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Money

Money

The credit crunch is likely to affect us all in one way or another. But some are in a better position to cope. 

Whilst not able to give direct financial advice, your local Councils are keen to offer what support they can to those suffering the effects of the economic slowdown. 

If you are worried, these are some of the people you may want to talk to. Also listed are links to the District and Borough Councils and useful pages on the Cumbria County Council site.

Some of the organisations referred to, like Credit Unions, run surgeries in our one-stop-shops.

Debt

Carlisle Citizen's Advice Bureau - Debtthis external link will open in a new window

Cumbria Local Links  If you would like to speak face-to-face with someone concerning a service, why not visit one of the many one-stop shops around Cumbria.

Debt Advice Foundationthis external link will open in a new window - free, impartial advice. The charity has also developed an Education sectionthis external link will open in a new window, which is aimed at developing children’s understanding of key financial principles and equipping them with the tools they'll need to responsibly interact with the world of finance as they enter adulthood.

Directgov - Managing Debtthis external link will open in a new window

National Debtlinethis external link will open in a new window provides free confidential and independent advice on how to deal with debt problems.

Consumer Credit Counselling Servicethis external link will open in a new window  is a registered charity offering free, confidential advice and support to anyone who is worried about debt.

 

Benefits

Directgov - Benefits and Financial Supportthis external link will open in a new window

Directgov - Tax credits and Child Benefitsthis external link will open in a new window

Citizen's Advice Bureau - Benefitsthis external link will open in a new window

Entitled Tothis external link will open in a new window  can help make sure you get the benefits and tax credits that you are entitled to.

 

Council Tax

Allerdale Borough Councilthis external link will open in a new window

Barrow Borough Councilthis external link will open in a new window

CarlisleCity Councilthis external link will open in a new window

Copeland Borough Councilthis external link will open in a new window

Eden District Councilthis external link will open in a new window

South Lakeland District Councilthis external link will open in a new window

Directgov - Council Taxthis external link will open in a new window

 

Energy Saving

Directgov - Energy and Water Savingthis external link will open in a new window

Citizen's Advice Bureau - Fuel Costs and Saving Moneythis external link will open in a new window

Warm Frontthis external link will open in a new window  makes homes warmer, healthier and more energy-efficient.

Energy Saving Trustthis external link will open in a new window  provides free impartial advice to help you save money and fight climate change by reducing carbon dioxide emissions from your home.

Home Heat Helplinethis external link will open in a new window  is a free, not for profit phone line set up to help British energy customers who are struggling to pay their fuel bill and keep warm.

Winter Fuel Paymentsthis external link will open in a new window offers an annual payment to help people aged 60 and over with the costs of keeping warm in winter.

 

Managing Money

Directgov - Budgeting and your financesthis external link will open in a new window

Directgov - Banks, savers and investorsthis external link will open in a new window

Directgov - Managing Moneythis external link will open in a new window

Directgov - Pensions and Retirementthis external link will open in a new window

Money Made Clear (FSA)this external link will open in a new window  cuts out the jargon and give you just the facts about financial products and services, helping you to make an informed decision. 

Pensions Advisory Servicethis external link will open in a new window is an independent non-profit organisation that provides free information, advice and guidance on all types of pensions.

Consumer Directthis external link will open in a new window  clarifies consumer rights, and helps resolve disputes.

Money Saving Expertthis external link will open in a new window  offers a free tool and guide to help you manage your money.

 

Buy Local

Stay local this year and boost the local economy, while discovering more of Cumbria.

Made in Cumbriathis external link will open in a new window

Farmers Marketsthis external link will open in a new window

Visit Cumbriathis external link will open in a new window

 

Credit Unions

Credit Unions play an important role in steering people towards cheaper borrowing and better management of their financial affairs. 

Credit Unions provide a safer and cheaper option for people to borrow money with much lower levels of interest compared to that of doorstep lenders and loan sharks.  They are local, ethical and know what their members want.   Profits are returned directly to the members, not third party shareholders and therefore remain in the community.

If Credit Unions are to be effective long-term they will have to offer a range of financial products and services to suit different segments of the market.   This can only come about through the creation of a modernised Credit Union brand recognised as mutual and local, and as offering quality financial services to all.’

The priority for many Credit Unions is to continue to grow, developing a diverse membership, mobilising savings and achieving the financial efficiencies that will lead to a sustainable business.  

As part of its Anti-Poverty Strategy the Council has allocated an extra £150,000 investment in for both 2009/10 and 2010/11 to support money advice and credit union activity.

Credit Unions in Cumbria

Carlisle and District Credit Union
95 Lowther Street
Carlisle
CA3 8ED
(01228) 817508
www.carlislecu.comthis external link will open in a new window

Cleator Moor and District Credit Union
The Council Centre
Market Square
Cleator Moor
CA25 5AP
(01946) 817508

Maryport and North Allerdale Credit Union
49 Wood Street
Maryport
CA15 6LD
(01900) 816111

Millom and District Credit Union
3 Market Square
Millom
LA18 4HZ
(01229) 775877
www.millomcreditunion.org.ukthis external link will open in a new window

Walney Island Credit Union
(Collection Point – Fridays 7pm – 8pm)
St Columba’s Church
Church Lane
Walney Island
Barrow in Furness
LA14 3AD
(01229) 470449 – Contact Number for Enquiries

Workington and District Credit Union
22-24 Moorbanks Road
Frostoms
Workington
CA14 3XP
(01900) 63642

Whitehaven, Egremont and District Credit Union
24 James Street
Whitehaven
CA28 7HZ
(01946) 66755

Or

The De Lucy Centre
14-15 Market Place
Egremont
CA22 2AF
(01946) 828100

Significant areas of the county are still not served by a Credit Union (i.e. Eden and the South Lakes.)   Barrow is similarly disadvantaged following the demise of its local Credit Union about 10 years ago when it got into financial difficulties.

