Harringay, Haringey - So Good they Spelt it Twice!
Haringey Council Bank
"Hard-up residents could soon be borrowing money from the bank of Haringey Council under plans to open a money-lending union to deter borrowing from loan sharks.
Subject to cabinet approval tonight (Tuesday), the council plans to set up a "local bank, for local people" to prevent financially struggling families from falling into spirals of debt.
It will cost £146,000 over the next three years to set up the union in partnership with Islington and City Credit Union Ltd."
Read the full story at the Haringey Independent..............
Subject to cabinet approval tonight (Tuesday), the council plans to set up a "local bank, for local people" to prevent financially struggling families from falling into spirals of debt.
It will cost £146,000 over the next three years to set up the union in partnership with Islington and City Credit Union Ltd."
Read the full story at the Haringey Independent..............
Replies to This Discussion
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Permalink Reply by Clive Carter on
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If this prevents some turning to loan sharks ("pay day" loans etc.) then its a good thing. I doubt the cost will be limited to £146,000 though. That figure presumably is administrative costs and may not include any estimate for bad debt. The council might do better in the long run, providing some basic consumer education, not just in schools, but generally. That might be a legitimate use for Haringey Pravda, rather than photos of 'Cabinet "Executive" Members'
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