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.”