Setting up a local Money Advice Centre Steve Zebedee North Somerset Housing.

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Presentation transcript:

Setting up a local Money Advice Centre Steve Zebedee North Somerset Housing

Vision of Smarter Business, Better Homes, Stronger Communities 6,100 homes LSVT 6 th February 2006 Money Advice Centre opened 1 st December 2006

How financial exclusion affects our business Rent Arrears (+ resources collecting) Evictions (Cost us £6-8,000) Our customers’ average household income is £8,641 The social impacts of poverty such as crime, health, doorstep lenders etc Research (CIOH, NHF, Univ Salford)

Financial Resources for MAC North Somerset Housing Raglan Housing Association Barclays Bank Treasury Financial Inclusion Fund DWP Growth Fund Barclaycard Horizons Big Lottery £100,000 pa £10,000 pa £50,000 £37,000 £100,000 £25,000 £185,000

Aims of Money Advice Centre A = Advice B = Basic Bank Accounts C = Credit, that is affordable D = Depositing money E = Education

Other measures to tackle financial exclusion Financial Inclusion Strategy Home Contents Insurance scheme Free to use Cash point – Nationwide BS Talk to energy companies Furniture packages Staff Training and development

Impact Over 1,000 people given debt advice Credit Union has grown from 200 savers to over 600 Over 150 loans totalling in excess of £50,000. (£30,000 interest saving) Running finances for 4 tenants Arrears and evictions down

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