Newham Council agrees to increase MoneyWorks funding
PUBLISHED: 19:00 26 January 2016
A scheme helped people struggling with debt is to be expanded just weeks after it launched.
MoneyWorks allows residents to get help to become financially independent.
The council-run “one-stop shop” provides access to affordable short-term loans, exclusive deals on financial products and money-saving advice.
The delivery model, which included a grant of £50,000 to the London Community Credit Union to provide the service on behalf of MoneyWorks, was initially approved at a cabinet meeting in June.
At yesterday’s meeting, members agreed to increase the grant from £50,000 to £150,000 per year.
Cllr Terry Paul, mayoral adviser for skills and adult learning, raised concerns over whether the money loaned would be paid back.
He said: “I have no doubt that support for 95 per cent of loans will be transforming lives.
“What about that 5pc that are going to defer?”
Sir Robin Wales, the Mayor of Newham, explained that some loans not being paid back was an inevitability of the scheme but would provide valuable data on who could and couldn’t repay.
MoneyWorks is open Monday to Friday, from 9am to 4.30pm in the Stratford Centre. From February, it will be open until 5pm.
For further information, call 020 8430 2041 or visit newhammoneyworks.co.uk