ACTION DESK: Account will help you to budget

0
Have your say

SHEFFIELD Credit Union is launching a new account which aims to take the hassle out of managing money.

Its budgeting account will accept benefits or wages, pay important bills – such as rent, utilities, council tax – and put the remainder on a debit card, or into a personal account.

It has been developed ahead of a proposed universal credit which will pay claimants once a month. The account is set to be launched in March.

Credit Union boss Jackie Hallewell said: “It will help people avoid bank charges and all the stress of being chased for arrears.

“It’s the perfect bridge between having no control and being expected to have full control.”

The organisation is working with all 16 housing associations in the city, including Sheffield Homes, she added.

“The predictions from them is that it’s going to be a big problem.

“We wanted to stay ahead of the game before people start screaming and shouting.”

Up to 27,000 Sheffield Homes tenants could be affected by the introduction of universal ucedit, and cuts to council tax benefits and tax credits, it is predicted.

A spokesman said: “We expect many tenants will find the cuts and the shift to receiving all their benefits monthly extremely challenging.”

Sheffield Homes has set up a money advice team to advise on budgeting skills and is working with the Citizens’ Advice Bureau and Sheffield Credit Union.

Call 0114 293 0000, log on to www.sheffieldhomes.org.uk or visiting the nearest housing office.