Holsworthy will have its own Credit Union when an office opens in the town at 11am on Wednesday, August 5. Located in the Torridge Voluntary Services office in Manor Court, the office will be open one day a week and will be run by Sandra Willetts, formerly of the Winsford Centre.

Trevor Sillifant, who is a non-executive director of Torridge and Tawside 'Save and Borrow' and has been leading the effort to set up a local branch, said there was a great need for such a service in Holsworthy to help people in these financially challenging times.

He said that with so many people in financial difficulties, getting into debt and facing repossession of their homes, such an organisation could be a lifeline.

Open to adults and children, members will be able to save any amount and make withdrawals at any time, and annual dividends will be paid on balances. Adults will be able to borrow up to twice their savings and pay back with interest of just one per cent per month. It is hoped to visit schools in the area to educate the young in financial prudence.

Working in tandem with the CAB in Holsworthy will be Amanda Daley, the local outreach worker of South West Pound. Formerly known as Devon Pound, this is an independent not-for-profit company which can help anyone experiencing financial worries. Services include money advice, bank account support, budgeting support and access to affordable loans.

Clients meet with an outreach worker either in their home or at a convenient location. For help phone 0800 3169296.