More About Credit Unions

The initial impetus behind Credit Unions in Cumbria often seems to have come from the Churches (eg Walney) or as part of regeneration initiatives – (eg Cleator Moor and Carlisle).

Significant areas of the county are still not served by a Credit Union (i.e. Eden and the South Lakes.)   Barrow is similarly disadvantaged following the demise of its local Credit Union about 10 years ago when it got into financial difficulties.

Membership of Credit Unions, although increasing in some locations in Cumbria, is probably not as high, countywide, as might be expected – particularly in view of persisting levels of deprivation and disadvantage.

The client base tends to be regulated by organisational capacity and capability rather than market place potential.   A significant increase in membership is apparent, however, in both Whitehaven (c55%) and Maryport and North Allerdale (c90%). 

Credit Unions welcome everybody from within the Common Bond regardless of income, employment status or age.   They are regulated by the Financial Services Authority.   A typical Credit Union member is seen to be an older individual excluded from mainstream finance and suffering the effects of disadvantage.

Credit Unions in Cumbria are more likely to see themselves as community service providers than financial service suppliers.   A common view seems to be that they operate as a community service in a business-like manner. 

Equally, there is some uncertainty as to whether they are addressing social or economic problems.   The majority view is that the best Credit Unions deal with both social and economic issues - but generally with an emphasis on providing economically based solutions.

Paid employees are in short supply even though they are clearly an essential component in keeping the wheels in motion in each and every Credit Union in the area.   In most cases this is because insufficient income is generated (from loan interest, grant aid and benefactors) to cover the costs of more than an absolute minimum number of staff members. 

All of the Credit Unions in the county are heavily reliant on a hardcore of volunteers.   The various management boards comprise of volunteers, they act as collection point ‘cashiers’ and they take on key posts (e.g. Money Laundering Officer.)   Without volunteers Credit Unions simply would not exist. 

It is commonly acknowledged that the most successful and sustainable Credit Unions loan around 90% of their accumulated savings back to members.   Interest received on loans is essentially the main source of income and ideally should cover all operational expenses and contribute to the growth of reserves.

In reality this is proving to be a difficult regime to follow in Cumbria and Credit Unions are regularly required to seek supplementary grant aid (e.g. Community Foundations or Local Authorities) or have their running costs ‘subsidised’ by third party benefactors (e.g. local churches.) 

The main sources of competition for Credit Unions in Cumbria are commonly agreed to be:

·        Banks, Building Societies and the Post Office

·        Door Step Lenders

·        Loan Sharks

·        Home Shopping/Mail Order/Catalogues

·        Internet (Payday Loans)

Credit Unions in the county are seen to hold sway over their competitors in the following principal ways:

·        Attractive to people who are saving for altruistic reasons

·        Promoting mutuality and co-operative ideals

·        Community minded – by local people for local people

·        Desire to make the area a better place to live in

·        Trust and confidence of members

·        Links to Housing Associations and Schools

·        Free Life Cover, fast turn round of loan applications, dividends

DRAMA

The Debt Rescue and Money Advice  partnership (DRAMA) has successfully secured funding from a bid for government Growth Fund monies.   Housing Associations are working in collaboration with CABs and Credit Unions.   500 instant loans from a £300,000 fund can be offered to people within the designated Credit Union ‘common bond’ areas. 

Seven credit unions – Carlisle, Cleator Moor, Egremont, Maryport, Millom, Whitehaven, and Workington have joined forces with local councils, CABs and the county’s largest housing providers in setting up DRAMA.

The desire from all involved in the DRAMA scheme is to now build on the success of the project and to increase access to affordable credit to more people.   This has presented itself in a number of ways:

· Economies of scale will help ensure Credit Unions are sustainable and offer clients a diverse range of services.

· If appropriate, Credit Unions will extend their geographical coverage into areas not currently served by a credit union.

The ultimate objective is for the whole of Cumbria to be covered by a network of financially viable and sustainable Credit Unions working in partnership with DRAMA to provide the widest range of support and advice services aimed at combating financial exclusion.

DWP, on behalf of the government,   considered that a positive approach to addressing financial exclusion in Cumbria was through a Financial Inclusion Champion.   Amanda Pyper Amanda.Pyper@harvesthousing.org.uk     was appointed the FI champion for Cumbria in April 2009. She will be working with the County Council to move forward the recommendations contained in their ‘Debt in Cumbria’ report, developing the DRAMA initiative, particularly increasing the availability of affordable lending in Allerdale, Copeland, Barrow in Furness and Carlisle; fostering good working relationships between the advice and guidance sector and the providers of affordable credit.