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    • Paragraph 18 – you are still talking about Boston stolen items. About time this was fixed??? Paragraph 19  In any event, the claimant's PS5 gaming device was correctly declared and correctly valued. The defendant accepted it for carriage and was even prepared to earn extra money by selling sell insurance in case of its loss or damage. New paragraph 20 – this the defendant routinely sells insurance in respect of "no compensation" items (a secondary contract contrary to section 72 CRA 2015) new paragraph above paragraph 20 – the defendant purports to limit its liability in respect of lost or damaged items. This is contrary to section 57 of the consumer rights act 2015. The defendant offers to extend their liability if their customer purchases an insurance cover for an extra sum of money. This insurance is a secondary contract calculated to exclude or limit their liability for the defendants contractual breaches and is contrary to section 72 of the consumer rights act 2015. New paragraph below paragraph 42 – the defendant merely relies on "standard industry practice" You haven't pointed to the place in your bundle of the Telegraph newspaper extract. You have to jiggle the paragraphs around. Even though I have suggested new paragraph numbers, the order I have suggested is on your existing version 5. You will have to work it out for your next version. Good luck!   Let's see version 6 Separately, would you be kind enough to send me an unredacted to me at our admin email address.
    • i think theres been MORE than amble evidence of that and am astonished that criminal proceedings haven't begun.
    • Yep, those 'requirements' not met to shareholders satisfaction seem to me to be: 1. Not being allowed to increase customer bills by 40% (of which well over 50% of the new total would NOT be investment) 2. 1 plus regulators not agreeing to letting them do 'things in their own time (ie carry on regardless)
    • As already mentioned freely available "credit scores" are fairly useless. All lenders have their own "credit scoring" system, that for obvious reasons they don't divulge. And they're "scored" differently to the freely available ones. As soon as they could, we've always encouraged our two children to use credit cards responsibly... Pay off in full, etc, to generate good history. It's paid off. At quite young ages, they have both obtained loans for cars, mortgage and their credit card limits are through the roof. Personally, I have shifted debt around a lot on credit cards (even financed a house purchase once at 0% 😉) and I've only ever been refused a credit card once, sorry twice by the same company, over many years. They must have something very different in their lending criteria. You're a tight one, Mr Branson.
    • Hi DX - quick question, what is the bank likely to do when they get my letter of change of address ? also what is the worst they can do? thanks J1L
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Credit unions - an alternative to bank and PDL lending


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Credit unions have been around in the UK since the late 1970s and are a form of co-operative and self help organisation. They were set up to offer low-cost loans of smaller amounts for people who couldn’t get affordable credit, or who were using doorstep lenders.

 

Sadly, they are an underused resource, but they are a realistic alternative to payday loanslink3.gif [PDLs] and loansharks. As they are not profit-making, their rates are much lower than other high street lenders or PDL companies.

 

There are 400 to 500 credit unions in the UK with almost a million members. As well as low-cost loans for smaller amounts, some now offer current accounts, savings and mortgages.

 

Who can they help?

 

Whilst the main aim of credit unions was to provide affordable loans to people who can’t get help from the banks, nowadays they also appeal to people who want to bank with an ethical organisation and benefit their local community.

 

And because their rates are attractive, credit unions are becoming a popular form of affordable borrowing.

Any member of a union can apply for a loan.

 

How do I find a local credit union?

 

The ABCUL website has a search facility to find a local credit union. Once you find one near you, you will still need to check the rules to make sure you are eligible to be a member.

 

http://www.findyourcreditunion.c o.uk/home

 

There is also a helpline on 0161 832 3694..

And your local librarylink3.gif or CAB may be able to help.

Who can join?

 

Each union will have its own rules, but generally you will need to live or work locally, or belong to the same employer or organisation as other members. For example, the NHS participates, along with some transport companies, trade unions, churches and other organisations.

 

From 2012, organisations as well as individuals are allowed to be members of credit unions.

 

What is the least I can save?

 

Credit unions will let you save as little or as much as you can afford when you have money to spare, weekly, monthly or more frequently.

 

You can make deposits at your local credit union branch or local collection points like shops, or have money deducted from your wages or by direct debitlink3.gif from a bank account.

 

When you save, you know you will be helping neighbours or colleagues, rather than helping to make money for shareholders. And at the end of the year, your credit union aims to pay out a dividend on your savings, depending on how well the union has done. According to ABCUL, this can be up to 8% of what you’ve saved.

