TENANTS on the Belle Isle estate in Leeds are to benefit from a new Credit Union service aimed at tackling local debt and the menace of loan-sharks.
The service, launched next month by the estate's Tenant Management Organisation, will allow people with financial difficulties to borrow money at low interest rates.
TMO Board and Community Co-ordinator Cath Gill said: "There is a real need for extra financial services in the area. We're particularly worried about the amount of debt on the estate, and we know there are loan-sharks about - disgusting people who prey on the most vulnerable in society, lending them money and then demanding huge repayments under threat of violence.
"The Credit Union scheme will give people access to a bank account and cheap loans at low interest. It's to prevent people who are already in debt falling into further debt."
The scheme, which will include a Christmas saving project, will be run from the newly-refurbished TMO housing office in Bloom Crescent, Belle Isle, which re-opens on July 6. In addition to the Credit Union service Citizens Advice will be offering debt management advice from there at least once a week.
Impact
Cath Gill claims that there is still a lot of deprivation on the estate, and that people can easily find themselves in financial trouble.
She said: "Debt has such a massive impact on people's lives, and at the Belle Isle TMO we feel we have a social responsibility to our tenants. It's not just about putting a roof over their heads. Thankfully we have lots of support from our MP Hilary Benn, and from the local council."
Mr Benn, MP for Leeds Central and candidate for the Labour deputy-leadership, will be attending the official opening of the revamped housing office in July.
He said: "I'm really pleased about this because Credit Union schemes provide access to funds at very low interest, and they keep people out of the clutches of loan-sharks."
Source:http://www.yorkshireeveningpost.co.uk
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