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RENTS
The Rent Payment Account provided through Clockwise aims to provide the tenants of social and private landlords with the facility to pay their rent on time and in full.

The Rent Payment Account provided through Clockwise aims to provide the tenants of social and private landlords with the facility to pay their rent on time and in full. It is particularly useful in cases where tenants are in receipt Universal Credit which, when paid to the tenant, can be eaten up in overdrafts, standing orders or simply spent by mistake resulting in arrears. When joining the scheme, a Universal Credit (or other benefit or waged income) is made directly into the Rent Payment Account and withdrawals against this amount for any other purpose are not permitted by the tenant.

Benefits to the Landlord

  • Assurance that rent will be received regularly in full and on time
  • One month’s notice is given for payment cancellation
  • Not dependent on tenant’s money management
  • Payment transferred directly into account
  • Avoid eviction and court costs

Benefits to the Tenant

  • Reduce stress around money management
  • Decrease rent arrears and the possibility of going into arrears
  • Reduce the risk of homelessness
  • Ease procedure in finding accommodation
  • Promote financial stability, easy access to other Credit Union products

Contributing to local Community

  • Reduce homelessness
  • Promote financial stability in the community
  • Promote financial inclusion
  • Support a co-operative organisation
  • Support housing supply and demand across the county.

How to Apply

Email enquiries@clockwise.coop or telephone us on 0116 242 3900 for more information about Rent Direct.

How does it work?

How does it work?

  1. The Local Authority/Housing Association Landlord signs up to the service with Clockwise Credit Union and agrees to some simple terms and conditions.
  1. Landlord staff will open a Clockwise Rent Payment Accounts with the tenant and will help tenant arrange to have all or part of their income paid into it. This may be wages, their Universal Credit payment or any other benefit income.
  1. The tenant instructs the benefit office or employer to deposit the money into their Rent Direct account where Clockwise safeguards the agreed rent amount and the makes the payment to the landlord on an agreed date.
  1. The landlord pays for the Membership to the Credit Union and each payment that is made to them on behalf of the tenant.
  1. Any remaining money from wages or universal credit not used for rent payment is transferred back to the tenant to an account of their choice on the same day that it is received by Clockwise.
  1. The landlord will receive one month’s notice if the payment is cancelled by the tenant.
  2. The landlord will be notified if there are insufficient funds available to pay the rent on the day it is due.

How to Apply

Email enquiries@clockwise.coop or telephone us on 0116 242 3900 for more information about Rent Direct.

How does it work?

  1. The Landlord signs up to the service with Clockwise Credit Union and agrees to some simple terms and conditions.
  1. Tenant agrees to open a Clockwise Rent Direct account and have all or part of their income paid into it. This may be wages, their Universal Credit payment or any other benefit income.
  1. The tenant instructs the benefit office or employer to deposit the money into their Rent Direct account where Clockwise safeguards the agreed rent amount and the makes the payment to the landlord on an agreed date.
  1. The landlord pays for the rent payment to be made which is deducted before each payment is sent. This is a fee of £5 per transaction per tenant
  1. Any remaining money from wages or universal credit not used for rent payment is transferred back to the tenant to an account of their choice on the same day that it is received by Clockwise.
  1. The landlord will receive one month’s notice if the payment is cancelled by the tenant.
  1. The landlord will be notified if there is insufficient funds available to pay the rent on the day it is due.

How to Apply

Email enquiries@clockwise.coop or telephone us on 0116 242 3900 for more information about Rent Direct.

Clockwise Credit Union Limited, Reg. No. FRN213498 is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Clockwise is a member of the Financial Services Compensation Scheme, the Financial Ombudsman Service and ABCUL. Registered office: 1 St Nicholas Place, Leicester, LE1 5LB. Clockwise Credit Union Ltd is registered in England No. IP00280C

The Clockwise Credit Union Visa debit card is issued by PayrNet Limited, trading as “Railsr” (Company Number: 14698459), with its registered address at Montacute Yards, Shoreditch High Street, London, E1 6HU. Railsr is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution under registration number 900594. This information is provided for regulatory and transparency purposes and does not constitute financial advice. Clockwise safeguards any funds received from end users in compliance with applicable regulatory requirements. Payrnet provides settlement services to the card scheme and does not hold or safeguard funds for this purpose.

© Clockwise Credit Union Ltd 2016-

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ADDRESS: 1 St Nicholas Place, Leicester, LE1 5LB.
TEL: 0330 17 55 792
EMAIL: hello@clockwise.coop
Twinned with Castlebar Credit Union in Ireland.

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