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Knock your finances into shape
Published: Friday 16th January 2009
A NEW initiative is launched to help local residents manage their finances and avoid getting into debt.
Hartlepool is one of only 18 towns throughout the country operating the Credit Union Current Account (CUCA) scheme which enables residents to obtain a debit card giving them greater control of their finances.
And to help attract attention to the new initiative, Hartlepool boxer Michael Hunter was the VIP guest at the launch in the town's Middleton Grange Shopping Centre.
It's estimated that around 3,000 people in Hartlepool have no access to banking services and end up having to fork out more for bills because they are unable to pay by direct debit. This can lead to getting into debt and often people turn to loan sharks which only exacerbates their financial situation.
Several organisations have joined together under the banner of the Hartlepool Financial Inclusion Partnership to get the scheme off the ground. These include Hartlepool Credit Union, Hartlepool Council, Housing Hartlepool, Hartlepool Water and New Deal for Communities. It is also backed by the Government's Department for Work and Pensions (DWP).
Anne McGrath, Chair of the Hartlepool Credit Union, said: "It is often the case that people who have least money end up paying more because they do not have access to basic banking services.
"However, I want to stress that this scheme is open to all residents and in the current economic climate it is even more important that people manage their money effectively."
The current account offers a debit card which can be used in shops and to withdraw money from cash machines, and account holders can set up standing orders as well as direct debits. However, there is no overdraft facility so account holders cannot incur charges for going overdrawn.
Anne McGrath added: "One of the main benefits, especially for those on lower incomes, is being able to access a debit card, which you don't get with other basic bank accounts.
"We are also offering an incentive for the first three months of the scheme which will result in anyone on housing benefit receiving £20 if their housing benefit is paid directly into their Credit Union Current Account. New account holders also receive free life insurance."
Anyone wanting to find out more about the scheme can call into Unit 177 (next to McDonald's) in the Middleton Grange Shopping Centre between Saturday 17 January and Wednesday 21 January (excluding Sunday) between 10am and 4pm.
Alternatively, after 21 January you can call into Moneywise Community Banking on Avenue Road, Hartlepool, telephone 01429 863542 or e-mail moneywise@tiscali.co.uk
And to help attract attention to the new initiative, Hartlepool boxer Michael Hunter was the VIP guest at the launch in the town's Middleton Grange Shopping Centre.
It's estimated that around 3,000 people in Hartlepool have no access to banking services and end up having to fork out more for bills because they are unable to pay by direct debit. This can lead to getting into debt and often people turn to loan sharks which only exacerbates their financial situation.
Several organisations have joined together under the banner of the Hartlepool Financial Inclusion Partnership to get the scheme off the ground. These include Hartlepool Credit Union, Hartlepool Council, Housing Hartlepool, Hartlepool Water and New Deal for Communities. It is also backed by the Government's Department for Work and Pensions (DWP).
Anne McGrath, Chair of the Hartlepool Credit Union, said: "It is often the case that people who have least money end up paying more because they do not have access to basic banking services.
"However, I want to stress that this scheme is open to all residents and in the current economic climate it is even more important that people manage their money effectively."
The current account offers a debit card which can be used in shops and to withdraw money from cash machines, and account holders can set up standing orders as well as direct debits. However, there is no overdraft facility so account holders cannot incur charges for going overdrawn.
Anne McGrath added: "One of the main benefits, especially for those on lower incomes, is being able to access a debit card, which you don't get with other basic bank accounts.
"We are also offering an incentive for the first three months of the scheme which will result in anyone on housing benefit receiving £20 if their housing benefit is paid directly into their Credit Union Current Account. New account holders also receive free life insurance."
Anyone wanting to find out more about the scheme can call into Unit 177 (next to McDonald's) in the Middleton Grange Shopping Centre between Saturday 17 January and Wednesday 21 January (excluding Sunday) between 10am and 4pm.
Alternatively, after 21 January you can call into Moneywise Community Banking on Avenue Road, Hartlepool, telephone 01429 863542 or e-mail moneywise@tiscali.co.uk
