Thames Valley Housing (TVH) residents in Hounslow and Richmond are set to benefit thanks to a unique agreement between the Assocation and a local Credit Union.
TVH has donated £3, 700 to Thamesbank Credit Union (TBCU) from its Community Investment Fund. The money will be used to target TVH residents in the Boroughs to promote financial stability, encourage saving and help them if they are in debt.
Hilary Ellwood, Volunteer Development Worker at TBCU, said, “Thanks to TVH this donation will help us reach out to people in Hounslow and Richmond, who may not be able to get bank accounts or may be struggling with debt and illegal loans.
People in deprived areas are the most vulnerable to these sorts of financial problems. We can help these people manage their money effectively and provide low cost loans which ensure they still have the day to day income. These areas have been particularly identified in Hounslow as areas with social housing, however we have no specific funding to target them.”
Sahil Khan, Community Investment Manger, TVH, said, “Once people get into debt they cannot successfully manage or repay, they very often get into rent arrears, putting their home and personal wellbeing at risk as their debt spirals out of control.
Getting them into a credit union so they can start saving and reducing their debt to manageable levels benefits the resident, the association and the wider community.”
Visit these pages for more information about Thames Valley Housing and its Community Investment Strategy. Alternatively phone Rosalind Grozier, Communications Officer, on 0208 607 0886 or send her an email.
Notes to Editors
1) Thames Valley Housing is based in Twickenham, South West London and houses a wide range of people who have many different needs. Founded in 1966, the association owns, manages and administers loans for over 14,000 properties in London, Berkshire, Surrey, Hampshire, Oxfordshire, Buckinghamshire, Wiltshire and Sussex, and has 679 properties under construction. Thames Valley Housing provides affordable rented homes, shared ownership, market rent, student and key worker accommodation, working with eight NHS Trusts.
2) Thames Valley Housing launched Community Chest in 2007. It is now part of TVH’s Community Investment Strategy (CIS), which provides funding to TVH residents, community projects and charities in Rushmoor, Reading and Hounslow; areas TVH has identified as in need of this kind of support. The strategy is monitored by the Community Investment Advisory Group made up of TVH residents from the areas. The C I team works in close co-operation with community agencies to ensure that existing services are maximised and gaps in provision, addressed.
3) Thamesbank Credit Union is a financial co-operative that is owned and operated by its members for its members, without external shareholders. It serves any one resident within the London Boroughs of Hounslow and Richmond. Its key aims are to provide its members with a variety of savings accounts without the risk of loss of savings; to provide a source of affordable credit and to assist personal financial management. In doing so it seeks to promote stability for its members, their families and in the wider community it serves.