SC220318 - Under Written Loans - Market Engagement

Concepts

• maidstone
• financial leasing
• debt consolidation loan amounts
• defaulted loans
• loans
• repaid loans
• an interest free debt consolidation loan
• the loans
• a loan
• loan

Location

Maidstone

Description

The Kent County Council (KCC) are seeking to engage with potential suppliers with the ability to provide eligible residents of Kent (excluding Medway) an interest free Debt Consolidation loan to help them pay off high interest debt much quicker. The scheme will be designed to support individuals who are experiencing financial hardship. Additionally, any Kent resident who has been issued a loan by the contractor must receive regulated debt advice and further help and support that will help them to remain financially well. KCC are looking to engage with suppliers who can provide the following: • Able to administer Debt consolidation loan amounts (up to £4000), be able to manage the repayment of the loans by the applicant, and have processes in place to manage defaulted loans. • Must be able to show how they will identify eligible applicants and work with the County Council and its partners to ensure referrals to the service can be made by the County Council and its partners. • During the initial term of the contract it is essential that the Contractor sets up an account that allows the issuing of loans using the money that has been provided as part of the contract and uses this account to re issue loans from any repayments made. • Repayment to the Council of any unspent monies at the end of the contract; it is essential that any monies received from repaid loans during the repayment stage at the end of the contract is to be paid back to the County Council.

CPV Codes

• 66114000 - Financial leasing services

Indicators

Other Information

• After the applicant has received the loan, it will be expected that the Contractor refers the applicant to further support and advice through ReferKent to help maximise the applicant’s income and to address any holistic issues that maybe causing financial hardship. ReferKent will monitor this. The Contractor will need to register with ReferKent and sign a Data Sharing Agreement in order to make the referrals through ReferKent. If you believe this is of interest to you and your organisation, please ‘Register an interest’ in this opportunity on the Kent Business Portal and you will be invited to complete a ‘Market Engagement Questionnaire’, which will be immediately accessible via the online messaging facility Kent Business Portal. Questionnaires are due back no later than 30th April 2024 (potential to extend this date if needed). Responses to this questionnaire will be used to inform KCC’s strategy for commissioning these services; KCC may contact organisations directly to discuss/clarify their response to this questionnaire and/or run an engagement event where necessary. This Prior Information Notice is not a call for competition nor a part of a formal procurement process. The main aim of this Prior Information Notice is to raise market awareness of a future requirement and to invite interested suppliers to register their interest in participating in the Market Engagement Questionnaire.