The Economic Abuse Evidence Form (EAEF), an information-sharing tool which provides a single mechanism through which money/debt advisors can tell organisations that an individual has experienced economic abuse and explain the impact of it on the victim, has gained the commitment of 25 banks and building societies.
Those including Lloyds Banking Group, NatWest, Santander and Monzo will now accept the form, which could ease applicants’ trauma and provide the support they need and reducing the need to inform multiple creditors.
In 2023, at least 5.5 million people in the UK experienced economic abuse, which involves a perpetrator controlling their partner’s, or ex-partner’s, money and finances. On average, victims are indebted to at least five different creditors, and they often have to retell their experience to each one.
The EAEF, which includes a brief history of the abuse and coercive control, details about the client’s relationship to the alleged perpetrator and the period over which the abuse took place, was devised by Money Advice Plus (MAP) and piloted in partnership with Surviving Economic Abuse (SEA). It provides a clear and controlled format for this information, giving creditors the supporting information they need to respond to qualified and specially trained debt advisers’ recommended action.
Benefits for both victim-survivors and organisations receiving the form are:
- Wellbeing of survivors: The EAEF enables organisations to have a clear understanding of the situation, without the victim-survivor having to repeat their story multiple times.
- Wellbeing of colleagues: The EAEF protects the well-being of colleagues receiving the form from having to listen to details of the abuse which could cause distress or secondary trauma.
- Faster decisions: During the pilot, 70% of requests supported by an EAEF received a decision within six weeks. Requests supported by an EAEF have an average median decision time of 13 days vs 63 days for requests without an EAEF.
- Fewer requests for additional information: Only 15% of requests supported by an EAEF required further information, compared to 35% of requests without an EAEF.
With support from UK Finance, the EAEF is now being rolled out further to financial service firms and the pilot is being continued with local authorities and utility firms.
Fiona Turner, Head of Vulnerability Policy, UK Finance, says:
“The journey to financial freedom for victim-survivors of economic abuse can be complex and challenging. Firms accepting the EAEF is positive progress that will simplify the process, reduce the risk of trauma associated with multiple notifications, and enable the victim-survivors to access the support they need. But we know that more still needs to be done.”
Amy Sager, Senior Borrowing Lead, Monzo Bank, says: