Ulster Bank has offered to provide free, in-branch debt advice, along with £300,000 of funding over two years to the Department of Enterprise, Trade and Investment (DETI). It will also offer Bank staff to work on a secondment basis, to support debt advice agencies.
Welcoming the development, Arlene Foster said: “Ulster Bank has initiated a new approach to society’s pervasive problem of debt and I welcome its significant contribution.
"Since July last year, I have repeatedly asked the Banks to join with my Department in providing a face to face debt advice service for the Northern Ireland consumer. The Ulster Bank has been the first to take up that challenge.
“The £300,000 worth of funding from Ulster Bank will further enhance the provision of face to face debt advice, bringing the total amount of financial support, over the next two years, to £2.3million.
“The additional offer of skilled and trained staff to work alongside debt advice agencies, can only improve the quality of debt advice available to Northern Ireland consumers.”
The Minister also welcomed Ulster Bank’s announcement of a MoneySense initiative, which will provide free financial advice to customers in bank branches throughout Northern Ireland.
She said: “Ulster Bank is to be praised for taking such preventive steps as the Moneysense initiative. The availability of free financial advice is essential in the bid to help consumers plot their way through the unfamiliar waters of an economy in recession.
“Low interest rates on savings, under performing pension funds and negative equity on mortgages, all require the specialist knowledge and skills, which is now being offered to customers who find themselves in financial difficulties.
“This debt support package from Ulster Bank is truly breaking new ground and I welcome the Bank as our partner in helping to combat the problems of debt in our society.”
Notes to Editors:
- From 1 April 2009, the provision from DETI for face to face debt advice will double for the next two years to £800,000 per annum and £200,000 per annum funding has been provided for a telephone debt advice service.
- In March 2008 Citizens Advice was awarded the £1.2million contract by DETI for provision of debt advice over three years.
- For media enquiries please contact the DETI Press Office, tel 028 9052 9297. Out of office hours please contact the Duty Press Officer via pager number 07699 715 440 and your call will be returned
