SMART (Money Advice Project)

Is Debt Driving You Daft?

Do you know the average Briton owes £7,768? Worrying isn’t it? Perhaps more worrying is the apparent reluctance among Scots when it comes to accessing good quality free money advice to help cope with debt. We seem reluctant to approach the free money advice sector – Trading Standards, Citizens Advice and Advice UK agencies. All these agencies offer free impartial and confidential money advice – and have the full backing of the Scottish Government. The danger is that Scots access help from the fee charging companies who we see advertising on television and in the press. In most cases these companies will charge for a service that has no fee when accessed through the free advice sector.

Money Advisers can help you look at your financial situation and also at a number of other issues such as benefit entitlement, options to increase income and help you to budget better. They can also help you negotiate with people you may owe money too and explain which debts require your immediate attention. However it is not the Money Adviser’s job to tell you what to do – the choices and decisions remain yours!

So Where Does Grampian Housing Association come in?

Did you know GHA offers free, independent and confidential advice through the SMART project.  Our Money Advisors offer advice on all areas of debt, money management and budgeting.  SMART Money Advisors work closely with the North-East Scotland Credit Union to promote savings and loans as an alternative to more expensive forms of credit. The service is totally free, and the session would be on a one-to-one basis. Any information would be treated confidentially.

Why not give the Money Advice Team a call on 01224 202934 or 01224 202957 and see what a difference some quality money advice can make!

"SMART" Savings and Loans Scheme

Grampian Housing Association (GHA) and the Royal Bank of Scotland (RBS) have entered into a partnership to provide savings and loans for Grampian tenants. The scheme is aimed at tenants who cannot usually access loans from the main financial institutions and to provide an alternative to more expensive forms of credit.

The Association already operates in partnership with RBS to provide access to basic bank accounts. We provide a letter of introduction, which you can take to the Bank with just one other form of identification. This gives you access to electronic transfer of income, cash machines, cheque-cashing, internet and phone banking.

Savings

The savings account can be opened in the same way.

The RBS Instant Access ISA lets you invest up to £3,000 per year and works just like any other savings account except you don’t pay tax on the interest you earn. Accounts can be opened with as little as £1.

Loans

If you have been a tenant of GHA for 6 months and have had a clear rent account for 3 months, you may apply for the minimum loan of £300 without the need to have any savings. If you have savings, you may apply for a loan of up to three times you savings amount up to a maximum of £1,000,e.g.

If you have saved £200, you may borrow £600

If you have saved £300, you may borrow £900

Typical APR 9.1% (variable)

Repayments are made by standing order or from your current or savings account

You can apply for a loan by contacting GHA where you will complete an application form and undertake an affordability check with Chris.

If you are eligible for a loan, RBS will agree loan repayment terms with you and make arrangements to pay the loan.

Are you receiving all the Benefits you are entitled to?

This new service checks that you are receiving all the benefits you are entitled to.  It can also advise new tenants on setting up payment arrangements for rent, council tax, fuel costs and TV license - to help get your tenancy off to the best start possible!

This service is available to all housing association tenants living in Aberdeen.

Call Lorna on 01224 202935 to discuss a free benefits check or for some advice on payment arrangements at the start of a new tenancy.