THE director of Darwen engineering and fabrication company WEC Group has paid a visit to London to promote the company’s groundbreaking Employee Benefit Loan scheme.

WEC Group commercial director Wayne Wild and Jubilee Tower Credit Union chairman Janice Parker travelled to Westminster to discuss the success of the scheme with MPs and peers.

MORE TOP STORIES:

They met shadow minister for competition and consumer affairs, Stella Creasy and Labour peer Lord Roy Kennedy, chairman of the London Mutual credit union and vice-chairman of the all-party parliamentary group on credit unions.

The pair also held meetings with representatives from the Confederation of British Industry, Federation of Small Businesses and Church of England.

WEC Group and the Jubilee Tower Credit Union have linked up to create a new loan scheme which is the first of its kind in the UK.

The partnership gives employees an alternative way to borrow money, and the chance to switch high interest loans and cut debt.

The scheme encourages responsible borrowing and affordable repayments.

It has been a phenomenal success with a high proportion of staff applying for loans and beginning to save with the credit union.

Will Straw, prospective Labour parliamentary candidate for Darwen, who organised the meeting, said: “This scheme is a win-win-win. It is good for WEC Group’s employees facing money concerns, good for the business as it helps retain their workforce, and good for the credit union by bringing in new customers. So I was only too happy to help get the scheme over its regulatory hurdles with the Financial Conduct Authority and help promote it on a national stage in Westminster.

“WEC Group and Wayne in particular deserve great credit for having the foresight and imagination to put this scheme together and I hope many others will follow suit.”

Mr Wild said: “The response to the EBL scheme from the people we spoke to at Westminster has been very positive and very encouraging.

“We believe there is great potential for this idea to become something companies and organisations across the UK can offer to their staff and that was the message we delivered during our meetings.

“Credit unions are uncut diamonds of the credit world. The association of the WEC Group with the Jubilee Tower Credit Union enables us to offer some of the UK’s lowest interest rates.”

Stella Creasy MP said: “It was very good to meet Wayne and Janice and hear about their brilliant scheme.

“Millions of people are suffering from high levels of debt including many in stable employment so work-based schemes like this are really important.

“I hope that the success of this ground-breaking scheme will encourage businesses up and down the country to collaborate with their local credit unions to offer similar benefits to their workforce.”