Housing company helps promote credit union

by The Gateshead Housing Company & filed under Get in touch - your housing office, Help in your home - MONEY matters, Help in your home - rent and benefits, News.

The Gateshead Housing Company is helping to promote an alternative to ‘pay day lenders’ to thousands of families across the borough.

Credit Union logoThe housing company, which manages almost 20,000 homes across Gateshead, is offering information to customers about the NEFirst Credit Union.

The credit union is a not for profit financial cooperative, owned and run by its members, and offers savings and loans to anyone who lives or works in Northumberland, Tyne and Wear or Durham.

For a nominal membership fee of just £1, tenants, leaseholders and other residents can benefit from low interest rate loans, based upon individual circumstances and annual dividends on savings which are protected too.

Credit Union members can save as much or as little as they choose, providing they make regular payments at any one of the many service points or PayPoints throughout the region.

Members savings can be withdrawn at any time, with members encouraged to continue saving to access larger loans in future.

Information on the scheme is available in housing offices across the borough and also online here.

Neil Bouch, Director of Customers and Communities for The Gateshead Housing Company, is encouraging people to join the scheme and start saving.

Mick_Davison

He said: “People are increasingly worried about how they will pay their household bills and some may resort to payday loan lenders.

“By working with NEFirst Credit Union we are helping people manage their household budgets and ensuring that they receive the service and support needed, without adding further financial burdens.”

Mick Davison, Treasurer and Director of the NEFirst Credit Union, said: “We are delighted that The Gateshead Housing Company is helping promote our work to enable local people develop good money habits.

“We are keen to get as many local people as possible involved in the credit union, as the more people who save the more we can sensibly lend to people in the area and help families avoid high-interest loans.”

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