Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Funeral directors welcome scheme for low earners

Funeral directors welcome scheme for low earners

15 August 2014

The Government’s community finance scheme launched yesterday has been welcomed by the Funeral Directors Association as a safe way of helping low-income earners to access funds to pay for funerals.

The pilot scheme, which is available in Manukau and Waitakere, will allow access to funds for borrowers who banks don’t usually lend to. It is designed to help them access conventional sources of credit instead of using payday lenders and loan sharks.

Funeral Directors Association Chief Executive Katrina Shanks says the scheme has potential to help many low-income people on a number of fronts.

“It’s great that one of the areas the scheme will be open to is applications from people faced with paying for relatives’ funerals.

“A lot of people can’t afford to pay for funerals of loved ones immediately. This comes down to costs in general, but particularly the cost of burial.

“In many cases, funeral directors carry the costs until they are paid off, and they are happy to help where they can.

“In other cases, people with few means will choose cremation, often against their wishes, instead of burial because of the cost of plots.

“Other families go to loan sharks to get money to ensure their relative gets a good send-off. But that means they pay exorbitant interest rates.

“Under this scheme, which is backed by BNZ, these people can apply for loans which represent good discounts from market interest rates and free of traps such as fees and harsh penalties which some payday lenders charge.

“Including funerals on the list of criteria in the community finance scheme will go a long way to helping alleviate some of the stress that finance issues can add at an otherwise very stressful time.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news