PEOPLE unfortunate to find themselves in financial difficulties could benefit from a new service which has opened in Tavistock this week. The Plough and Share Credit Union has partnered with locally based housing company West Devon Homes to provide a service point at the latter's offices in Plymouth Road, next to Tavistock Library. The credit union is a not-for-profit organisation which is owned by its members. Plough and Share has its head office in Okehampton and, to date, has 38 service points throughout Devon with more than 3,500 members countywide. The credit union says its mission 'is to work towards the financial inclusion of all and to provide a broad range of innovative financial products supported by the dedicated service of volunteers and professional staff.' Paula Anscomb, the manager of the Okehampton office, said: 'Our aim is to have a service provider at every major town in Devon and make sure people have access to affordable credit and a facility to save. 'Some people may think that Tavistock is a prosperous town, but there are people here who will find themselves forced through their financial circumstances to go to pay day or even door step lenders and having to pay the high costs for doing so.' The credit union service 'is used by people from all walks of life' who may not be able to borrow from the conventional banking system as they may not have a bank account or have a poor credit history. As members, people can take out a loan, borrowed against their savings with the union and benefit from lower interest rates compared to pay day services or door step loans. It also encourages people to save, including a scheme for young savers aged 0-16. Tenants with West Devon Homes may also wish to benefit from the 'ethical, local and friendly service.' Based on figures (May 2014) provided by Plough and Share Credit Union, members who borrow, for example, £500, can, on a first loan, expect in a 12 month term with an APR of 26.8% pay back £10.84 weekly — giving a total cost of the loan of £563.57. This compares, it says, with a typical doorstep lender, which for the same sum for the same period has a APR of 272% with weekly payments of £17.50 and a total cost of the loan £910. Stuart Toll, a financial inclusion officer for West Devon Homes, welcomed the new credit union's service point at WDH's Plymouth Road offices. He said: 'West Devon Homes are happy to support Plough and Share to provide a service point room, help publicise its services and try to encourage people to use the credit union to help them manage their money. Getting into debt is not just for those who are poor, it can happen to anyone at any time.' The Plough and Share Credit Union service point in Tavistock, manned by volunteers, is open each Thursday between 11am and Ipm. For out of hours contact call Okehampton 01837 658123. West Devon Homes customers who wish for details may call 01822 813770.