Positive News about stopping the pay day loan companies……. Two pieces of news last week. Firstly A group of major High Street retailers are taking on controversial payday lenders with plans for a credit union, it was reported today. In a bid to offer an alternative to the hefty interest rates charged on payday loans, New Look and Next are among names to have signed up to RetailCure. The scheme is expected to charge interest from roughly 7 per cent to nearly 28 per cent depending upon the borrowers credit history. This may mean that people who borrow £400 over 30 days from a payday loan firm are stung with an interest fee of around £127, while the same loan would cost just £8 from the credit union. That sounds great to me. Full story at: thisismoney.co.uk/money/news/article-2644701/British-retailers-set-payday-lenders-credit-union-offer-cheap-loans.html Secondly, Hector Sants, the former chief City regulator, has introduced a national network of churches, communities and credit unions that aims to take on payday lenders. Sants, who headed the Financial Services Authority until 2012, is leading a task force set up by the Church of England as part of a campaign led by the archbishop of Canterbury, Justin Welby. Full story at: theguardian/money/2014/may/27/hector-sants-church-network-credit-unions-payday-loan The key points for Children Centres, in my opinion, is firstly that parents are made aware of these new exciting developments and where necessary they are signposted to the services. For the first scheme, those parents working in retail, no matter how many hours per week should ask their employers if they are going to take part in the scheme. Secondly with regard to the Church of England, hopefully many of you will now have Faith Groups regularly consulted with as part of your Outreach Work, or even better part of your Advisory Board so they should be able to update you about how and when this new scheme will operate.
Posted on: Mon, 02 Jun 2014 09:18:45 +0000
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