Phil Jenkins, The Board of Directors at Gateway Credit Union have highlighted the importance of providing financial stability for members facing challenges in managing their monthly expenses, such as unexpected repairs, maintenance, and the well-being of their children. In a recent interview, Phil Jenkins highlighted how Gateway Credit Union is dedicated to supporting the residents of Torfaen and Monmouthshire and surrounding areas in achieving financial security and stability in this complex economic environment.
Question:
Phil, how do you feel about the current economic situation and how have you seen the impact on Torfaen & Monmouthshire residents?
Answer:
As a resident myself of Torfaen & Monmouthshire, I am aware of the challenges faced by low and middle-income earners due to the recent rises in inflation. Despite pay increases, many part -time, full-time, unemployed, students and retirees are all feeling the impact of these economic changes.
At Gateway Credit Union, we recognise the difficulties that individuals in Torfaen & Monmouthshire are facing and understand the importance of preparing for unforeseen financial hardships. We encourage residents to save money with the intention of having a financial safety net during times of economic uncertainty.
By proactively saving and planning, individuals can better navigate the challenges brought on by inflation and other economic factors. Gateway Credit Union is here to support the community in Torfaen & Monmouthshire in achieving their financial goals and weathering any financial storms that may come their way.
Question:
So, what are Gateway Credit Union offerings in terms of savings?
Answer:
That’s a good question! We, as a Credit Union with 27 years of history, have several different savings accounts available. For example, Youth saver savings which encourage all the kids and young people to develop their savings skills and financial planning from a young age.
Even a young professional or middle-aged person can start saving with us for a more secure future. We have over 4000 members who are using this route for at least some of their savings. It is surprising by just putting aside just £5 per week, the size of your savings after a couple of years.
Question:
So, what should individuals do to access GCU services?
Answer:
Becoming an active member with Gateway Credit Union is the first step for everyone. Even if you cannot borrow now, you have secure savings to fall back on, and regular savings to help improve your credit history.
There is also the advantage that your proof of ID, Proof of address and proof of National Insurance Number will all be sorted ahead of any loan applications you submit in the future.
Question:
What if I need to borrow straight away?
Answer:
If you need to borrow straight away, you will still need to submit ID address and NI proof and with additional confirmations of income (wage slips, 3 months bank statements). This is because our experienced dedicated loan assessors will always make sure that the loan you are applying for has affordable repayments. Do not worry if you have a poor credit history as we will ensure that borrowing from us will not over indebt an applicant and we will still consider your application. Whether approved or declined, lending decisions are always made in the best interests of the members.
Gateway Credit Union, founded in 1996, is a financial institution that focuses on offering financial services to its members and the surrounding community in Torfaen & Monmouthshire. Its main partner is the Welsh Government, and it also works closely with Torfaen County Borough Council and Monmouthshire County Council. Gateway Credit Union Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, ref 214010 Registered as an Industrial and Provident Society under the Credit Unions Act 1979 ref IP00484C
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