News
The Real Cost of Christmas
The economic downturn and subsequent recession have had a huge impact on low income households. A housing association has recently carried out research into what impact tougher lending has had on those on a limited income over the Christmas period and highlights the increasing number who have used illegal money lenders over the festive period. Please follow this link for the full report.
SCML were busy lending over the Christmas period
During the festive month, SCML lent more than £77,000 to its customers - the highest sum in one calendar month since November 2006. The loan capital was used for a variety of purposes, with the majority for asset rich, cash poor home-owners needing essential home improvements, repairs and adaptations to their properties. This included the provision of funds to replace windows and doors; new roofs; renovations to properties and a major conversion of a run down, empty, six bedroomed maisonette into three modern one-bedroom flats with provision for social housing lets. Of the £77,000, a smaller proportion was also lent to clients needing small loans for essential Christmas expenditure - an important service to clients on a low income whose only options may be to use door-step lenders or illegal money lenders who charge extremely high levels of interest.
Meet the Investor3, Aspex Gallery, Gunwharf Quays
The role of social enterprises - businesses that trade not for profit, but for a social purpose - was showcased on Monday 12th October, highlighting the contribution that these businesses can make towards generating wealth for the local area even during the current climate. For the past two years, South Coast Moneyline has run successful Meet the Investor events at aspex gallery, Gunwharf Quays and this years theme was 'securing finance and investment for social enterprises to seize the opportunities in the current recession'. The event was sponsored by the University of Portsmouth South East Coastal Communities Project.
HOME TRUST LOAN Workshop; Monday 19th October at Aspex Gallery.
SCML has worked alongside five local authorities since 2003 to provide homeowners with financial assistance to enable them to
carry out essential works to their properties and over recent months the number of local authorities involved has grown to 15 and so, on Monday 19th October, SCML held a workshop so that all 15 local authorities could come together, exchange ideas and identify opportunities for growth. If you would like to know more about the Home Trust Loan, please visit www.hometrustloan.org.uk
CUSTOMER FEEDBACK
Here at South Coast Moneyline we are proud of the service that we offer, but in order to provide the best service possible, we asked our clients to complete a questionnaire and share some of their views with us.....
99% of customers would recommend SCML to others and felt we offered a good deal.
52% of customers would have been forced to use a high interest doorstep lender if they hadn't taken out a loan with us.
When asked whats ways we could improve our service, one client suggested that it would be beneficial to receive more regular statements from us. To show that we do listen, we have now made arrangements so that clients receive two statements per year. These are issused via Street-UK, the company who now assist with our banking process.
We also asked what a difference SCML had made to peoples lives:
"Helped a huge amount, no hidden fees or charges and affordable fortnightly re-payments"
"SCML helped me when no one else except for high interest doorstep lenders would"
"I wish I had known about SCML much earlier. I am very pleased to be a customer now and would very much recommend them to anyone"