Gateway Credit Union plans opening in Caldicot

People in Caldicot will soon have access to low cost loans and a more convenient way to save, if volunteers can be found to open a branch of Gateway Credit Union on Caldicot's market day.

Gateway plans to open a new Community Office hosted by the Methodist Church in Caldicot on Tuesday mornings, but needs to recruit and train a team of volunteers.

All volunteers receive full training, and although many Gateway volunteers are retired, others have used volunteering with Gateway as a way to brush up their skills and return to work. All our volunteers are also members of the Credit Union.

Existing volunteer, Pauline Earnshaw, said:

"It's interesting being a Credit Union volunteer, you get to meet all kinds of people and help them. It gives me a sense of belonging. I really enjoy it".

County Councillor Ron Stewart, member for the Caldicot Castle ward,

said:

"I am delighted that Gateway Credit Union is coming to Caldicot. With this opportunity, local people in regular work or on benefits will be able to save and borrow at a fair rate without fear of having to get into the clutches of creditors who could be loan sharks".

Credit Unions are savings and loans co-operatives, which help members to save regularly and manage their money. Members have access to low cost loans with free life insurance, as well as accounts to save for Christmas, a holiday or just for a rainy day.

Gateway Credit Union welcomes members from all walks of life; anyone who lives or works in Monmouthshire or Torfaen can join.

Gateway Credit Union Manager John Richards said:

"We have many members on benefits and low wages, who find that we are so much cheaper than doorstep credit. There are so many lenders out there charging interest rates of over 100%, really ripping people off and trapping them in debt.

"We're about helping our members to save and borrow sensibly. Once members have started saving regularly with us, they can borrow at only 1% interest per month (12.68%APR).

"Having savings makes a huge difference to people's lives. We also have members who are in good jobs or retired and choose to join us as an ethical alternative, or a convenient way to save.

"It's a great way to see your money making a difference in your local community. Members in Caldicot can already save using standing order or a PayPoint card, but we find our members prefer the personal touch."

Although new to Monmouthshire, Credit Unions in the UK are part of a worldwide movement - 177 million people in 96 countries

Gateway is being supported by the Welsh Assembly Government and Monmouthshire County Council to open in Caldicot, Chepstow and Monmouth.

The Credit Union is already well established in Pontypool and Cwmbran, and opened in Abergavenny last year. There are also Credit Unions in the Forest of Dean (Forest Savers Fund) and Herefordshire (MoneyBox Credit Union Ltd).

Anyone interested in joining or volunteering with Gateway should call

01495 750020 or email sara@gatewaycu.co.uk . More information is on the website www.gatewaycu.co.uk