A FREE advice service which has been helping people in Ham-worthy for more than two decades is launching a community credit union.

Hamworthy Money Advice Project, known as HMAP, has been awarded funding from the People’s Health Trust, the partner charity of the Health Lottery, to start up its own credit union – HMAP Money.

This new venture, which had its official launch with the mayor of Poole Councillor Peter Adams on Monday, is a branch of the DotComUnity Credit Union, and will give local people access to a range of saving options, specialist accounts and loans.

Members pay a small fee to join and gain access to banking services, including saving accounts where they can save as little as £10 and up to £15,000, and affordable rate loans of up to £7,500, providing members a way of avoiding the high interest payday lenders and doorstep loan sharks. Also key to the credit union service is advice and help with money management and budgeting.

HMAP, based at St Gabriel’s Church, has helped thousands of residents over the years with everything from debts and rent arrears, to form filling and letter writing.

This latest move is set to do yet more for the community, said project manager Kathryn Graven, who added that changes to the way benefits are paid make good budgeting a necessity for many.

She said: “This is an exciting development for HMPA. The funding from People’s Health Trust will enable us to expand our work promoting health and wellbeing within the local community.

“Credit unions can provide solutions to assist people who are struggling to juggle and budget their finances. Additionally, Universal Credit will mean more effective budgeting becoming a necessity for many unused to a one off monthly income payment.

“This is a community project and local residents are already involved in helping us launch our new initiative. Our hope is that our link with DotComUnity will help bring banking back to the heart of the community.”