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Setting up a local Money Advice Centre

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

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Setting up a local Money Advice Centre

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

  2. North Somerset Housing • Vision of Smarter Business, Better Homes, Stronger Communities • 6,100 homes • LSVT 6th February 2006 • Money Advice Centre opened 1st December 2006

  3. 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)

  4. 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 Financial Resources for MAC

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

  6. 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

  7. 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

  8. Your response- Know of something similar?- Could this approach work for you, or a partner agency?

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