Posted 26th August 2008

With the cost of living rising to unprecedented levels and to help combat the worsening economic situation which is threatening both private residents and tenants personal finances alike, the Sutton Housing Partnership, Sutton Federation of Tenant & Resident Associations (SFTRA) and the London of Borough of Sutton are looking into extending the Credit Union for residents of Sutton.

Some other boroughs in the country are already in the Credit Union scheme which aims to provide support and assistance to those on low incomes or with bad credit ratings. In addition, the organisation can also help those who are restricted from using bank accounts or applying for tenant loans.

The aim of such schemes is also designed to help tenants who perhaps may have tempted to resort to high interest bad credit loans or loan sharks.

It would seem that some public money is already committed to ensuring a good business case is put forward. If the go ahead is given by interested parties and approval granted by the Financial Services Authority http://www.fsa.gov.uk the Sutton Credit Union scheme could be operating at some point next year.

Please Note! YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. ALL SECURED OR UNSECURED LOANS ARE SUBJECT TO STATUS. SECURED LOANS ARE SECURED ON PROPERTY.

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