The Tenancy Saver Loan Scheme is for private renters. It’s a loan scheme to provide an affordable way to cover rent arrears, or future months’ rent. 

 

Welsh Government launch the latest initiative (for private renters) to keep people in their homes

You make recall back in August that the Housing Minister, Julie James AM, issued a statement announcing a package of support for tackling homelessness but also the launch of a “Tenancy Saver Loan”. Today, it went live for tenants

So what does it mean?

The Tenancy Saver Loan Scheme is for private renters. It’s a loan scheme to provide an affordable way to cover rent arrears, or future months’ rent. 

The Welsh Government has produced a FAQ document which you can find here

The basics you need to know are:

  1. You must be a tenant in the private rental sector in Wales (not social housing)
  2. You are in rent arrears from 1st March 2020 because of the Coronavirus pandemic
  3. You are not in receipt of housing benefit or housing cost payments through Universal Credit
  4. You were not in significant rent arrears, e.g. 8 weeks or more of rent arrears, before March 1st 2020
  5. You have not applied and received a loan through another loan provider through Tenancy Saver Loan for the rent arrears in question
  6. The loan will be paid directly to your landlord or agent which will remove the threat of eviction.

The scheme is administered by Credit Unions of Wales on behalf of the Welsh Government and when you submit an inquiry you are directed to one of the 7 Credit Unions – the one nearest to you.

This is a positive step for private renting.  For tenants, it creates much needed breathing space for fear of eviction.  The news has also been well received by Landlords and Agents we have talked to.  They are positive about the scheme and the financial security it could provide them.  They confirmed that similar processes for when the local authorities pay rent for certain tenants at the moment is very simple, timely and well executed.

Further information about the scheme is available on the Credit Unions of Wales website here: https://creditunionsofwales.co.uk/cy/tsl/. This includes an online enquiry form and contact details for each of the participating credit unions who have a printable flyer available on their website.

Finally:  did you know there's a new free helpline for private renters concerned about rent arrears? 0300 330 2177.  

Either give them a call if you have concerns, or learn more by watching this explainer video where Bethan Hunt of Citizens Advice Cymru talks to TPAS Cymru about the service & current tenant concerns. https://youtu.be/p76iRbkhS4k   

Let us know what you think by emailing [email protected]