Ultracar supports archbishop’s responsible lending initiative

The firm shares the same goals of getting people with poor credit back to work and out of debt.

David Riches, managing director of Ultracar had already praised the Office of Fair Trading for referring the likes of Wonga to the Competition Commission for lack of transparency in its high interest short-term loans

But now he has lent his support to Archbishop Justin Welby, who was previously a rector in Southam.

The archbishop, who married David Riches and his wife at St James’ church in 2001, worked in the oil and financial sectors before entering the church, understands the world of commerce, a fact that resonated with Mr Riches.

Mr Riches said: “We are in the business of offering second chances to people who for no fault of their own can’t get credit but need a car to start a new job or get to an existing one. Archbishop Welby’s ideas for low interest credit unions using Church of England premises, follow the same principles – it is about affordable help that avoids people getting into a spiral of debt.”

Ultracar has hundreds of clients on its books many of whom are high earners, but cannot get credit because of personal circumstances such as acrimonious and expensive divorces where the marital spoils have been divided.

“It is all about education and the church can play its role in teaching congregations about managing money and we, in a more limited and secular way, do the same,” he added.

“It is all about ending the bad debt cycle that is so prominent in today’s society, and with substantially lower cost. We spend a large amount of time trying to help our client understand their monthly expenditure, and in some cases restructure their spend to try and free up money, and avoid further debt.

“For example, we get a large number of tradesmen who currently have to hire a vehicle on a weekly basis, which can be hideously expensive but they cannot break this cycle because the conventional method of credit checking doesn’t permit this to happen.We hear many heart-breaking human stories from customers who cannot get credit. Mobility through a car is their way out of debt and we try and help.”