Harrow Council Joins M for Money Credit Union as a Corporate Member
Published by Graham Tomlin for Credit Union Solutions Ltd in Local Government and also in Central Government, Education, Health, Housing, Universal Credit
Harrow Council has agreed to become M for Money Credit Union’s first “Corporate Member”. In February the Government changed the rules for credit unions enabling Councils, Housing Associations, Churches and other community groups to join their local credit unions.
M for Money Credit Union was introduced to the Council in 2010 by Cllr. David Ashton Conservative Leader of the Council and with the change of administration Cllr. Bill Stephenson took a personal interest in promoting the credit union and ensuring its development.
M for Money works closely with Harrow Housing and Home Group two of the largest Registered Social Landlords in the borough to ensure that tenants always have an alternative to Pay Day Lenders, Loan Sharks and Doorstep Lenders.
Graham Tomlin an M for Money Director said.
“Our partnership with Harrow Council has given the credit union a massive boost by increasing membership among council staff and the community at large. This has led to substantially increased levels of saving and borrowing as residents become increasingly disenchanted with high street banks and fear that more of them will end up paying fines for fiddling Libor or for selling insurance policies that do not pay out when a claim is made.
Credit union loan rates enable ordinary people to access affordable credit rather than paying the extortionate rates of doorstep or pay day lenders.
The squeeze on our pockets is unlikely to let up for the foreseeable future so we see M for Money continuing to grow as people seek out the best loan rates and become accustomed to saving regularly to ensure they always have access to credit when they need it.
Harrow Council as a Corporate Member of M for Money will be allowed to nominate a Director to sit on the credit union Board and we look forward to working with them closely in the coming years.