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As part of its ongoing commitment to tackle financial exclusion amongst its tenants, Penwith Housing Association will be working in partnership with Cornish Community Banking in some of the most financially disadvantaged areas in West Cornwall.
These neighbourhoods have been identified as the areas where people are least likely to have bank accounts or access to affordable credit. Research has shown that as a result such residents are far more likely to pay more for everyday services, and are more likely to resort to high interest doorstep lenders to make ends meet.
Where tenants are identified as being in financial difficulty Penwith Housing Association will be able to make a direct referral to Cornish Community Banking who will work with the tenant on a confidential basis.
Cornish Community Banking is a credit union and offers several different kinds of account including a bill paying account and savings account. Where appropriate they can also offer affordable loans, with a preferential rate of interest, far below that of doorstep lenders, to those who are regular savers with CCB.
“To strengthen our work on financial inclusion, the alliance and working partnership with Cornish Community Banking will assist our tenants with their money management and give them access to ethical savings and affordable loans” said Karen Batemen, Income Recovery Manager for Penwith Housing Association.
Penwith Housing Association is also working closely with the Treneere Together Partnership, who has appointed an outreach worker, Alison Brown, who is running a credit union service point from the Col-coombe Centre at Treneere every Thursday between 1 pm and 3pm. She can also provide budgeting assistance to help tenants take control of their finances, and where other issues are identified, make referrals to other agencies including, where necessary, a specialist debt adviser.
Alison Brown commented. “Although our new service point on Treneere has only been open a couple of months, Treneere residents are already embracing the idea of a credit union with enthusiasm. Over 70 residents have either opened accounts, enquired about loans or been referred to other agencies for specialist debt advice. More importantly residents are becoming more financially astute generally and in particular about the high costs of doorstep lenders.
With the Treneere service point being so successful we are now looking to expand into Roscadghill and strengthen our existing service provision on Gwavas”.
Katrina Wagstaff (CCB Partnership and Outreach Co-ordinator) said “With the challenging economic climate, Cornish Community Banking is reaching out to people who are in need of fair and ethical banking. By working in partnership with Penwith Housing Association, we anticipate being able to help many more in the Cornish community.”
