Thank you for your continued support of the Mustard Seed Appeal and the Just Finance Foundation. We wanted to update you on some significant pieces of news as we work towards fairer finance.
First step towards fairer credit as Wonga goes into administration
The announcement that high cost credit provider Wonga has gone into administration is a sign that the Just Finance Foundation’s work is having a real impact. The rates charged by Wonga for their loans have been one of the criticisms of the Archbishop of Canterbury, Justin Welby, who wants to see a fairer credit landscape for all. In 2013 he announced the church would compete Wonga out of business by supporting more ethical credit unions.
Canon Paul Hackwood, Executive Director of Church Urban Fund and Trustee of the Just Finance Foundation says:
‘Today we are seeing the result of the much-needed tougher financial regulations starting to bite. The Just Finance Foundation (JFF) – the Archbishop’s charity focused on fostering a fair financial system – is working to promote financial health, of many struggling with debt right across the social spectrum, and particularly among those for whom making ends meet is a daily struggle.’
Read the full article in yesterdays (30/08/2018) Guardian here
What comes after Welby’s War on Wonga
Just a few weeks before ago, Rowena Young, Executive Director for the Just Finance Foundation (JFF), outlined the plans for how the JFF might help to increase our nation’s financial capability.