Bolton's Credit Union is a Hoot!

Published by JenCooke for National Federation of ALMOs in Housing and also in Bill Payments

Leading Credit Union Relaunched to Protect Tenants From Loan Sharks as the Recession Bites

Bolton’s residents are to receive a helping hand in the fight against loan sharks and personal debt with the relaunch of the town’s credit union.

Called Hoot!, the credit union will provide a safe, secure and ethical way of saving for anyone living and working in Bolton, allowing those who might not be able to access traditional forms of credit, to receive low interest loans without resorting to door step lenders who have been reported to charge interest rates of over 1,000 per cent.

Previously known as ‘Quids In’, Bolton’s credit union has been rebranded and relaunched following a new partnership agreement that brings in support from housing organisation Bolton at Home and Bolton Council. As Hoot!, the credit union will be able to improve its services and continue to provide low-cost loans and secure savings schemes to its 3,000 members.
Hoot! will be run on a not-for-profit basis and will benefit Bolton’s communities by investing profits back into local regeneration projects. Membership will be available to anyone living or working in Bolton - not just Bolton at Home tenants or those in financial need.

Anyone who joins Hoot! will receive a number of benefits including an annual dividend, access to low interest loans from as little as £100 to £5,000 and the security of a service governed by the Financial Services Authority (FSA) as well as practical advice on finance management.

A new educational DVD has also been launched to accompany the initiative to warn customers of the dangers of loan sharks and the impact of debt on family life. The film is aimed at schoolchildren and their families and will be screened in schools and community centres throughout Bolton, encouraging people to sign up to Hoot!

Cath Langan, Development Manager for Credit Union Services at Bolton at Home, said:
“As the recession continues, money is tight for many of us, but especially so for people on lower incomes, who can find it hard to obtain credit and are therefore vulnerable to exploitation by loan sharks and door step lenders. Credit unions provide a safe and affordable solution to this growing problem, and should form the centrepiece of any financial inclusion strategy."

Bolton at Home is one of the country’s leading social housing organisations and was set up as an Arms length Management Organisation (ALMO) in 2003 to manage Bolton Council’s housing stock. Bolton at Home was the first North-West housing organisation to receive the maximum three-star rating from the Audit Commission in 2005 and the ALMO has since invested £250 million in improving and modernising council properties.