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

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news