MP and Council Leader Join M for Money Credit Union

Published by Graham Tomlin for Credit Union Solutions Ltd in Central Government and also in Communities, Education, Health, Housing, Local Government

An MP and Leader of the Council today (16^th September) became the newest members of a credit union that offersHarrow residents an easy way to save and access to affordable credit.

The politicians have signed up to the M for Money Credit Union, a financial co-operative owned by its members.

Anyone who lives or works inHarrowcan become a member including those who have a poor credit history or who are unable to access savings or loans from high street banks.

M for Money offers great value to its members by providing a number of savings accounts including a Christmas Club and a Cash ISA projecting 3.5% interest. All of these savings accounts are guaranteed not to lose their value in the event that the credit union closes.

In addition M for Money offers access to affordable credit for its members with fixed rates of interest on all of its loans. Members are able to borrow loans as small as £50 or as large as £5,000 with offers of credit based upon the amount of savings in the credit union and the member’s ability to repay the loan.

The Credit Union has developed a number of school savings clubs in Hillingdon and has approached a number of schools inHarrowwith a view to encouraging student saving schemes there.

Cllr Bill Stephenson, Leader of Harrow Council, said:

“As a longstanding supporter of co-operatives ideas and ideals, joining our local credit union was a no-brainer.  I will be getting excellent value for money for my investment whilst at the same time helping support people who would be turned away by ordinary banks and I hope other residents will follow suit.  I am proud that this initiative is fully supported by the Council on a cross-party basis.”

Gareth Thomas MP, Harrow West, said:

It is a real pleasure to being joining Harrow Credit Union, which is going from strength to strength and is a fantastic asset for the local community. I have always believed that Credit Unions promote a genuine culture of saving, as well as combining responsible and fair lending practices with access to affordable credit. I hope many more Harrow residents take the opportunity to sign up soon.”

Graham Tomlin from M for Money Credit Union said.

“This is indeed a coup for the credit union to have a Shadow Minister join the credit union at the same time as the Leader of Harrow Council. Having spoken to both of them it is obvious that they are both passionate about promoting the credit union to all of the residents acrossHarrow.

“While we credit check all new members, we use a great deal more discretion than High Street banks and apply wider interpretation of credit history when we take decisions.

“If a member has a poor credit history and is trying to repair it then we will always try to help if we can. Sometimes we have to refer them to the CAB if the problems are too extensive.”

For more information about M for Money Credit Union call 020 8756 3866 or visit www.mformoneycreditunion.org

Notes to editors

M for Money started in Hillingdon in 2002 and in 2010 was approved to serve the borough ofHarrowas well, with the full backing of Harrow Council.

Members include staff at Hillingdon and Harrow Councils, Hillingdon PCT and a local Hospital.