With the Cost of Living Crisis, how has this affected people within Bradford?
It’s extraordinary and we share the concerns of many people.
Here, at Credit Union in Bradford, in 2016 we looked after around 3,000 people but now, we have nearly 10,000 members and these are a range of people. People who may be viewed as being ‘well to do’ and financially stable to people on various benefits or struggling to pay off their loans: people from across the board have found themselves stuck in a cycle of credit scores. Even people with relatively good incomes are missing payments and their credit score begins to suffer.
How does the Credit Union in Bradford help people with the Cost of Living Crisis?
Banks always look to someone’s credit score before loans and credit cards are issued. Where Credit Unions differ is that they are able to take risks and we have lent to people despite a poor credit score. A Consolidation Loan is there to help people pay off their loans, so it becomes more manageable by having one lump sum to pay out each month.
There are over 300 Credit Unions across the country and this year will mark 30 years since we began. Credit Unions also build up a relationship with our customers. We are a co-operative and therefore we cooperate with people, our customers, where we can set our own rates that are affordable, unlike the various banks and most certainly, the loan sharks out there. We are a lot more ethical in our dealings, including being a faith-friendly organisation.
Credit Union in Bradford has two major projects: Uniform Savers launched in January 2023 and helps nearly 300 single-parent families to fund school uniforms. It’s funded by Public Health but is co-produced between us and Bradford Council. The second project is FoodSavers and again, nearly 300 people are utilising the 16 pantries we have across Bradford. We also run this with Bradford Council and many of the leading supermarkets donate their food for people who are struggling. £6 will get you a bag of food with £1 of that going to the Credit Union. Have a look at our website BDCU.co.uk for further details.