Family Finance Plan recognised at Bristol Life Awards
Here at Bristol Credit Union (BCU), we are thrilled to have won the Financial award at the Bristol Life Awards on 17th September, 2020. The judges recognised our Family Finance Plan, which provides members with access to funds as and when they need it to help spread the cost of expenses.
BCU’s Family Finance Plan has helped 300+ families access flexible financial management. Qualifying members have a £500 limit that's available to use and repay using their child benefit. Unlike credit cards or overdrafts, there’s a fixed repayment amount so balances can always be repaid in less than 12 months. The plan helps people start to save, as the Child Benefit left over after the repayment amount builds up in savings until it's withdrawn. The service is available for almost anyone in receipt of Child Benefit providing that borrowing would be affordable.
There are currently 544 people with a Family Finance Plan. Total balances amount to £233,246.23, with total borrowing since launch at £392,398 and repayments at £203,375.
Commenting on our win, James Berry, CEO of Bristol Credit Union, said:
It’s incredible to be recognised for all the hard work across Bristol Credit Union in what has been a difficult year for so many. The Family Finance Plan has been a success and has helped hundreds of people across the local area. In the wake of the recession, we’re here to support everyone who needs us with access to fair and affordable loans.
The judges said BCU had a "clear plan to triple the size over the next five years with substantial investment. Its new scheme 'Family Finance Plan' helped 300+ families with flexible financial management."
You can watch the ceremony now.