GAZETTE & HERALD: PLANS for a credit union to help people save money and get loans at reasonable rates are in the pipeline for Corsham.

The scheme has support from town councillors, the public and MP for North Wiltshire James Gray.

Now the Community First partnership need to secure a location to hold collection points, train four volunteers to man each point and get the £500 grant they need to cover start up costs.

At a town council meeting last Wednesday two spokeswomen presented the idea to councillors.

Credit union development worker, Helen Cotter said: "We feel that credit unions are a really good business and the fact that everyone in Wiltshire can join one means Corsham will be a good branch for us.

"There is no reason for people to pay those extortionate costs from doorstep money lenders."

Borrowing £100 from the credit union over six months would cost just £3.22 in interest. Mrs Cotter said this is a huge saving compared to the high annual percentage rates that loan companies can charge.

Eight members of the public were at the council meeting, supporting the idea for a credit union.

Secretary of the Corsham Labour Branch, Judy Hible said: "I think it's the kind of thing that will do very well in Corsham because there's a lot of people out there who could do with a low cost loan."

Mrs Hible, 47, of Brook Drive said she would support the credit union by paying some money into it and may even act as a volunteer.

"In any area like this where we have people on low incomes they can end up in the hands of loan sharks so setting up this kind of organisation helps to get them out of this situation," she said.

Once a location for a collection point is secured in the town people can join by paying a £2 one-off fee. Members then save for eight to 12 weeks and, if needed, can then

borrow money at an affordable rate.

"You build savings which you may never have had," Mrs Cotter said.

"And at the end of the financial year in September we see if the credit union has made a profit then members get a dividend."

Community First is appealing for four volunteers to give their time and be trained to staff the collection points.

"It's a fresh start and we do need to breathe life into it," Mrs Cotter said.

Councillor Jock Fraser said at the meeting on Wednesday: "This seems very admirable to me.

"Judging by the number of people who have attended this meeting they obviously feel it's a very important thing for the town."

Chairman Allan Bosley added: "James Gray is very much in support of the presentation and you have his best wishes."