Local Council Leader praises credit union services in Renfrewshire
24 Aug 18
This week, White Cart Credit Union (WCCU) has been praised by Renfrewshire Council Leader Iain Nicolson, for its inspirational story of helping a member in financial trouble.
Mum of three, Sally-Ann Bareford says that joining WCCU changed her life after she became bankrupt for taking out high interest loans from payday lenders and had to pay back triple the amount she had originally borrowed.
Reflecting on her life before joining WCCU eight months ago, Sally-Ann says that for the first time she feels she has control over her finance. Sally said: “I was using payday lenders as I wasn’t in a position to get a loan from the bank. I ended up paying double and sometimes triple on what I had borrowed because the interest rates were so high. I was using them for years and at one stage I had to declare myself bankrupt as my finances had got into such as a bad state.
“It seemed like easy money until you realised you had to pay it back with astronomical rates of interest. Your debt starts off small and then just explodes and get bigger and bigger and it can take years to pay it back.”
Earlier this year Sally-Ann was introduced to WCCU through the Paisley-based community organisation, the Star Project.
Speaking about her introduction to WCCU, Sally-Ann said: “The representative Frank is so friendly. He sits and has a coffee with you and explains all the benefits. The interest rate is one per cent to cover their costs and I save as I borrow.
“Frank comes to the Star Project every two weeks and I pay money in to pay back my loan and whatever I can afford to save. I’ve become a regular saver for the first time.
“It’s made a huge difference to my life as I can pay back the money at an affordable rate. I’ve already paid off one of my loans and am still saving. I would recommend a Credit Union to anybody.”
Renfrewshire Council Leader Iain Nicolson said: “As part of Renfrewshire Council’s ongoing effort to tackling poverty and inequality, we have been supporting and promoting the development of affordable credit, such as credit unions.
“Sadly, it’s often the case that those who have the least money are charged the most for credit.
“We want people to know there are other options aside from payday and other high cost lenders.
“The work around affordable credit led to the linking of White Cart Credit Union and Star Project, which has allowed people like Sally-Ann and many others to save and borrow easily.”
To read the full story, please click here.
Source – Renfrewshire24.co.uk