Thursday, 17 September 2009

Credit Union “Monergy” scheme gets Welsh Assembly Government Funding

An award winning advice project run by Robert Owen Montgomeryshire Credit Union and the Bro Dyfi Advice Centre has received over £20,000 of Welsh Assembly Government funding to ensure that it can continue to offer support to those in financial difficulty.

The Monergy Project combines debt advice with advice on energy efficiency and access to affordable loans and savings accounts. It has helped over 400 families avoid debt and eviction and was awarded the National Energy Advice Cymru ‘Feel the Heat’ award in recognition of the help it has given to vulnerable people. The service has recently been enhanced to include an automated bill paying service and the number of clients is growing.

The money will ensure that the service, which was originally funded by the British Gas Energy Trust, can continue until alternative funding is sourced.

Announcing the funding Dr Brian Gibbons, Minister for Social Justice said:

“Projects like this are examples of the innovative schemes that Credit Unions offer. They are making an extremely valuable contribution to helping people cope with the problems they are facing at this difficult economic time, and I am delighted to be able to provide funding to ensure that such a successful service can continue.

"I recently saw the Monergy project in action when I visited the credit union. It is providing an excellent service, helping people who are struggling to restructure their bills to pay off existing debts and offering advice on how to reduce those bills in future through energy efficiency.

"The Welsh Assembly Government has invested £1.75 million in credit unions since 2000 and last year promised another £1.75 million to deliver our One Wales commitments on credit unions, including all-Wales coverage, which we achieved late last year, establishing access for secondary pupils and helping to offer more Child Trust Fund accounts. I am delighted that this money is being put to good use, and that it is making a positive difference to people’s lives."


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