1 Homecare is latest business to become credit union payroll partner
Lancashire credit union CLEVR Money has welcomed 1 Homecare as its latest payroll partner. The social care provider becomes the 67th organisation to become part of the credit union’s programme of support for employees within the local area.
1 Homecare provides care services to people in their own homes in Blackpool and Preston; both privately-funded and contracted by the local authorities. The firm was looking to boost its staff benefits with a payroll savings scheme, but needed third party support.
Care coordinator Samira Morcos said: “We wanted to offer staff the option of saving money direct from their salary, but we didn’t want to have to organise it, manage and hold deposits ourselves. Our MD suggested we contact the local credit union and, within a week of making the call, we were all signed up and ready to go.”
Employees of the firm had asked about a Christmas savings club, but didn’t want to put their money with any of the well-known brands for fear of it going bust as Farepak did in 2006. Bosses were keen to ensure the safety of the savings, and were reassured by the fact that the credit union is regulated by the FCA and that members’ savings are covered by the Financial Services Compensation Scheme (FSCS) just like the banks.
Samira added: “The attraction of payroll saving is you’re less likely to miss the money when it comes out of your wages automatically, and less likely to dip into the account during the year like you would with a regular bank account. This will really help our staff to save up for Christmas throughout the year and hopefully reduce any money worries at a traditionally expensive and stressful time of the year.”
1 Homecare’s owner Shakil Mazhar recommended his team check out the local credit union. He said: “We hold our employees in the very highest regard and their health and well-being is paramount to our success; happy workers make for happy clients. I’m delighted to partner with the credit union to provide this service to our staff and am very grateful for how easy and straightforward the CLEVR team has made the process for us and our staff.”
As a Payroll Partner, 1 Homecare enables its employees to become credit union members. In addition to providing a simple payroll savings service, wholly administered by CLEVR Money, the partnership also gives staff access to the credit union’s full range of responsible loans for times when they may have no choice but to borrow.
Ensuring fair and affordable credit is available for everyone, credit unions are not-for-profit businesses which strive to level up the playing field for anyone needing a loan. With interest rates capped by the government, and more than £2m available for people living and working in Blackpool, Fylde, Wyre and Preston, CLEVR Money’s loans can often be the best value option for members.
Anthony Brookes, business development manager for CLEVR Money, is pleased to welcome another local business to the Payroll Partnership programme. He said: “Employers which sign up with the credit union demonstrate a clear commitment to their staff. 1 Homecare is supporting their financial wellbeing via a partnership with a highly-regulated yet deeply community-focused local organisation which is proud to put people before profit.
“In addition to savings we also provide responsible loans. Not everyone is eligible for a bank loan or a credit card, and many people just need a small amount to tide them over or cover an unexpected expense. Sadly people will often end up with a payday lender and get hit by high interest rates, fees and penalties, or can even turn to loan sharks. Credit unions exist to provide an ethical alternative and we are delighted to provide savings options and more than 2,000 fair and affordable loans within our community every year.”
For more information about offering your employees the benefit of credit union membership contact CLEVR Money by emailing email@example.com or call 01253 478827 and ask for Anthony.