Smart Savings, based in Redruth, is a community interest company aiming to tackle debt in Cornwall. Working on behalf of her clients, which can include vulnerable adults and people with low income, founder Jane Jiwa claims back the fees charged by banks and building societies for going past an overdraft limit.
Some banks and building societies have unlawfully charged up to £39 for going overdrawn, and since a landmark case people have been able to claim back these charges from up to six years ago.
Jane explains: “These charges are not in proportion with the banks’ costs. In some circumstances, a person’s income does not cover reasonable living expenses, which is why they become overdrawn. By carrying out claims management work, we are able to win back these charges.”
Because Smart Savings operates as a community interest company, any profits are reinvested back into the business in order to help more people.
Jane has been working with Outset Cornwall since August after meeting Outset Cornwall CEO Bev Hurley through Cornwall’s SSE (School for Social Entrepreneurs). Bev was able to offer her business expertise in helping Jane prepare an application for funding so Smart Savings can expand its services.
Jane has also established partnerships with organisations such as Cornwall Partnership NHS Trust, Cornwall College, Cornish Community Banking and Jobcentre Plus. She said: “I’ve always wanted to set up my own business and I always knew I wanted it to be ethical. The support I have received from Bev has been fantastic. She reviewed the funding application I had written with a fine tooth comb and highlighted some issues I hadn’t considered. Because the support is bespoke it is exactly what I need at this stage.”
Bev Hurley said: “Jane has a really interesting business proposition with lots of potential. We wish Smart Savings every success in its development and will be here supporting with whatever advice or support Jane needs in her first year.”
Jane has now progressed to the UCP graduate start-up programme helping her to develop her business further.
Outset Cornwall has been funded by the ERDF Convergence programme which invests in activities that will have a long-term impact on the growth and develop of the Cornish Economy.
