On Friday, Ed attended the formal launch of Community First Savings and Loan’s outreach service at Moorends Miners’ Welfare & Community Development Centre. The partnership between the community centre and credit union will mean that local residents have access to affordable loans, assistance with budgeting and savings accounts with competitive interest rates.
Susan Durant, who runs the Community Centre said:
“Community First offers a range of services, depending on individual circumstances. Six months away from Christmas, this is the perfect time to sign up and start saving. Alternatively, if you’re having trouble budgeting or with debt, you may want to come and learn about Community First’s Save through Pay scheme.”
Ed Miliband said:
“Many people in Moorends face real financial problems and hardship. That makes them vulnerable to loan sharks and others who want to take advantage. Along with local councillors and others in the community, I am determined to make a difference and give those people all the help we can.
That’s one of the many reasons why I am so pleased that the Community First Credit Union is coming to Moorends. It offers affordable services to save and borrow as well as much needed financial advice.
I urge people to see for themselves what the credit union can offer.”
Gary Simpson, the Chief Executive of Community First said:
“At Community First Credit Union, we must not only deliver 21st Century fit for purpose services but also direct support and more importantly hope for individuals, their families, their community. We are so excited to be working in partnership with Susan and her team in Moorends. By working together with people that want to make it work then things can and will happen here.”
In 2016, Ed Miliband led a successful local campaign against the interest rates charged by the rent to own sector. This led to the Financial Conduct Authority introducing 100 per cent credit cap this year. The FCA also introduced a requirement on firms to benchmark base prices against the prices charged by 3 mainstream retailers, and prevented firms increasing their prices for insurance, extended warranties, or arrears charges, to recoup lost revenue from the price cap.