The Debt Crunch

"The Debt Crunch" Conference

Friday 11th July 2008 10.00am – 3.30pm
Council Chamber, Derbyshire County Council, County Hall, Matlock DE4 3AG

Financial Inclusion Conference
Organised by East Midlands Money Advice Partnership in association with Derbyshire Citizens Advice Bureaux, Chesterfield Law Centre and Derbyshire County Council

Life and Indebtedness in Derbyshire

Exclusion from mainstream financial services can impose significant costs on individuals, the communities in which they live and society in general. Over 2 million adults in the UK have no access to bank accounts, and it is estimated that at least 165,000 families in Britain today are forced to use illegal money loan sharks instead of affordable mainstream credit. Individuals, households and communities affected by Financial Exclusion are deprived of savings opportunities, financial advice and even basic services. They end up being hit by exorbitant interest rates when they borrow from loan sharks, pushing them into a spiral of debt.

This conference seeks to raise awareness of Financial Exclusion across Derbyshire, and address the challenges faced by agencies working in the local community to assist those whose lives are affected by this issue. Set in the context of the HM Treasury report ‘Financial Inclusion, an action plan for 2008-2011’, the conference aims to bring together key stakeholders with the aim of developing an integrated partnership approach to tackling Financial Exclusion across the region.

The conference will also see the official launch of “IVA’s – a Solution to Debt?”, an analysis of the problems encountered by Derbyshire based advice agencies and their clients in relation to the selling and promotion of Individual Voluntary Arrangements.

This is an essential event for all those involved in tackling debt and financial exclusion across the Derbyshire region at both strategic and operational level.

“Excluding people from the financial system damages their opportunities to make the most of their money, and to participate fully in our economy and our society. It creates extra costs, often for those who can least afford them. And because financial exclusion tends to affect families on lower incomes, it can entrench poverty - meaning that this is a matter of social justice.”

Kitty Ussher, Economic Secretary to the Treasury

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