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Kildare Money Advice works closely with up to 20 local credit unions to
improve access to low cost credit and to set up budgeting accounts. Some
credit unions also allow Kildare Money Advice to use their offices to
meet with clients.
Budget accounts are an important aspect of the money advice service.
It enables clients to pay all their bills through the local credit union
by making a weekly lodgement of a set amount. The set amount is based
on a realistic budget worked out between the money adviser and the client.
The money is forwarded to creditors on a monthly basis either directly
by the credit union or in the form of a cheque via the money advice office.
At the moment, budget accounts are operating in the following credit
unions: Baltinglass, Kildare, Monasterevin, Naas, Rathangan, Newbridge,
Leixlip, Celbridge and Maynooth. In 1998 , we operated 27 budget accounts
which, while time consuming to establish, are of great assistance to clients.
We thank the credit unions for all their co-operation and assistance in
providing this service.
An additional feature of the budget accounts is the opening of a savings
account within the credit union. This allows the client to build up a
savings record, which can then be used to access a credit union loan.
In special circumstances, Kildare Money Advice guarantees loans for clients
from a credit union. Four such loans were provided in 1998, again with
the co-operation of credit unions. We have established a loan guarantee
fund for this purpose, which remains largely undiminished.
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