A drive to keep people in Jarrow out of the hands of loan sharks and payday lenders has been launched – thanks to a £20,000 Lotto grant.
The cash will help raise awareness of the town’s existing advice drop-in centre at Jarrow’s Grange Road Baptist Church.
The church currently plays host to The Bridges – Your Community Bank, the trading name of South Tyneside Credit Union.
The grant, from Big Local, part of the Big Lottery Fund, will help increase sessions at the church and encourage better money management in central Jarrow.
The two-year programme will also help people looking to escape the cycle of sky-high interest rate loans.
One key element will be the creation of four savings clubs in schools, nurseries and children’s centres, to teach youngsters about saving.
Last year the bank issued 989 loans, payable back within a year, and typically for between £800 and £1,000, and totalling around £845,800, at interest rates from 5.1 per cent APR and 43.8 per cent – far lower than any payday lender.
But bosses believe the partnership has the potential to encourage many more people to approach them for safe, well-planned and responsible financial support, and for loans which reflects their ability to repay.
Janette Wynn, manager of Bridges – Your Community Bank, said:
“This partnership is an important development in helping people to get away from using either payday lenders, or doorstep lenders.
“It will raise awareness to residents that credit unions are another alternative source of borrowing instead of using payday loans and door step lenders.
“It will help adults by offering loans at far lower interest rates than they may otherwise pay, and it will also encourage them towards more responsible borrowing.”
Anne Corrigan, project co-ordinator for Big Local in Central Jarrow, added:
“This will help people to access affordable loans, reducing the numbers reliant on pay day loans and loan sharks and ultimately improving the economic stability of the community.”
Loans are typically used for home improvements, holidays, Christmas expenses, buying a car, and debt consolidation.
More information is available from Bridges – Your Community Bank on 0191 454 7677 or by emailing email@example.com, or from Anne Corrigan on 0191 428 1144 or by emailing firstname.lastname@example.org,uk
Source – Shields Gazette, 31 Oct 2014
An increasing number of families in the North East are facing homelessness this winter, according to the latest statistics.
Calls to charity Shelter have increased by 12% since last year, and the number of people in the North East who called the Shelter helpline from 2012 to 2013 reached 2,490, the equivalent of more than 200 callers per month.
The charity say the figures reflect the growing number of people struggling to cope with the rising costs of living coupled with stagnating wages, and expect more families will find it increasingly difficult to keep a roof over their heads, especially as bills mount in the run-up to Christmas.
Shelter helpline adviser Liz Clare said the Christmas period is the most difficult time of year for her and colleagues. :
“The threat of homelessness is devastating at any time of year, but it seems to get worse around Christmas as the strains of the holidays close in and the weather gets cold.
“One Christmas Eve I answered a call from a mum with a disabled son. They were evicted from their home that night and had to sleep on the streets in the cold. We managed to find them a place to stay, but I’ll never forget the devastation in her voice. The sad fact is that eviction notices can come at any time of year. “
“I’ve never seen the helpline as busy as it has been this year.”
Jeremy Cripps, the chief executive of charity Children North East warned the figures could also increase following Christmas as people struggle to cope with the costs of the festive period and fall into arrears.
“What we have noticed is that a high proportion of families are there because of rent arrears or because their homes have been repossessed because of missed mortgage payments.”