National Traveller Mabs

At this time of year many people are looking forward to the festivities, and many more are also worrying about money matters. At an event on Tuesday 1st December in Rathkeale Youth Space about forty men and women heard Yvonne Bogdanovic, Coordinator of Limerick MABS, describe how money worries and not talking about them can lead to ill-health.

She outlined the valuable work that MABS does to support people to address their money difficulties and explained that the service is about helping people take charge once again of their finances. Liz Daly, National Development Worker with National Traveller MABS, also highlighted what MABS can do for all members of the community and encouraged people to avail of the free and confidential service. She played two short films where different people suggest ‘3 small changes’ people can make to become more financially independent including by having a Credit Union account, developing a saving habit and having a saving goal.

Credit Unions

Two local credit unions – from Rathkeale and District Credit Union and Desmond Credit Union based in Newcastle West – were represented at the event and Declan Benson, Manager of Desmond Credit Union explained to the audience the background and ethos of credit unions. According to Mr Benson, “Credit unions are not financial institutions that are there to make profits to then distribute to shareholders. Credit unions are cooperatives run by local people who are promoting financial inclusion of all. Credit unions are there for their members with any surplus being returned to members in the form of dividends or interest rebates”. He added that when members save in a credit union they are making their money available to other members to use, so the local community benefits – since to have an account in a credit union, a person needs to work or live in the area covered by the credit union (‘Common Bond’). Finally, he strongly encouraged a habit of regular saving – whatever the amount – for people of all ages.

Micro-Lending Scheme

Mr Benson went on to speak about a new six-month pilot micro-lending scheme being rolled out by over 30 credit unions nationwide – including Rathkeale and District Credit Union, Desmond Credit Union and Cois Sionna Credit Union in West Limerick. This scheme, called the It Makes Sense Loan, is for people in receipt of a social welfare payment and who qualify for deductions to be made through the Household Budget Scheme. The loan may well provide a cheaper alternative to loans from official and non-official moneylenders who can charge very high interest rates. And instead of possibly having a moneylender waiting for a borrower at the post office or calling to the home, the repayments are taken directly out of the social welfare payment that is paid into a post office account. Mr Benson clarified some aspects to the scheme including: 1) to apply for this loan, a person must be a member of a credit union, 2) the total deductions through the Household Budget Scheme cannot be more than a quarter of total applicable social welfare payments and 3) the loan must be in the name of the social welfare recipient. If a person is not a member of their local credit union and is interested in applying for the It Makes Sense Loan, s/he needs to first become a member of the credit union. Becoming a member is a relatively straightforward process if you bring the right documentation. If a person is not eligible for the It Makes Sense Loan, they may qualify for a standard loan. The best thing to do is to talk to a member of staff at their local credit union.

West Limerick Resources – through its staff in the Primary Health Care Project for Travellers and the Rathkeale Pre-Social Cohesion Project – worked with the National Traveller MABS to organise this event and are grateful to all agencies and individuals who supported or attended on the day.

More information about the It Makes Sense Loan can be found on Facebook

The list of participating credit unions can be found here

Further information about MABS:

• You can use the many valuable tools and resources on the MABS website if you think that you would prefer to manage things yourself.
• The MABS Helpline is open Monday to Friday, 9am to 8pm (0761 07 2000) if you would like to have a chat. Many clients use a combination of web and Helpline to negotiate themselves with their Creditors, whilst others use these as a first step to attending at one of the MABS offices.
• The MABS face-to-face service is available in more than 65 locations nationwide. Due to heavy demand, from time to time, there may be a waiting list; in truth, no one in crisis ever has to wait.

Details for Limerick MABS: Floor 3, Park Manor, Upper Mallow St, Limerick. Tel: 0761 07 2210, Web: www.mabs.ie (Opening Hours: Monday - Friday, 9am-1pm and 2pm-4pm; Wheelchair Accessible: Yes)