Help for employees struggling with debt

Businesses are being encouraged to signup to a scheme to keep employees out of debt.

Sunderland BID has joined forces with one of the region’s leading credit unions to encourage businesses to sign up to its Payroll Savings Scheme.

Money wise C redit Union is already working with Sunderland City Council on a savings and loans partnership, where council employees can take advantage of a savings scheme and an ethical loans system.

And now the BID is working with Moneywise to introduce the benefits of being part of a credit union to other organisations across the city – which can sign up for free.

Employers would sign up to Moneywise’s payroll savings scheme, meaning money can be taken directly and kept in the individual’s saving account. Employees can sign up for free and then an agreed amount will go into their account direct from their wages every month.

Once they have started saving, staff can then apply for a low interest loan of up to £15,000, based on their ability to afford it. Sharon Apple by, Head of Business Operations at Sunderland BID, said: “Many people are more stretched financially than ever before and may decide to borrow money with a high interest rate because that the only option they feel they have.

“Credit unions offer a whole host of options and because they operate in a highly ethical manner, they can provide a really viable solution for both saving and borrowing.”

For further information email annie.murphy@moneywise.org.uk