Advice on how to save and manage finances without resorting to using dodgy high interest loans will be on hand when a new credit union gets up and running in Haverhill.
The new service is being officially launched in Haverhill on Friday (March 21) by the town’s MP, Matthew Hancock.
Called the Eastern Savings and Loans Haverhill credit union, it will be based in the High Street offices of Havebury Housing Partnership.
It will carry the aim of providing saving options as well as affordable small scale loans and will officially open its doors for the first time on Monday (March 24).
Town councillor Roger Andre who is part of the steering committee that helped set the credit union up and the Mayor Haverhil, said: “This is an exciting opportunity for the people of Haverhill.
“We need to address the need of unsustainable borrowing which is creating debt problems that people can no longer cope with.
“The credit union provides an opportunity to look at saving and small scale borrowing and to plan effectively the family finances.
“It is brilliant that within our own community we can provide a solution to our own problems and that’s
what the credit union represents, a local solution to a local problem.”
The town council pledged £3,000 to the set up of the credit union in January, money that will help it become established over a period of one year by employing an organiser to recruit and train volunteers.
After 12 months, the scheme will be in the hands of the volunteers.
Philip Sullivan, director of operations at Havebury Housing Partnership said: “Havebury is delighted that we have been able to work with the other agencies to bring a Credit Union to Haverhill, which will not only benefit our tenants but the local community.”
Eastern Savings & Loans Haverhill is part of the newly merged Ipswich & Suffolk Credit Union and Norfolk Credit Union.
Along with savings accounts, the credit union will also be able to offer small affordable loans.
Anyone who is interested in opening an account should call in to see the union at Havebury’s office on Mondays and Tuesdays from 10am to 1pm.
According to MondeySaving Expert.com there are now around 500 credit unions in the UK.
Primarily they offer savings and loans and almost a million Brits are members, a number that is rising.