Debt-busting loan scheme heads to Westminster
THE creators of a ground-breaking scheme that gives companies the tools to help their workers tackle debt took the message to Westminster as part of a campaign to roll it out across the UK.
Lancashire-based WEC Group, one of the largest engineering and fabrication companies in the country, joined forces with its local credit union to create the Employee Benefit Loan Scheme (EBL) – the first of its kind in Britain.
The partnership with the Jubilee Tower Credit Union means the Darwen-based group’s 400-strong workforce now has an alternative way to borrow – and the chance to tackle any high interest loans they may have.
The scheme has been a major success with workers and WEC group director Wayne Wilde and Janice Parker, chairman of the board of directors at the credit union, are campaigning to get other businesses and organisations to adopt the idea.
They took their message to the corridors of power along with the Labour party candidate for the Rossendale and Darwen constituency Will Straw.
The group met Shadow Minister for Competition and Consumer Affairs, Stella Creasy and Labour Peer Lord Roy Kennedy, who is chairman of the London Mutual Credit Union.
And they also held talks with representatives from the Confederation of British Industry, Federation of Small Businesses and The Church of England.
Speaking after the meetings, Creasy said: “It was very good to meet Wayne and Janice and hear about their brilliant scheme.
“Millions of people are suffering from high levels of debt including many in stable employment so work-based schemes like this are really important.
“I hope that the success of this ground-breaking scheme will encourage businesses up and down the country to collaborate with their local credit unions to offer similar benefits to their workforce.”
Straw said: “This scheme is a win-win-win. It is good for WEC Group’s employees facing money concerns, good for the business as it helps retain their workforce, and good for the credit union by bringing
in new customers.”
The scheme was the brainchild of Wayne Wild. He said: “The response from the people we spoke to at Westminster has been very positive and very encouraging.
“We believe there is great potential for this idea to become something companies and organisations across the UK can offer to their staff and that was the message we delivered during our meetings.”
Parker added: “There is nothing like this happening anywhere else in the country and we believe the concept of Employee Benefit Loans has great potential to help workers across the UK tackle debt.”
