Housing association offers hope for the financially excluded

14 July 2008

With the risk of an impending recession and more and more people in the UK getting CCJ’s as well as an increase in home repossessions, Bournville Village Trust Housing Association is tackling the growing problem of financial exclusion by linking up with a community credit union to offer financial services for its tenants.

The Trust is linking with an organisation called Communisave which offers savings schemes as well as low cost loans, with borrowing on much better terms than a door step lender or a loan shark would. The South Birmingham organisation also offers debt advice for anyone who might find they are struggling to cope with mounting debts.

Alastair Flint from the Trust says: "There are increasing numbers of people who are unable to access mainstream banking services because they either have a poor credit history or simply because they do not have the required documentation, a passport or driving licence which you need to set up a new bank account."

Communisave, which was established in 1999 is a member owned financial co-operative. The organisation is registered under the Credit Union Act 1979 and regulated by the Financial Services Authority and operates under the same rules as Banks and Building Societies.

Helen Ingley, Office Manager at Communisave says: "We are delighted that Bournville Village Trust has recognised the services that CommuniSave can offer to local residents and look forward to a fruitful partnership."

Bournville Village Trust is encouraging local savers to invest in their local community and Communisave offers a Young Savers Club for children.

More information about Communisave can be obtained from www.communisave.co.uk or tel. 0121 486 2035.