New money lending service opens in Sheffield

[Vaati]

Since we see a few threads on here from time to time with people in financial issues for whatever reason.

 

http://www.bbc.co.uk/news/uk-england-south-yorkshire-33844667

 

Rather than look for Loan Sharkes etc, it maybe worth a look for people who are having issues.

[cytine]

£220,000 grant from Sheffield City Council. I thought they were skint, destitue and had no money because of government cuts? Where have they suddenly found this amount of money and why hasn't it being used to halt cuts in essential services?

[Onthetyne]

The usual suspects will be there soon enough

[ECCOnoob]

£220,000 grant from Sheffield City Council. I thought they were skint, destitue and had no money because of government cuts? Where have they suddenly found this amount of money and why hasn't it being used to halt cuts in essential services?

 

Could't agree more. I was absolutely disgusted when I heard this on the radio this morning.

 

Since when was it the local council's job to be a money lender. There are enough credit unions, debt management companies, citizens advice services and finance companies offering this service.

 

Cant afford to provide proper respite care. Cant afford to fix up the city centre but suddenly pull over £200k out their backside to lend money to those too stupid to manage their own finances.

 

Absolute joke.

[SYorksDeano]

I saw an interview with someone from this place on Look North. they were saying that the first customer through the door was after a loan and left with a savings account.

 

Not quite sure how that works

[smiggs]

The council have a budget of £1,391 million this is pretty much pocket change to them, but it's interesting to see them taking an interest in this area it's a small amount of money that they claim will make a big difference.

[Anna B]

£220,000 grant from Sheffield City Council. I thought they were skint, destitue and had no money because of government cuts? Where have they suddenly found this amount of money and why hasn't it being used to halt cuts in essential services?

 

I would say this is an essential service.

 

When people are in dire straights and have nowhere else to turn this will prevent them going to loan sharks and all the attendant problems that that will bring. Hopefully it will at least be cost effective.

 

I expect it will work as an ethical loan service, so they should get the money back.

[haddy]

Need to spend the money on more important things than this

[rockdog]

I gather they are charging interest,albeit much lower than doorstep lenders etc,surely this is a win-win.

And 200K is as stated small change to the council and could make a massive difference to some peoples lives.

[cgksheff]

I gather they are charging interest,albeit much lower than doorstep lenders etc,surely this is a win-win.

And 200K is as stated small change to the council and could make a massive difference to some peoples lives.

 

I don't think that 'they' actually lend anything.

It looks like they are more of an advisory and broker setup with ethical lenders as partners.

 

http://sheffieldmoney.co.uk/about-sheffield-money

 

With regard to the naysayers, a lot of our money gets used in giving assistance to families that are in dire straits as a result of using the punitive loan companies/sharks.

 

If we can prevent more families falling into those pits, this could be of net benefit to all.

I guess it would be pretty hard to show figures that might prove that?

Edited August 10, 2015 by cgksheff