Housing associations partner with Westcountry Savings & Loans credit union

09/01/2024

New collaboration will focus on helping customers achieve financial stability.

As community landlords, we at Cornerstone Housing are committed to providing more than just bricks and mortar. We are proud to be in partnership with Westcountry Savings & Loans (WS&L), the South West’s credit union, as part of our ongoing commitment to our residents’ financial wellbeing.

As part of this collaboration, we have teamed up with eight other housing associations from across the region to establish the Credit Union Sustainability Partnership (CUSP), an initiative that enables us to provide customers with affordable and ethical savings and loans products.

Importantly, the partnership offers alternative borrowing options to people who may otherwise turn to high interest lenders and loan sharks, helping, in turn to keep money in households and local communities.

The partnership also helps to support and sustain WS&L, ensuring the region’s households continues to have access to the financial services and products of a local credit union. This is vital, given that WS&L is a not-for-profit organisation, meaning any surplus it makes is given back to its members in the form of a dividend.

Tom Woodman, CEO of Cornerstone Housing, says: “We are delighted to be part of this partnership with Westcountry Savings & Loan Credit Union and our fellow housing associations. At Cornerstone Housing, we have always strived to go beyond conventional housing solutions, and this collaboration allows us to address a critical aspect of our residents’ lives—their financial wellbeing. By joining forces, we are not only combating the challenges posed by high-interest lenders but also empowering our customers with the tools they need to achieve financial stability. This partnership exemplifies our commitment to providing comprehensive support to our residents, helping them to thrive in every aspect of their lives.”

Jackie Simpson, CEO of WS&L, says, “Our growing membership numbers tell us that the services Westcountry Savins & Loans provides are as in-demand today across the region as ever. By partnering with housing providers across the South-West, we are extending our reach further into local communities and ensuring that households who really stand to benefit from our loans and savings products know there are alternatives to high-interest lenders. This has long been one of our key aims and is something I look forward to building on with our CUSP partners in the coming years.”

 

WS&L are authorised and regulated by the financial conduct authority, visit www.westcountry.org.uk for more information.

 

 

The credit union sustainability partnership is made up of Westcountry Savings and Loans plus the following housing associations:

• Alliance Homes
• Cornerstone Housing
• Cornwall Housing
• Livewest
• North Devon Homes
• Ocean Housing
• Teign Housing
• Sovereign Network Group
• Westward