Sheen in attack on payday loan firms
BY CONOR RIORDAN HOLLYWOOD actor Michael Sheen yesterday called on Scottish communities to join the fight against “exploitative” money lenders.
The Frost/Nixon star made the plea as he launched the Castle Community Bank in Leith, Edinburgh.
He told how he knew of mothers who fell into financial difficulty after using payday lenders, adding sometimes the “spiralling debt” left people feeling suicidal.
Sheen said: “This is about people covering basic needs.
“You hear about people getting into trouble, not making the payment one week, being hounded – people calling up, banging on the doors – being threatened with court.
“They start to spiral, they start to get into really bad ways.
“Wait until you can’t pay one week, wait until you get into a bit of trouble and then you take out another one in order to pay for the first one.
“Then it starts to affect your health, then you start isolating yourself.”
He added: “We want to support and promote companies that are trying to help people avoid that and, if they are in it, to give them the advice that they need.”
Castle Community Bank is a not-for-profit credit union and their directors are all volunteers.
Cabinet Secretary for Communities, Social Security and Equalities Angela Constance said the Scottish Government want to tackle the “poverty premium” on low-income families.
They have announced £1 million for the Carnegie Affordable Credit Loan Fund to help with such issues.