MP signs up to support borough-wide credit union

The Trafford United Credit Union signed up its 1,000th member today (Friday 8th February) – Stretford and Urmston MP Bev Hughes.

The Minister for Children, Young People and Families supported the initiative by opening an account with the Credit Union, at one of its collection points in Trafford Housing Trust’s Stretford Housing Office.
Credit unions are not-for-profit financial co-operatives which are owned and run by their members. Anyone can join a credit union, regardless of their income, employment status or age. Their purpose is to:
• Encourage members to save on a regular basis
• Provide loans to members over the age of 18 at affordable rates of interest
• Provide members with help and support in managing their money
The Trafford United Credit Union extended its reach last year and is now a borough-wide project. It is open to people who work or live within Lostock, Gorse Hill, Stretford, Old Trafford and parts of Urmston which are on the Stretford side of the M60 motorway.
It is based in Shrewsbury Street, Old Trafford, and is open between 9.15am and 4.15pm Monday to Friday. It has a number of collection points in the borough, where members can use its services.
Carol Cosham, the Office Manager at the Trafford United Credit Union, said: “It’s great that Ms Hughes is supporting the campaign we have set up jointly with Trafford Housing Trust to encourage local councillors to join us and promote the services that the CU can provide.
“THT and the CU have been working together to help THT tenants as well as other people on low incomes make their money go further. As an ethical, not for profit organisation, the CU provides an excellent alternative to expensive high street shops, door step lenders and pawnbrokers to those people in our community who are unable to get credit cards and bank loans.
“We also help people manage their money better and encourage savings. We are regulated by the Financial Services Authority and so all members’ savings are guaranteed.”
Bev Hughes said: “I'm delighted to support Trafford United Credit Union and feel honoured to become its 1000th member. With such strong membership the Credit Union will be able to make a big difference to local families in giving access to low cost loans and helping people manage their budgets.”
Trafford Housing Trust with its core mission to be at the heart of neighbourhoods, is developing a far reaching Financial Inclusion Strategy – one of its early outcomes is to partner Credit Unions.
Trafford Housing Trust provides a collection point for the TUCU, demonstrating its commitment to supporting initiatives which help the borough’s residents to manage their money. Members of the Credit Union can use the collection service at the Trust’s Stretford Housing Office, in Stretford Mall, between 5pm and 7pm on Thursdays.
The Trust is seeking opportunities to work in partnership with other organizations which offer practical help and advice to people living in Trafford. Its series of Community Panels have a budget of £600,000 a year to develop such projects which offer valuable contributions to communities. For more information, organisations can contact Carol Cosham 0161 912 1536.