Stockport Credit Union (SCU) has announced a pioneering package of support to help residents with the cost-of-living crisis. This is following the recent and alarming announcement that The Financial Vulnerability Index (FVI) has shown that Greater Manchester residents will be on the front line of the economic squeeze.
SCU’s package of support, which is available from now, includes:
- A new product called a ‘Locked Winter Fuel Saver Account’, this enables Stockport residents to make a regular saving into a secure pot that can’t be accessed until at least October. This locked share account is fully protected by the FSCS just like a bank and it’s a great solution for those who are worried about energy prices but struggle to live without dipping back into their savings.
- A Member Welfare Scheme that all SCU members can access, and which includes access to a portal where they obtain discount codes for high-street shops including Asda and Morrisons. With significant discounts available this helps members tackle the direct rising cost of supermarket bills and other retail costs. This discount programme has only ever been distributed to companies for their employees, it’s the first time the provider has worked with a member-led organisation.
- Lastly, SCU have released access to over £1 million pounds and SCU members can apply for a loan from this amount. Whether the loan is used for white goods or holidays – SCU hope to lend this money to people who don’t have access to large funds, the aim is to stop Stockport residents from accessing money from higher costs alternatives which can include loan sharks and door-stop lenders. Loan applications are processed quickly and via an app.
This package is for Stockport Credit Union members, but membership is open to anyone living in SK1-SK8.
Jonathan Moore, Stockport Credit Union’s Chief Executive, said:
“As a not-for-profit, people centric organisation, we want to do everything we can to help local residents during this difficult time. Saving for energy as the weather starts to get warmer might seem counter-productive to some, but it will help relieve pressures that will come around before people realise.
“Discounts and access to safe and secure loans are often only available to those in privileged situations, we want to give this opportunity to everyone. We all need as much help as we can get.”
In recent months, press reports have shown the disparity that exists in Stockport between high-earners and low-earners and with warnings that many households will be over £1,000 worse off in 2022 – Stockport Credit Union wants to help local people feel more financially confident.