Eastern Savings & Loans Credit Union is working with Broadland District Council to assist homeless and potentially homeless households to gain access to suitable accommodation in the private rented sector.
This information is for members of the Housing Options Team.
You will be able to find information about how the scheme works and information about what happens after you have made the referral.
If you have a query about the scheme, please call 03336 000690.
The purpose of the scheme is to assist homeless and potentially homeless households to gain access to suitable accommodation in the private rented sector.
The council has agreed to make a fund available to the credit union from which we will make loans to individuals referred by the council.
The credit union will contact the referred individual to encourage them to complete the membership and loan processes and for any necessary supporting paperwork to be provided.
The council requires the credit union to charge interest at 12% APR on loans to these members.
The council has agreed to make a fund available to the credit union from which we will make loans to individuals referred by the council.
The credit union will contact the referred individual to encourage them to complete the membership and loan processes and for any necessary supporting paperwork to be provided.
The council requires the credit union to charge interest at 12% APR on loans to these members.
The Housing Options Team will refer individuals identified as deemed suitable for the RaD scheme. The HOT member will complete a referral form to authorise referrals which will provide quick and unambiguous information for the credit union to begin contact with the client.
The credit union will contact the applicant to discuss their referral. We will take the opportunity to confirm with the individual that they understand they are applying for a loan and to appraise them of the information they must provide to progress the application.
The contact with the individual provides an opportunity for the applicant to complete their membership, pay their joining fee (these members will be exempt from our recurring membership fee), prove their identity, complete their loan application and provide supporting documentation. This will mostly be done online.
The contact will initially be by telephone and email; however, we may arrange to meet the member at a suitable location if this suits their needs.
The contact with the individual provides an opportunity for the applicant to complete their membership, pay their joining fee (these members will be exempt from our recurring membership fee), prove their identity, complete their loan application and provide supporting documentation. This will mostly be done online.
The contact will initially be by telephone and email; however, we may arrange to meet the member at a suitable location if this suits their needs.
All borrowers must be members of the credit union. Membership costs £5.00 consisting of a £2.00 joining fee and a £3.00 minimum deposit. The membership fee must be paid before the credit union may legally undertake credit checks on the individual.
An applicant may join the credit union online or complete an application form. (Online preferred)
Applicants must provide proof of identity for the credit union to comply with Money Laundering regulations. Online applicants will be checked using a credit reference agency ID check. Where the ID check fails a credit union please see our ID requirements list which sets out the minimum ID we will request. Applicants may submit endorsed copies of the ID documents required.
An applicant may join the credit union online or complete an application form. (Online preferred)
Applicants must provide proof of identity for the credit union to comply with Money Laundering regulations. Online applicants will be checked using a credit reference agency ID check. Where the ID check fails a credit union please see our ID requirements list which sets out the minimum ID we will request. Applicants may submit endorsed copies of the ID documents required.
The credit union requires the individual to have completed an online or paper loan application form. Our loan application includes an income and expenditure assessment. This forms part of our assessment of the affordability of the loan to the individual. The credit union is a responsible lender and will not lend to a borrower if the loan repayments either:
Consume too great a proportion of the individual’s disposable income,
Would cause the loan to be repaid over too long a period of time.
If necessary, we will ask for:
Two month’s bank statements,
Proof of income covering two months and/or proof of benefits/tax credits as appropriate.
We are able to request Open Banking read-only permissions, which allows us to electronically see bank statements, for more information on this please see https://eslcu.co.uk/consentsonline/.
Consume too great a proportion of the individual’s disposable income,
Would cause the loan to be repaid over too long a period of time.
If necessary, we will ask for:
Two month’s bank statements,
Proof of income covering two months and/or proof of benefits/tax credits as appropriate.
We are able to request Open Banking read-only permissions, which allows us to electronically see bank statements, for more information on this please see https://eslcu.co.uk/consentsonline/.
The credit union considers all applications as they are received and seeks to determine an application within 48 hours of receiving all the necessary components of the application.
All applications are subject to the normal consideration of applications. The application will be considered primarily on affordability and then on the risk associated with the borrower defaulting on the loan.
The decision of the credit union’s loan officer on whether to make a loan is final. However, we will always discuss our concerns with the HOT and can review the risk to the funds the authority has made available for these loans.
All applications are subject to the normal consideration of applications. The application will be considered primarily on affordability and then on the risk associated with the borrower defaulting on the loan.
The decision of the credit union’s loan officer on whether to make a loan is final. However, we will always discuss our concerns with the HOT and can review the risk to the funds the authority has made available for these loans.
The credit union has agreed with the council that the maximum period over which an individual might repay a loan for rent deposit is two years.
We will accept repayments by PayPoint (must be requested by the member), standing order, or directly from benefits. If the credit union believes there is a higher risk the applicant may default on the loan – we may ask for the repayment method (standing order or benefit) to be established in advance of the issuance of the loan. The credit union will not require a repayment to be established if the next payment is not anticipated for some weeks and the issuing of the payment to the landlord would be unnecessarily delayed.
We will accept repayments by PayPoint (must be requested by the member), standing order, or directly from benefits. If the credit union believes there is a higher risk the applicant may default on the loan – we may ask for the repayment method (standing order or benefit) to be established in advance of the issuance of the loan. The credit union will not require a repayment to be established if the next payment is not anticipated for some weeks and the issuing of the payment to the landlord would be unnecessarily delayed.
The credit union will pursue its normal procedures to recover a loan on which the borrower has defaulted.
This will include:
Writing to the applicant three times in a manner consistent with industry good practice. This gives the borrower ample to time to advise the credit union of any temporary difficulty they may be having making repayments.
Contact by telephone, SMS and email.
This may include further action to recover debts such as:
County Court action and subsequent attachment of earnings,
Referral to a debt recovery agency.
Recovery from benefits under the Eligible Loans Deduction Scheme (ELDS) where possible.
This will include:
Writing to the applicant three times in a manner consistent with industry good practice. This gives the borrower ample to time to advise the credit union of any temporary difficulty they may be having making repayments.
Contact by telephone, SMS and email.
This may include further action to recover debts such as:
County Court action and subsequent attachment of earnings,
Referral to a debt recovery agency.
Recovery from benefits under the Eligible Loans Deduction Scheme (ELDS) where possible.
