Crewe and Nantwich MP Edward Timpson has visited Cheshire Neighbours Credit Union’s offices in Crewe to see how they are helping to keep local people and families out of the clutches of loan sharks and payday lenders.
Mr Timpson and Cheshire Neighbours Credit Union understand the difficulties often faced by those on low incomes, especially when they need to borrow money. Unlicensed doorstep lenders prey on the vulnerable; charging extortionate rates of interest and frequently resorting to threats, intimidation and violence to enforce their loans.
John Weir Chief Executive Officer of Cheshire Neighbours Credit Union, said: “Some local people who have fallen on hard times struggle to access financial services from high street banking providers. As such, they often fall prey to doorstep lenders.
“Unlike banks, we are a not-for-profit organisation that works within the local community of Cheshire, providing access to fair and affordable loans and savings.”
Cheshire Neighbours Credit Union has recently introduced a Jam-Jar budgeting account designed to take the worry and strain out of paying priority bills. Their staff work with members to set up ‘jars’ for whatever they need to pay each month, such as rent/mortgage, council tax and utilities. Once monies are received into their accounts, Cheshire Neighbours Credit Union ensures that all priority bills are paid. The accounts are available to all customers regardless of credit history.
Mr Timpson commented:
“As a member of Cheshire Neighbours Credit Union, I applaud the work that they do. It’s about giving people a fair choice, and I’m delighted that we’re bringing vital financial services to individuals and families who otherwise may fall prey to unscrupulous lenders.
“By joining Cheshire Neighbours Credit Union, not only are people gaining access to fair and affordable loans and savings, but by keeping their money in the community, they are helping others too.”Leave a reply →