The debt-consolidation social enterprise helps hundreds of Kiwis kick unmanageable debt
Money Sweetspot, a debt-consolidation social enterprise backed by the BNZ, said it has already provided nearly $3 million in loans to New Zealanders grappling with unmanageable debt, less than two months since its official launch.
“The speed at which we’ve reached this milestone shows us this isn’t just a problem at the edge of society,” said Sasha Lockley (pictured above), Money Sweetspot CEO. “We see everyday people in good jobs losing control of debt due to life events like illness, relationship breakdowns, or small, unexpected expenses that pile up. We’re here to help reverse that debt spiral and support New Zealanders to regain control of their finances.”
Money Sweetspot provides customers with a single, manageable payment as well as free access to valuable financial education resources.
“Engaging with these resources allows our customers to earn Sweetspot points, which can be redeemed for additional loan reductions or savings, helping them reach their goals faster,” Lockley said.
Prior to their Money Sweetspot financial reset, the majority of customers faced rates ranging from 25% to 50%, which collectively could have added up to roughly $900,000 in additional interest over the life of their loans.
In one case, for instance, a family of six who recently moved to Auckland from the Far North to take up education opportunities for their children, found themselves struggling to manage their debts and household expenses due to the recent rise of inflation and the higher cost of living in Auckland.
To get on top of their bills, settle their debts, and establish their new life in Auckland, they needed a financial buffer – and that’s where Money Sweetspot stepped in. The enterprise provided the family with a financial reset loan of $42,700 at a reduced interest rate, slashing their current debt repayments from $1,410 to $470 monthly.
“We’re proud to back an organisation that measures success by the lives they’ve changed,” said Dan Huggins, CEO of BNZ, which provided the lending capital behind the initiative. “The rapid uptake of their services demonstrates the crucial role they play in empowering families and individuals to take control of their finances and build a better future.
“Our support for Money Sweetspot is part of our broader commitment to enhancing the social, cultural, and financial wellbeing of New Zealanders. With our goal to deliver $50 million in low or no-interest lending by 2024, we’re actively supporting a more inclusive and sustainable financial future.”
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