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Credit Union Offers Loans, Savings and Debt Advice

Plans are in place to open a weekly Help Point in Newhaven in partnership with the Newhaven Community Development Association (NCDA), at the new Hub premises in the High Street.

This new service, from East Sussex Credit Union, will open weekly on Thursdays between 10am and 12 noon starting in January 2012. It will offer local people a real alternative to traditional banks, particularly for families on low incomes. People can take control of their money and are encouraged to save what they can and borrow only what they can afford to repay.

This new scheme follows on from the success of a pilot project in Lewes where people can drop in for advice on dealing with debt, accessing affordable loans and savings plans.

The weekly surgery is held on Wednesday from 12 – 2pm at the Community Flat, 33 Heron Court, Ousedale Close, Lewes. In addition there is also a Help Point at Furniture Now! in Lewes which is open on a Thursday from 1.30pm – 3.30pm.

Councillor Ron Maskell, Lead Member for Housing at Lewes District Council said: “An amazing number of tenants have already signed up to join the Credit Union in Lewes District. More than 113 people have benefited with loans taken out so far totalling around £81,000. The Credit Union estimates that borrowers will have saved around £60,000 in interest charges. Lewes District Council is committed to helping families on low incomes and our commitment to approve funding of £22,000 for East Sussex Credit Union to enable expansion of the project to Newhaven is a decision well made”.

Nikki Plummer, Community Advocate for East Sussex Credit Union, won a national award this year for her role in expanding the Credit Union service in Lewes District said: “When people borrow money they repay the amount over time, plus interest, in the usual manner but at the end of the repayment period part of the interest they have paid is set aside as savings for them. Everyone’s savings are totally secure as we are registered with the Financial Services Compensation Scheme”.

Date: Wednesday, 21 December 2011

Published: 03 January 2012

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