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MP FINDS OUT WHAT'S IN STORE AT THE MONEY SHOP
Andrew Bryan, MP Penny Mordaunt and Caroline Walton.
Penny Mordaunt, Conservative MP for Portsmouth North, has paid a visit to the Portsmouth branch of The Money Shop, the UK's number one instant cash provider, to find out more about the range of financial solutions available on the high street.
The Money Shop, which has a store at 121-123 London Road, North End, is a member of National Pawnbroking Association (NPA), forming the largest network of pawnbroking services in Europe, and is inviting MPs to its stores as part of a scheme to educate Parliamentarians about the history of the business and the products they offer.
Ms. Mordaunt was shown around The Money Shop premises, and met with UK Compliance Director, Caroline Walton, and Store Manager Bill Kennerley. They discussed the impact of the recession on consumers and their business and its effect on the services they offer.
Ms. Mordaunt, MP for Portsmouth North, commented: "I wanted to find out about the products on offer - which are often the only way some people can access card or credit services. There has been a great deal of concern about the high interest rates on borrowing and I was keen to explore the maths behind these charges with a regulated lender. Having raised with the Chancellor whether publically owned banks should be offering some services on a non-profit basis it was something that I was eager to learn more about."
Ms Walton added: "Managing finances is important at any time, but the current economic downturn is encouraging more of us to look for alternative financial solutions. The Money Shop can provide viable alternatives to those who might find it difficult to secure credit from the banks. Penny Mordaunt also spoke to us about how we refer customers who are in severe debt and financial hardship to organisations who can support them."
John Lamidey, CEO Consumer Finance Association, concludes: "The Money Shop is a founder member of the Consumer Finance Association and a professional and fully regulated lender."
The Money Shop opened its first store in Nottingham in 1996 and now employs over 1500 people across its network, serving over 450,000 customers a year often in communities which have been vacated by traditional banks and post offices.
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