Twelve years ago, Community Housing Cymru set up an Award scheme to recognise housing innovation in memory of a special person - Pat Chown. Pat gave a big part of her life to helping others and spent much of her working life in helping to meet people's housing needs in Wales.
Gwynedd-based horticulture, catering and joinery social enterprise tells us what makes the business a success, and about its plans to grow the organisation further.
Easing financial stresses: Money Saviour CIC
Date: 05.05.2011
As a money advisor with Newport Citizen’s Advice Bureau (CAB) for five years, Sorcha Kennedy (pictured) saw, first-hand, the crushing effects of the financial crisis on locals.
When it became apparent that wage cuts were coming to her own organisation, she decided to set up a Community Interest Company (CIC) to offer financial advice to people who were struggling.
“I’ve seen so many people in awful situations and it’s getting worse with all the cuts,” says Sorcha. “Wages are down and houses are regularly repossessed. There’s a long waiting list of people who need free financial advice.”
At CAB she saw a plethora of awful cases, such as the man who ended up in a horrendous mess after becoming victim to a loan shark. “He only borrowed £500 and ended up owing £60,000, nearly lost his house and tried to commit suicide,” explains Sorcha.
“I managed to negotiate reduced payments with his creditors and went to court with him. Thankfully, the police got involved and the loan sharks received custodial sentences, although he still lives in fear of them.”
In her new company - Money Saviour – which she set up in March, Sorcha offers ethical, impartial financial advice to customers and members of third sector groups, like housing associations, so that they can manage their rent and repayment plans. Thus, reducing the need for court action and eviction.
Employee redundancy support
She also plans to work with private companies who want to help their staff deal with money issues, particularly companies who are making employees redundant, to offer guidance on money issues during this life change.
"I’ve been overwhelmed by the interest so far just from being on Twitter and from letting my contacts know what I’m doing. The training courses are already proving very popular” says Sorcha.
And with a guaranteed increase in people needing free financial advice over the coming months and years, there will be a growing demand for services like Money Saviour. Sorcha is already thinking about taking on new staff to meet this essential need in the communities of south Wales.
“I believe strongly in financial inclusion and this is essentially what Money Saviour is promoting - that no one should feel isolated because of their money problems,” she says.
Sorcha Kennedy has a consumer credit licence and is a full member of the Institute of Money Advisors. She has regularly featured in the media offering consumer advice.
http://www.moneysaviour.org.uk
