The official opening of Moneyline Wrexham by Wrexham AM Lesley Griffiths alongside Moneyline Chief Executive Diane Burridge and Chief Executive of Community Housing Cymru Nick Bennett
A service helping people on low incomes and assisting those facing money problems has arrived in Wrexham.
Local Assembly Member Lesley Griffiths has officially opened Moneyline, a leading not for profit social enterprise that provides financial help, advice and guidance.
The new facility based on Trinity Street, opposite the bus station in Wrexham works in partnership with various organisations to provide competitive loans and saving accounts to people traditionally ignored by mainstream lenders.
Moneyline also has a team of money advisors, who operate under the name Your Benefits are Changing (YBAC). The YBAC advisors offer free, impartial advice to help customers take control of their finances by offering all the information and resources they need.
The current economic climate has seen a significant rise in the payday loan companies as vulnerable people across Wales have often been penalised for a situation beyond their control.
Around 40,000 people in Wales have been affected by the ‘Bedroom Tax’ introduced by the Tory-led UK Government earlier this year. Those affected will lose part of their housing benefit because they are deemed to have a spare room although recent statistics from local authorities across Wales show there are currently only 280 one bedroom properties available for residents to downsize.
Welsh Government figures also suggest 42,500 people in Wales will lose an average of up to £83 per week following changes to the Disability Living Allowance (DLA).
Organisations like Moneyline Wrexham are working hard to tackle the issues brought about by welfare reform and to provide alternatives for people affected.
After opening Moneyline Wrexham, local AM Lesley Griffiths commented:
“The Welsh Government has long called for the issues of payday loan companies to be addressed. A consultation took place during the summer regarding the upsurge in payday loan companies and the Welsh Government has urged the Office of Fair Trading to investigate and the UK Government to take tough action on this sector.”
“The current economic climate has resulted in many vulnerable people across Wales turning to payday loan companies whose irresponsible business practices can lead to further financial difficulties.”
“It is vital there are viable options enabling people to take control of their financial situation and Moneyline offers a range of services which provide a legitimate alternative to the payday loan companies.”
“Their presence in the town could benefit and protect many residents in the region.”
