Taking the credit in Wear Valley

Staff at Dale & Valley Homes have been signing up as regular savers to encourage more people to join their local credit union.

More than a dozen people joined up at a special promotion day held in the company offices in South Church which was part of a campaign to encourage customers to save regularly.

Durham County Credit Union, which has around 400 members, is working in partnership with Dale & Valley Homes as part of a campaign to encourage good financial management among its customers.

Credit union chairman Sid Rooke said: “We want to promote a habit of saving and to give low cost, affordable loans, as opposed to doorstep lending, which can have interest rates in excess of 200 per cent APR. The credit union charges 12.6 per cent APR.

“If you borrow £100 over 12 months you pay back a total of £106.50.”

Peter Chaffer, chief executive of Dale & Valley Homes, added: “Regular saving is something we really want to encourage because it gives people a financial cushion against unexpected bills or helps them plan for big expenses such as holidays or Christmas.

“The credit union is also an excellent source of loans. We know door step lenders and loan sharks operate in Wear Valley and borrowing money in this way can cause more problems than it solves.”

Credit union members can pay money in by standing order, through PayPoint and at weekly sessions at Woodhouse Close church community centre fro 10am to noon each Thursday.

For more information on the credit union go to www.durhamcountycu.co.uk or phone 0191 375 7677.