New affordable savings and credit scheme launched for Broadland Housing tenants » Housing » 24dash.com

Broadland Housing Association and Norfolk Credit Union has launched a scheme to provide savings and debt management support to Broadland tenants, improve access to affordable and sustainable credit and give protection from loan sharks.

The scheme which is underwritten and administrated by the Norfolk Credit Union has already attracted overwhelming interest from Broadland tenants keen to access savings accounts and low interest loans.

It has also been endorsed by Norfolk County Council’s Trading Standards which recently launched it’s biggest ever crackdown on loan sharks by setting up a specialist Illegal Money Lending Enforcement Team.

Alan Squirrell, President of Norfolk Credit Union, said he’d seen an increase of people with debt problems coming to his organisation and asking for help.

“Some of the stories I hear are horrendous.  And it is not just loan sharks, there are legal lenders that charge more than 300% interest,” he explained.

“If we drive out illegal or very high cost money lenders, then we need to offer an alternative means of help”. 

“We are delighted with our new partnership with Broadland Housing and the interest shown by tenants shows there is a real need for this type of service”.

Michael Newey, Broadland’s Chief Executive, said: “Tenant welfare is one of our top priorities and this new service will enable us to provide real help with debt management issues.

"Getting into debt may mean that tenants are at risk of losing their home further down the line and this is something that we want to help them avoid.  In today’s economic climate, access to credit from reputable lenders is likely to become more and more difficult and people may feel inclined to turn to door step lenders to help get them through a difficult patch. Our message is clear – ‘Don’t do it!’

“This new service with Norfolk Credit Union offers a real alternative, is designed to help our people manage their finances and, we hope, help them sustain their homes”.

David David Collinson, Head of Norfolk County Council Trading Standards, said: "This initiative between Broadland Housing and Norfolk Credit Union is great news for Broadland tenants.

“Credit Unions are an important part of our armoury in helping people to avoid using loan sharks.

"As part of our ongoing project to crackdown on illegal money lending, we will soon be employing a new member of staff to specifically look at even greater promotion of the use of credit unions within Norfolk – particularly to vulnerable people, who may wrongly feel that they have no option but to turn to a loan shark for money. “