Council tenants, private tenants or mortgage holders are welcome to take advantage of the scheme which aims to help people budget, pay essential bills and manage any type of debt or multiple debts.

No-one using the services needs to be an existing customer of the credit union, but is encouraged to open a savings account with a minimum £1 balance to help manage their income and outgoings and so avoid any unnecessary debt.

Anyone wanting help to repay debt will be given tailored advice which could include consolidating any repayments into a single, more manageable account at a lower, fixed interest rate, rather than having to resort to unregulated lenders or loan sharks.

With changes to Universal Credit payments due from July 2017, new applicants could face a delay in payments for six to eight weeks. This new service will help prepare for any predicted shortfalls in income and ensure every day necessities like fuel, mortgage or rent payments are paid for regularly.

The scheme is already tried and trusted by a number of social landlords in the region and some City of York Council tenants are using it too.

The credit union operates on co-operative principles and offers savings and loan products authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

Cllr Carol Runciman, executive member with responsibility for financial inclusion at City of York Council, said: “This is a really worthwhile service to residents to help them regain or maintain control of their finances and give access to safer and regulated loans – a much better alternative to doorstep lenders.”
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