New 'one stop shop' to offer financial guidance to residents
PUBLISHED: 14:00 21 January 2016
Newham residents struggling with debts and money management are to get help from the council in a new scheme.
Access to affordable short term loans, exclusive deals on financial products and money-saving tips are a few of the services available in the new “one stop shop” for finances.
MoneyWorks aims to get give people a fairer deal and become more financially independent says Sir Robin Wales, Mayor of Newham.
“Last year, I made a promise to residents that I would provide an affordable and ethical alternative to high cost payday lenders,” he said.
“I am proud to be able to offer this unique service which may be a lifeline to those residents who have concerns about their finances.
“I know that there are families surviving on low incomes who are struggling financially. These are tough times and the government’s welfare reforms have taken vital money away from those who need it most.”
It is hoped the service will deter people on low incomes from seeking out payday lenders which often charge high fees.
Newham resident Joy Emovon said she is impressed by the service from her initial experience.
“I enjoyed my first session at MoneyWorks and found the staff very welcoming and friendly,” she said.
“I was impressed that after the session, my adviser called me to arrange a follow-up appointment to discuss how I can manage my money better.”
MoneyWorks is open Monday to Friday, from 9am to 4.30pm at Unit 61-62 Stratford Centre. From February, it will be open until 5pm. For further information, please call 020 8430 2041 or visit newhammoneyworks.co.uk