16 August 2010

East Manchester residents over a £1 million better off thanks to money mentors

New East Manchester’s Money Mentor advisors, who recently scooped a top national award, have made 700 residents better off by a total of £1.5 million over the past four years through offering free advice on reducing or writing off debt and how to access benefits.

Funded by New Deal for Communities and Northwest Regional Development Agency (NWDA), the scheme has seen a 60 per cent increase in cases in the last two years due to the economic climate and reduced debt by £716, 000 last year alone (09/10).  Not only is the New East Manchester team currently dealing with more than £1 million of debt a year but it has helped prevent more than 35 evictions due to rent arrears.

The money mentors team can provide money, consumer and welfare advice including dealing with creditors, personal finance advice and guidance on how to prevent financial problems arising. They also advise on income maximisation including the possibility of returning to work, increasing hours or attending training courses to learn new skills.

Carol Bartram, Head of Economic Development at New East Manchester said: “This project has been extremely successful in helping address the financial issues some local people experience. This is an important free service that has brought tangible benefits to so many residents. With the current economic climate, the advice given by our team is proving invaluable.“

Steven Broomhead, Chief Executive of the NWDA, said: "Money Mentors has proved to be an essential support service for hundreds of people in east Manchester, and has been particularly vital during the economic downturn.
"The team has genuinely helped communities through hard times and it is excellent to see them getting the recognition they deserve."

Residents in north and east Manchester can call the money mentors team for free advice on 0161 223 1155 between 9am and 5pm Monday – Friday.

For more information on New East Manchester visit www.neweastmanchester.com.

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For further information contact Roz Hughes at New East Manchester on 0161 223 1155.

Notes to editors

New East Manchester (NEM) is an Urban Regeneration Company - a partnership between Manchester City Council, the national housing and regeneration agency Homes & Communities Agency and the Northwest Regional Development Agency (NWDA).  It is NEM's role to turn the Regeneration Framework into action, secure the required public and private funding, lead on specific major development projects and co-ordinate regeneration and renewal initiatives in the area.

NEM’s money mentors were awarded Debt Team of the Year at the Institute of Money Advisers national Money Advice Performance Awards 2010 in May this year.  The four-strong team based in Beswick, east Manchester, beat off stiff competition from six other teams from across the country including Birmingham, Blackpool and Stoke on Trent.