Money Mentors. Working together to enable optimum money management with individuals and across communities. Taking action – Feedback on May 2 nd. Where are we at with our work?. MONEY MENTORS: The Big Picture. May: Take action and take control. June/July. March: Prepare for action.
Working together to enable optimum money management with individuals and across communities
May: Take action and take control
Prepare for action
House Group in November
Budget mentoring in Dec/ Jan
Money Walk in February
Key Tasks for MONEY MENTOR Leaders...
1. Develop a plan to enable and money management to become sustainable in your institution
2. Graduate from Money Mentors Academy
1. Identify deals in your local area that aren’t as good as they would appear. Work with your group to educate and make the right choices
Why can bank accounts be useful?
Access own money easily and safely
Requirement by employer?
Receive benefits, as well as money from friends and family
A facility to help you manage your everyday money
A healthy account can help us access other financial products/services
Store money safely
Check this out!An Israeli woman's decision to keep her life savings in her mattress must have seemed like a wise one. But it came back to haunt her when her daughter threw the mattress out – along with $1m (£611,000) stuffed into the lining.
Overdraft: A facility allowing you to spend more money from your bank account than you have in it. The bank will usually charge you interest and sometimes other fees as well if you do this.
Buffer zone: A small amount of credit/overdraft that a bank may give you. So you can get money from a cash machine even if you don’t have enough money in your account.
Cheque book: A book of cheques which let you make a payment from your bank current account to someone else by writing a cheque in their favour.
Telephone/online banking: Carrying out transactions on your bank account over the phone/over the internet.
Direct debit: A way of paying bills from your current account. The money is taken directly from your account on specific dates.
Counter service: A service which allows you to do your banking over the counter.
Julian is 30 on Wednesday, and it will be a double celebration because he has finished paying off all of his debts!
Julian won’t be going too mad; he is still watching the pennies – he never wants to be in debt again!
Tamar is a busy single parent to 6 year old Li.
Tamar works full time, and organises for a special play scheme group to pick up Li from school each day.
Tamar is currently saving to go on holiday.
Alice is 72 and lives on her own.
Her neighbour helps out regularly with shopping as Alice is partially sighted.
Alice cant really see, so tries to avoid paper work at all costs.
People with poor credit ratings
First step towards a current account
Don’t want to get into debt
Basic bank accounts
Basic bank Account
Packaged Current Account
Post Office Account
Accounts for Young People
Credit Union Account
when things go wrong?
Do your homework (reading and organisation of relevant documents)
Communicate and complain to your bank or creditor.
Log information and communication
Time and patience
The financial ombudsman
It’s our job to sort out individual complaints that consumers and financial businesses haven't been able to resolve themselves.
We were set up by parliament to do this – as independent experts – and our service is free to consumers.
We can look at complaints about a wide range of financial matters – from insurance and mortgages to investments and credit. Each year we deal with almost a million enquiries and settle over 150,000 disputes.
We’re completely independent and impartial. This means that when we decide a complaint, we look carefully at both sides of the story and weigh up all the facts.
Phone: open 8am to 6pm, Monday to Friday
0800 023 4567free for people phoning from a "fixed line" (for example, a landline at home)
0300 123 9 123free for mobile-phone users who pay a monthly charge for calls to numbers starting 01 or 02
we'll be happy to phone you back, if you're worried about the cost of calling us
Write: The Financial Ombudsman ServiceSouth Quay Plaza183 Marsh WallLondon E14 9SR
Other useful contacts:
Consumer Credit Counselling Service (CCCS):The Foundation for Credit Counselling is the umbrella charity for Consumer Credit Counselling Service in the United Kingdom. Through its free national telephone service, ten regional centres and online CCCS Debt Remedy, CCCS is able to help people with debt problems wherever they live. Call 0800 138 1111
The National Debt Line:The helpline that provides free confidential and independent advice on how to deal with debt problems. Call 0808 808 4000.
The Money Advice Service: Here to help everyone manage their money better. We do this by giving free, clear, unbiased money advice to help people make informed choices – this is done over the phone or in person. Check out our website at which included lots of information around banking! Moneyadviceservice.org.uk
Complete final Money Mentor session on Bank Accounts:
June 11th 2011 – Opportunity to hand in completed Portfolio of Learning and evaluate with London Citizens
June 28th 2011 – Graduation Ceremony
Date: Tuesday 28th June
Location: The Guildhall, Gresham Street, EC2V 7HH
· Listening form from your house group
· Photo of house group
· Evaluation notes/ personal reflections on the house group
· Feedback from organizer who attended your house group
Saturday June 11th 2011
London Citizens Office
112 Cavell Street