Time for a Fair Deal
One of the Trust's main priorities, to deliver a financial inclusion service for the most financially-disadvantaged in Thamesmead, has become a reality.
Last month staff from the Trust, Fair Finance and Gallions Housing Association were joined by Erith & Thamesmead MP Teresa Pearce for the launch of a new service by Fair Finance, which is being offered from the Trust's offices in Thamesmead town centre.
Fair Finance is a social business based in East London which offers a range of financial products and services designed to meet the needs of people who are financially excluded. Most of its customers are ignored by the mainstream financial services industry and exploited by the sub-prime and doorstop lender. It has been providing free advice since 2001, and has helped customers deal with £300,000 of debt and £120,000 of housing arrears.
This is the first branch of Fair Finance to open in South London and will initially be open between 9:00am-5:00pm every Tuesday, Wednesday and Friday.
Two advisors will be available, Tariq Monsur who will give advice, guidance and agreements on affordable loans and Nicola Seacole who will offer money advice on a wide range of financial issues including rent arrears, debt counselling and sensible repayment arrangements.
Trust Chief Executive Mick Hayes said: “This new Fair Finance service is set to make a significant impact on the lives of some of the most financially-excluded people in Thamesmead.
“By providing the debt advice and financial capability workshop our residents will over three years make an estimated £1m saving on interest payments. Local residents, in particular those who already financially excluded, will be supported to get on their feet and become debt free and financial capability workshops will support some of the poorest residents to access banking services and equitable sources of credit.
“By the end of March 2015 we will aim to have supported 1600 residents, 850 residents will have received local debt advice from Fair Finance and 120 residents will have been helped to open bank accounts. Other strands of this work include support for the local Credit Union and our continued campaign to see a bank established in Abbey Wood/Thamesmead.”
Anyone requiring support and advice from the Fair Finance team is invited to book an assessment by telephoning 020 7702 8032 or emailing firstname.lastname@example.org