Today will see the launch of a Financial Inclusion Strategy for Sheffield.
Predatory lenders feed on poverty, and keep Sheffield people trapped there. One company - and this is just one of the legal ones - make 4 million pound in profit per year on loans totalling 8 million from lending to the poor in Sheffield. Interest rates vary from 483% to 2000%.
7.15, at Victoria Hall, opposite the Crucible theatre.
Predatory lenders feed on poverty, and keep Sheffield people trapped there. One company - and this is just one of the legal ones - make 4 million pound in profit per year on loans totalling 8 million from lending to the poor in Sheffield. Interest rates vary from 483% to 2000%.
7.15, at Victoria Hall, opposite the Crucible theatre.
8 million people in the UK do not have access to mainstream financial services. They are therefore reliant on predatory lenders.
* One major doorstep lenders make 4 million pound in profit per year
on loans totalling 8 million from lending to the poor in Sheffield.
* Interest rates vary from 483% to 2000%
* Relate report that more marriages fail due to financial
difficulties than infidelity
* An elderly couple (one of many examples) took a consolidation loan
for £15k and after 3 years had in excess of £30k and still owed
over £15k
* Over the last 5 years CAB report that they have seen a million
new customers per year 25% of which are seeking medical for
treatment depression and stress.
Tonight we are launching a partnership between Financial Inclusion Services Ltd, Moneyline Yorkshire and Sheffield Credit Union - all not for profit community organisations - with volunteer boards working together to tackle the problem of Financial Inclusion in Sheffield and provide a service to those excluded from mainstream financial services in the City.
From Monday 4th of October they operate from Unit 6 the Gallery Castle Market Building, Sheffield open from 10 – 4 daily, offering financial advice, affordable loans and savings.
Representatives from over 50 statutory and voluntary organisations and businesses will celebrate this significant milestone in the City.
* One major doorstep lenders make 4 million pound in profit per year
on loans totalling 8 million from lending to the poor in Sheffield.
* Interest rates vary from 483% to 2000%
* Relate report that more marriages fail due to financial
difficulties than infidelity
* An elderly couple (one of many examples) took a consolidation loan
for £15k and after 3 years had in excess of £30k and still owed
over £15k
* Over the last 5 years CAB report that they have seen a million
new customers per year 25% of which are seeking medical for
treatment depression and stress.
Tonight we are launching a partnership between Financial Inclusion Services Ltd, Moneyline Yorkshire and Sheffield Credit Union - all not for profit community organisations - with volunteer boards working together to tackle the problem of Financial Inclusion in Sheffield and provide a service to those excluded from mainstream financial services in the City.
From Monday 4th of October they operate from Unit 6 the Gallery Castle Market Building, Sheffield open from 10 – 4 daily, offering financial advice, affordable loans and savings.
Representatives from over 50 statutory and voluntary organisations and businesses will celebrate this significant milestone in the City.
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