Experts from law firm Stone King, which has an office in Bath, are advising on a national project to help people break the damaging cycle of high-cost debt.
The Affordable Loans portal – a partnership between private and social sector bodies – will make it easier for people with poor or no credit rating to access affordable loans from responsible lenders, saving them hundreds of pounds in the process. 
Several credit unions and community development financial institutions are involved in the project, which is supported by Responsible Finance, the membership organisation supporting the UK’s growing responsible finance sector.
Stone King’s corporate and commercial team has handled all the legal aspects of establishing the new partnership, including creating a joint venture vehicle for the project as well as settling legal documents for the arrangements between the different parties involved.
Tamsin Eastwood, pictured, a consultant in Stone King’s corporate and commercial team, said: “Millions of people are trapped in a cycle of high-rate borrowing which can cause untold misery and stress for the individuals and families involved.
“We are extremely proud to be working with these community lenders and to be the legal advisers for this important national project that will help people to break free from this damaging spiral of debt and to take back control of their financial situation.”
Affordable Loans has gained the support of national companies including supermarket chain Asda – which is directing customers to the portal via its website – and the backing of the Cabinet Office.
Leeds Credit Union is piloting the portal before the Affordable Loans project is rolled out nationally next year.
