ESCU Announces Help For Private Landlords

ESCU has launched a new scheme to help private landlords collect their rent for teants in the City of Brighton and Hove. The new service allows landlords and tenants to set up an arrangement so that the tenants Housing Benefit is paid into their Credit Union account and the Credit Union forwards the rent payment to the landlord automatically ensuring the rent gets paid.

General Manager Colin Holden said ' this scheme is now common in other parts of the country and is well used as it takes the stress out of paying the rent for those without access to high street banks. Initially we are running it in Brighton and Hove but hope that the other Councils and landlords in East Sussex will be interested as well.'

Lewes District Council Teams Up With ESCU

Lewes District Council is funding ESCU to have a Community Advocate on its Demontford Estate one day a week from October 2010. The new service that will run on Tuesdays will provide local Credit Union services to people on the estate at the community flat. The Council recognised that there is a real problem on the estate with high cost doorstep and other lenders and saw the Credit Union as a positive low cost alternative to tenants. The Credit Union has been able to save its members over £200,000 during the last two years against such high cost loans.

The Council is also encouraginging its own staff to save with the Credit Union as well via a payroll deduction scheme. More information can be obtained by ringing Alison at the Credit Union on 01273 234858.

ESCU Starts Work in Crowborough

Marta Baginska, who is the local community Advocate for Crowborough has now started work in the area.

She is interested to talk to community groups and other organisations about the credit union and can be contacted on marta@credit-union.org.uk.

ESCU Cheaper than others for Loans

If you require a loan of between £2,500 and £5,000 the check out ESCU. Money Supermarket .com rates us as one of the cheapest in the area. President Rosemary Friggens said 'The High street does not really want this sort of trade so their interest rates are kept high whilst ESCU at 12.7% is one of the lowest. We get lots of people paying off their credit cards with our loans as they are cheaper'.

Important Information about the Financial Services Compensation Scheme

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint
accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website http://www.fscs.org.uk/ or call 0800 678 1100

East Sussex Credit Union

ESCU implements new computer software. President Karl John said ' the Progress software we are now using will allow us to offer a better service to our members and allow web access to share and loan accounts