The nationalised Northern Rock bank’s charitable arm, the Northern Rock Foundation is to fund personal debt advisers in a bid to help those badly affected by the recent recession.
While the recession is at a formal end, its effects are still being felt and it’s hoped that debt advisors could help those who have been adversely affected by the financial downturn to recover or to manage their debts. The funding will take the form of a £1.5 million grant for the Citizens Advice Bureaux in the North East and Cumbria. These two regions were particularly badly affected by the recession and it is hoped that around 8000 people will benefit from the charitable donation to fund such personal debt advice.
The recession meant rising unemployment for many, pay cuts for a number of people and great financial difficulty for companies and families alike. Housing repossessions rose and while the official figures dictate that the recession officlally ended in the final quarter of 2009, the consequences still haunt millions of us.
Free debt advice is one way in which the CAB helps out the 9000 or so people who contact it every single day with financial worries. The grant from the Northern Rock Foundation will ensure that those hardest hit have more access to personal debt advisors through their local Citizens Advice Bureaux.