Launch of the Tenants Bond Scheme Supported by Russell George AM

An innovative scheme was launched in Montgomeryshire this week by Russell George AM to help those moving into private rented accommodation and to particularly help those who are experiencing financial difficulties.

The launch took place at The Foyer, in Newtown on Tuesday (3rd April)

Gwalia Care and Support currently can issue and guarantee a two-year bond required by landlords in such cases. New tenants will now have to take over responsibility for their bond after 2 years.

Working in partnership, the three Credit Unions operating in Powys, Robert Owen Montgomeryshire Credit Union, Red Kite Credit Union and Brecon and District Credit Union, together with Gwalia Care and Support, and Powys County Council have designed a package which will enable new tenants to own the bond.

Now tenants will be able to save a little each week with their local credit union so they can own their bond when the guarantee expires. “We hope that this will help tenants to secure their tenancies and gain access to help and support from their local Credit Union” said Jane Hill of Gwalia.

Mr George who also became a member of the Robert Owen Montgomeryshire Credit Union at the event said “people are facing hardship, especially during the economic down turn. There is also a lot of hidden homelessness and a shortage of rented accommodation. This initiative will really help people by encouraging them to take control of their money, save a little each week and help people to become more responsible tenants”.

Mrs Rina Clarke of Robert Owen Montgomeryshire Credit Union said " The most effective way of helping the most vulnerabele is for agencies to work in partnership therefore I am very encouraged by this new partnership between the Robert Owen Credit Union and Gwalia Care and Support"

Mr George also commented “I know that my local credit union is leading the way with a number of schemes. I feel it is more crucial than ever that their work is supported and that is why I became a member”.

More details are available from Robert Owen Montgomeryshire Credit Union at www.romcul.co.uk or on 01686 623741. The head office is in 26 Market Street Newtown.