforhowlonghaveyoubeenonyourrevisedrepaymentplan?Ifyou’reunsure,pleasegiveyourbestguess.Singleresponsequestionaskedtoallwhocoded3atQ37.Lessthan3months 2 100%Between3and6months - -Between6and9months - -Between9and12months - -Between1and2years - -Morethan2years - -Don’tknow - -Prefernottosay - -Total N=2 100%

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Q41.Stillthinkingaboutyourrevisedrepaymentplan,pleasecanyoutellushowaffordablethiswasforyouatthetimeitwassetup?Singleresponsequestionaskedtoallwhocoded3atQ37.Veryaffordable 1 50%Fairlyaffordable 1 50%Fairlyunaffordable - - Veryunaffordable - - Don’tknow - - Total N=2 100%Q42.Pleasecanyoutellustowhatextentyouhavebeenabletokeepupyourrepayments?Singleresponsequestionaskedtoallwhocoded1atQ37.Ihavealwayskeptupwithrepayments 1 50%Ihavemostlykeptupwithrepayments 1 50%Ihavemostlynotkeptupwithrepayments - -Ihaveneverkeptupwithrepayments - -Don’tknow - -Prefernottosay - -Total N=2 100%Q43.Pleasecanyoutellus,overall,howeffectiveyoufeelHootCreditUnionhasbeeninhelpingyoutoreduceyourdebt?Singleresponsequestionaskedtoallwhomissedornearlymissedapayment(code1,2or3atQ33).Veryeffective 27 69%Fairlyeffective 6 15%Notveryeffective 3 8%Notatalleffective 2 5%Don’tknow 1 3%Prefernottosay - -Total N=39 100%

84%Effective

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Q43a.YousaidthatHootCreditUnionwas[answergivenatQ43].Pleasecanyoutelluswhyyousaythat?Openendedquestionaskedtoallwhocoded1-4atQ43.Veryeffective“Theyareveryhelpful,theylistentoyouandtellyouwhatisbetterforyou”“Becausetheyareveryhelpfulandtheytellyoutheprosandtheconsofborrowingandtrytogiveyouabetterplanthangettingaloan.Suchasgettingabedwhichisnotmuchinterestratherthangettingabigloanwithalotofinterest.”Fairlyeffective“TheywereveryunderstandingaboutmemissingapaymentandIpaidthemnextmonth”Notveryeffective“lfeltlwasnotgivenafairdealing.”Notatalleffective“It’suptotheindividualtoreducetheirdebt”

3.2

CONNECTINGLOANSANDSAVINGSQ44.WasaregularpaymentintoasavingsaccountwithyourCreditUnionsetupalongsideyourloanrepayment?Singleresponsequestionaskedtoeveryone.Yes 117 87%No 11 8%Don’tknow 7 5%Prefernottosay - -Total N=135 100%

Q46a.Howhelpfulis/wasittobesavingatthesametimeaspayingoffyourloan?Singleresponsequestionaskedtoallwhohavebeensavingwhilstpayingbacktheirloan(code1atQ44). Veryhelpful 97 83%Fairlyhelpful 17 15%Notveryhelpful - -Notatallhelpful 1 1%Don’tknow 2 2%Prefernottosay - -Total N=117 100%

Q46b.Yousaidthatsavingalongsidemakingyourloanrepaymentsis[answerfromQ46a].Pleasecanyoutelluswhatmakesyousaythat? Openendedquestionaskedtoallwhocoded1-4atQ46a.Veryhelpful“BecauseitbuildsupslowlyandpersonallyIdon'ttouchit.It'saveryhandysystem.”“It'sverygoodwhenyouaresavingandpayingyourloan.BecausethefirsttimeIhadmyloanIcompletelypaidmyloanwiththehelpofthesavingsIhadthere.AndIwassosurprisedwhenIlearnttheamountIhadinmysavings.ThatwasthesmartestideaHootshasevermade.”“Well,Iwas-Ifoundmyselfinapositionwherethebalanceinmysavingsenabledmetopayofftheloaninalumpsumtomygreatrelief.”Fairlyhelpful“It'ssortofsomethingIknowisthereforemergencyifIneeditsoIsortoftrynottotouchitunlessIhaveto.”

