What's new!
On 1st January Castle & Manor and Firth Park Credit Union became part of Sheffield Credit Union. We would like to welcome all members into the new organisation.
We would also like to welcome all members to Sheffield Credit Union's AGM to be held on Tuesday 29th April at The Garden Room, St Mary's Church, St Mary's Gate. 6.30pm for refreshments followed by the official AGM at 7.00pm. A chance to hear about the year's developments, learn more about your Credit Union and chat with other members and staff.
Every member is welcome - savers, borrowers, volunteers . . . .
1st April 2008
Campaign to rid city of doorstep debt
A major citywide campaign is to be launched to fight the problems caused by high-interest doorstep debt in Sheffield
Sir Robert Kerslake
Moneyline Yorkshire is to be the beneficiary of a major campaign launched to fight the problems caused by high-interest doorstep debt in Sheffield. Sir Robert Kerslake, Chief Executive of Sheffield City Council, is leading the campaign targeting key businesses and individuals to raise the money. They will be asked to invest money in the Sheffield Investment Bond, which guarantees their money back after five years. The interest generated from the investments will be used to expand the Moneyline services. Tim Jones, Chief Executive of Citylife who will manage the bond explained that Moneyline Yorkshire offered a tried and tested model to build on.
For more information on the Sheffield Investment Bond go to www.sheffieldbond.org
At a launch event on Monday, October 17th at the refurbished City Hall, the new Sheffield Investment Bond was introduced to a high profile audience of the city’s businesses, public sector, church and community leaders. Individuals and employers were asked to invest money in the Sheffield Investment Bond with the guarantee of getting their money back after five years. The interest generated from the investments will be used to provide unique ‘joined-up’ services to those whose lives are blighted by debt. These services will include affordable loans, money advice and counselling and access to savings schemes.
Sir Robert explained: “Sheffield is a vibrant city which is now seeing the benefits of improved prosperity. However, a significant number of people still have to get by on very low incomes and it is these people who are particularly vulnerable to getting into debt. People in such extreme circumstances do not have the opportunity to borrow at an affordable low rate of interest and often have no access to a bank. It is estimated that about 25,000 households face extortionate rates of interest, which may be over 1,000%, charged by doorstep lenders who they can never hope to pay off.
“Debt is a very private issue - it brings with it feelings of shame and hopelessness and once people are trapped in a spiral of debt so many other problems can follow - stress-related health problems, deteriorating family relationships and in the worst cases this can lead to violence and intimidation. The Sheffield Investment Bond can be a powerful weapon in the war on debt. What we are suggesting is ‘tough love’ - to give people the knowledge and the support they need to get on their feet again and to help them return to a normal life.”
The Sheffield Investment Bond will be managed by the ‘Citylife’ charity to provide funds to expand the work of Moneyline Yorkshire. Tim Jones, Chief Executive of Citylife explained that Moneyline Yorkshire offered a tried and tested model to build on.
“Moneyline is highly successful in reaching ‘hard to reach’ families. But the demand is already overwhelming and there is a clear need to provide substantial funding to allow this work to expand in Sheffield. For instance, people wanting an interview for face-to-face money advice, prior to any loan offer, are currently facing a 12 week wait and they currently have no capacity for emergency cases,” he said.
Tim said that exclusion from mainstream financial services causes serious hardship for people on low incomes. “Unless you are in long term employment, long term residence at the same address and have a reasonable income, your only choice of lender may be a loan shark.”
He said it was important that people forgot their pre-conceived ideas “People talk about ‘loan sharks’ lending money at such high rates of interest, but it is important to realise that the people selling such loans may be the only helpful friendly face these people know of when it comes to borrowing money. The city of Sheffield needs to provide these people with an effective alternative.”
Sir Robert concluded: “This is our chance to take pride in our city by getting together to take responsibility for this problem ourselves. The money we can raise together through the Sheffield Investment Bond will be used in this groundbreaking citywide initiative to tackle this problem once and for all. We will work to free people caught in a cycle of debt and help them to help themselves to build a brighter future for their families and their communities.”
How can you help?
Businesses and individuals can help the campaign in a variety of ways: -
- Invest in the Sheffield Investment Bond
- Gift aid
- Payroll giving
- Donation
Case study 1
Jane’s husband left her with two children and growing financial difficulties. Needing £250 for compulsory school uniforms she had nowhere to go but the doorstep lenders.
Jane couldn’t cope with the repayments.
Her “friendly loan agent” rescheduled the debt – she’d paid over £800 but still owed almost the full £250.
Scared for her family’s safety, she “voluntarily” cut herself off from gas and electricity so she could pay the ever-rising cost of her doorstep loan. She and the kids suffered from frequent illness – some weeks candles were the only source of heat or light in the house; bread the only food.
Today, with debt advice and an affordable loan her life has, eventually, totally turned around. The “sharks” are gone, there’s safety and comfort for her and the kids – in fact she will soon complete the degree she subsequently started.
Case study 2
Even when people are working they can be penalised.
One person's fortnightly wage cheque from a fast-food outlet was £300. Without a bank account she had to pay a £25 cheque cashing fee!
The woman is now a member of the Sheffield Credit Union and is saving £50 a month.”
3rd October 2005
Three more credit unions
join the club!
On 1st October three existing credit unions transferred engagements to the Sheffield Credit Union. We would like to welcome all members and volunteers from:
ANGLE
Beighton and Sothall
South Sheffield
8th August 2005
Sheffield Council Leader Jan
joins Credit Union
Sheffield Credit Union has signed up its newest member - council leader Jan Wilson
Quotes from an article in The Star, Saturday 6th August 2005
Councillor Jan Wilson, a former debt counsellor, joined the Credit Union as it launched its new website. Jan said: "The Credit Union is a financial co-operative and offers savings and low cost loans to people who might otherwise have difficulty obtaining credit.
Sue Corker, of Sheffield Credit Union, said: "We are helping many people who might otherwise be paying a significant chunk of their income to organisations who charge a fortune in interest. We urge everyone to join the Credit Union. Savings are always available for members to withdraw or borrow against and they are protected by life insurance at no extra cost."
DOES IT ADD UP??
18th - 23rd July 2005
This latest financial initiative, held at a variety of locations in the Manor area and co-ordinated by Carol Wainman from Sheffield Credit Union, was a resounding success. Representatives from Liberata, Age Concern, Strategic Initiatives Project (Sheffield City Council) and Places for People were also involved in talking to visitors about all kinds of money issues.
The event was very well attended with over 500 people visiting our caravan over the four day event: 385 'goodie bags' (which included a calculator, low energy light bulbs, benefits advice leaflet, information on joining the credit union - and much more) were handed out; 177 took part in a financial education quiz highlighting how much 'door step' lenders charge and what the alternatives are; 250 children were given information on the benefits of saving; 172 children were given activity books.