Handy Loans for Hyndburn Homes' Residents » Housing » 24dash.com

Hyndburn Homes residents and leaseholders will soon be able to manage their money more effectively thanks to a Handy Loans scheme.

Hyndburn Homes has teamed up with East Lancashire Finance Ltd and HHH credit union to offer the 3,200 households under Hyndburn Homes ownership a loan of up to £350 which they can pay back over a year.

Dave Smith Financial Director of Hyndburn Homes said: In these harsher economic times more and more people are finding it difficult to save money for special occasions or pay an unexpected bill. This new scheme will help them have access to funds which offer very low interest rates and are a genuine alternative to unscrupulous doorstep lenders and loan sharks.

This is a pilot scheme which is being run over two years. The partner organisations are also keen to use the scheme to encourage saving.

Bill Greenwood from HHH Credit Union said: As a member of the credit union, we will be asking people to save as well as borrow. For example if a tenant took out the full loan of a £350, the repayments would be £7.00 per week over a 54 week period. A further £3.00 in savings would mean the member would have saved around £150.

This £150 can be spent as they wish or they could use it as collateral against another loan. Again we would ensure that people save as well as pay off their loan.

HHH Credit Union is based in Haslingden and has around 1200 members and Hyndburn Homes says it makes sense for them to offer this Handy Loans scheme to its residents.

As we work through our investment programme we have found that people want to spend money on interior décor or purchase new goods to complement their new modern homes, said Dave Smith. As a responsible landlord endorsing a local credit union means that our residents are not getting into huge debt and are being helped to save money a little at a time at rates they can afford.

The partners will arrange for residents to apply for and pay off their loan in a variety of ways which includes face to face collections. HHH Credit Union have collection facilities across Hyndburn at Willow Close Community Centre, Clayton le Moors (6 pm 7 pm every Friday) and Citizens Advice Bureau office on Paradise Street, Accrington (11 am to 1 pm every Friday). These values are looking to be increased in the future.

People can find out more about the Handy Loan scheme on the Hyndburn Homes website www.hyndburnhomes.co.uk