98%Helpful

4.1

4.1

Q47.Whichofthefollowingstatementsbestappliestoyoursavingshabits,beforeyoutookouttheloan?Bysaving,wemeanputtingmoneyintosavingsproductssuchasasavingsaccountorISASingleresponsequestionaskedtoeveryone.Isavedregularlythroughouttheyear 29 21%IsavedwheneverIcould 41 30%Isometimessavedaone-offlumpsum 10 7%Iwasneverabletosaveatall 50 37%Don’tknow 5 4%Prefernottosay - -Total N=135 100%Q48a.Whichofthefollowingstatementsbestappliestoyoursavingshabits,sinceyoufinishedpayingoffyourloan?Bysaving,wemeanputtingmoneyintosavingsproductssuchasasavingsaccountwithHootCreditUnion.Singleresponsequestionaskedtocustomerswhopaidofftheirloan.Isaveregularlythroughouttheyear 17 61%IsavewheneverIcan 5 18%Isometimessaveaone-offlumpsum 2 7%Iamneverabletosaveatall 4 14%Don’tknow - -Prefernottosay - -Total N=28 100%Q49.Pleasecanyoutelluswhichofthefollowingstatementsbestappliestoyourfuturesavingsplansafteryourloanhasbeenpaidoff?Singleresponsequestionaskedtoallcustomerscurrentlypayingtheirloan(code1atS1a).Iwillsaveregularlythroughouttheyear 67 63%IsavewheneverIcan 26 24%Iwillsometimessaveaone-offlumpsum 4 4%Iwillnotbeabletosaveatall 5 5%Don’tknow 4 4%Prefernottosay 1 1%Total N=107 100%

4.1

4.2

4.1

4.2

Q50a.Inwhatways,ifany,hastakingoutyourloanwithHootCreditUnion,helpedyouwithyoursavingshabits? Openendedquestionaskedtoeveryone.“HoothashelpedmassivelywithmysavinghabitsandInowsavemoneywithhootonaweeklybasismeaningIdon’tneedtotakeoutloansasIknowIhavemysavingsavailableinHootwhenIneedthem.”“It'shelpedmeputmoneyaside,becauseit'scomingstraightoutmypayroll-I'musedtoitnotbeingtheresoIdon'tmissit.I'vegotmoneyavailableforaholidayorsomething.”“Well,Ithinkthefactthatyou'vegottosavealongsideitdoesn'tgiveyouanychoice-becauseit'smandatory,you'vegottodoit,andthenyou'vegotalittlepotofmoney.AndtheChristmasPotisreallygood-ahundredpoundsamonthandthenatChristmasyou'vegotathousandandthat'sgood.I'llcontinuetosave,ordinarilyandintheChristmasonesoI'lldoboth.It'sallaboutsettingupgoodhabits.”“It'snothelpedwithmysavingshabitsbutit'sthebestlenderIhavecomeacross.”Q51.ByagreeingtosavewithHootCreditUnionatthesametimeaspayingoffyourloan,youwillpaymorebacktotheHootCreditUnionastheloanwilltakelongertopayoff.E.g.Aloanof£200over52weekswouldberepayableat£4.60perweek,with£1perweeksavingyouwouldhavesaved£52bytheendoftheloan;withyour£1savingsADDEDtotherepaymentinstead,youcouldhavepaidtheloanbackin42weeks,paid£8.23lessinterest,buthavenosavings.Doyoufeelitisworththeextratimeandmoneyittakestorepayyourloan,tohaveanamountinsavingsavailablewhenyourloanispaidoff?Singleresponsequestionaskedtoeveryonewhocoded1atQ44.Yes 100 85%No 10 9%Don’tknow 7 6%Prefernottosay - -Total N=117 100%

Q52a.Andpleasecanyoutelluswhyyousaythat?Openendedquestionaskedtoeveryonewhocoded1-2atQ51.“Becauseofyouleavethesavingsyou'llhavealumpsumwhenyouhavefinishedpayingtheloanofwhichmayhelpyouintheendwithnothavingtogetanotherloanoneday”“BecausewhileIampayingtheloanIamcarryingonwithmylifesothereareunexpectedexpenses.Iamamotherandacaretaker,soIliketoknowthatIhavesomethingtopaytheunexpectedexpenses.”“Becausethatcouldthenreplacehavingtohaveatopuploan,itcouldreducegettinginmoredebtaswellaspayingbackyourloanatthesametime.”

4.2

3.2

Q53.Whichofthefollowingappliestoyoursavingsaccount?SingleresponsequestionaskedtoeveryonewhosaidyesatQ44.Youcanwithdrawallyoursavingsatanytime,providedyoumaintaintheregularloanpayment

42 36%

Youcanwithdrawanysavingsthatexceedyourloanbalanceatanytime

31 26%

YoucanapproachyourCreditUniontowithdrawallyoursavingswhileyouhavealoanout-standingandtheyarelikelytoagree.

20 17%

Don’tKnow 23 20%Prefernottosay 1 1%Total N=117 100%