Top award for Moneyline Cymru

Posted on Wednesday, May 26th, 2010 at 2:21 pm
Categories: News
Tags: Tags: award, moneyline

The group behind the initiative Moneyline Cymru has scooped an award for ‘Ground breaking service team of the year’ at an awards ceremony hosted by trade magazine Inside Housing and the Chartered Institute of Housing.

They fought off stiff competition from entries from all over the UK and scooped the award for their innovation and dedication in establishing Moneyline Cymru – a community development finance initiative offering affordable loans and financial advice to people who would otherwise turn to high interest lenders, often borrowing at rates of more than 250% APR.

This groundbreaking initiative has seen five pilot outlets opened across South Wales in Pontypridd, Newport, Cardiff, Cwmbran and Bridgend and to date, these outlets have saved customers over £700,000 in debt interest alone.

The Moneyline Cymru steering group is made up of the following people:

• Bron Lloyd, Charter Housing Association
• Richard McQuillan, Hafod Housing Association
• Clare Williams, Community Housing Cymru
• Simon Dawson, Bron Afon Community Housing Group
• Shane Hembrow, Wales and West Housing Association,
• Malcom Wilson, RCT Homes.
• Nigel Draper, Valleys to Coast Housing Association

Bron Lloyd, Charter’s Head of Community Regeneration said “We were thrilled to win – it’s been a great partnership and it just shows what we can achieve when we all work together to tackle an evil which affects our customers like doorstep lenders do.”

Clare Williams, Financial Inclusion officer at Community Housing Cymru said: “Financial exclusion is a huge problem in Wales. Over 150,000 people borrow from doorstep lenders, with an additional 15,000 falling prey to illegal money lenders. The steering group is made up of housing professionals who, for the past two years have worked tirelessly to develop a holistic approach to provide affordable lending and accessible financial services for those currently considered financially excluded. It’s all been worth while to ensure customers have access to services appropriate to their needs, including basic bank accounts and affordable loans.”

Nigel Draper, chair of the Moneyline Cymru steering group added: “The group has been dedicated and worked extremely hard to get the five pilot outlets off the ground. Over a thousand people have accessed services provided by the outlets and it’s imperative that this initiative is extended Wales wide in order to help more people in financial need. Thanks must be given to all the staff in the Moneyline Cymru offices who are working hard to ensure the continued success of the project.”

The Editor of Inside Housing, Stuart Macdonald, said: “The housing sector is characterised by the commitment, passion and flair of the people who work in it. They are dedicated, innovative and creative individuals and teams. That’s why we run these awards – to shine the spotlight on those ‘unsung heroes’ so others can learn from them. I was amazed by the number of entries we received this year – more than 300 – and the overall calibre. The standard was really high.”