 

Many credit unions include Life Assurancelink3.gif at no extra cost.

 

How do I get an affordable loan and how much can I borrow?

 

Loans are usually available up to around £3000. To borrow, you need to be a member of the credit union. They will take into account your circumstances and make sure you can afford the repayments.

 

Life assurance should be built into the loan at no extra cost, so if someone dies owing money, it’s paid off by the insurance.

 

What will it cost?

 

This calculator helps you work out how much it might cost to repay a loan, although you would need to check with your local union. The most a credit union is allowed to charge is 26.8% interestlink3.gif, compared with 4000% for some payday loans!

 

http://www.abcul.org/credit-unions/b...a-credit-union

 

Can I pay the loan off early?

 

Yes, there is no charge for this.

 

If I invest, can I lose my money?

 

Your money is protected in the same way as other savings, by the FSCS [Financial Services Compensation Scheme].

 

http://www.fscs.org.uk/

 

Credit unions are regulated by the Prudential Regulation Authority and the Financial Conduct Authority [FCA].

 

Where do I find out more?

 

For other information, here is a link to the ABCUL website. Or contact your local credit union.

 

http://www.abcul.org/home

Illegitimi non carborundum

 

 

 

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CAGlink31.gif member Dodgeball has kindly agreed to let me post what he has written about credit unions from the point of view of a volunteer.

 

"Many of the smaller credit unions are being combined these days, six of the small CUs (membership less than 5000) have recently combined to form a larger more efficient unit, in my local area

 

But there is a cost to this, many argue that the strength of the CU lies in its approachability, people used to come in for a chat and a cup of tea whilst making there weekly investment / payment, you would be able to help if some problem was looming for them, a bit like an extended family, severe arrears were rarely a problem because everyone new everyone else, this is all changing now.

 

CU's at there best are far more than just a bank, they can be provide an holistic service to the member and his finances, encouraging not only better financial management but also involvement in the community.

 

Like most volunteers I spent some time chasing arrears and I have to say that debt collecting for a CU is a completely different experience to what you would expect, and explains perhaps what I mean by holistic. In many cases you would come away from the member after giving additional finance, the only way of getting them back on track was to lend them enough to pay some other higher interestlink3.gif loan, can you see a bank doing that.

 

In Ireland CUs have been more like mainstream banks for some time, and issue mortgages, the largest CUs in this country used to be the Police force, I believe.

Illegitimi non carborundum

 

 

 

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I've been a member of my local Credit Union for over 10 years, they have helped me out a number of times when things are hard.

I can borrow £500 from my Credit Union over a one year period, paying £12.50 per week.

£10.48 going towards the loan and £1.66 towards savings.

 

(The above is based on having savings of £250 in my Credit Union Account, thereafter, once a good payment record has been established, I can borrow up to 4 times the amount I have in my savings account)

 

Total interest for the loan = £63.50

 

Total Interest for a similar Provident Loan over the same one year period would cost £410 in Interest.

 

Like the majority of Credit Unions you have to be a member and have saved for a minimum of 3 months.

 

Most Credit Unions are (not for profit) organisations, run to serve the local community and help them avoid high interest rate lenders who prey on those who can least afford it.

 

Credit Unions also provide free life cover so you can rest assured your family will not be burdened if anything happened to you, as your loan will be cleared and shares doubled and paid to your estate.

 

Here are some examples regarding Pay Day Lenders.

(sourced from the internet on 15th February 2013)

 

Payday UK

 

Borrow £200 and pay back in 30 days - interest charged £50

The same loan with a Credit Union would cost £3.94 in Interest

 

WONGA

 

Borrow £200 and pay back in 15 days - interest charged £29.59

The same loan with a Credit Union would cost £1.97 in Interest

 

Quick Quid

 

Borrow £200 and pay back in 30 days - interest charged £50

The same loan with a Credit Union would cost £3.94 in Interest

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

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  • 2 weeks later...

 

From this August, Glasgow City Council will deposit £10 in a community credit union account for every new secondary school student - up to 6,000 young people every year.

 

Over time, this will ensure that every young person in the city has access to a dependable, responsible option for savings and money advice.

 

Read more: http://www.glasgow.gov.uk/index.aspx?articleid=10084

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The Archbishop of Canterbury has vowed to put payday lenderslink3.gif out of business by using the Church to build up Britain’s network of credit unions.

 

The Most Rev Justin Welby has told Errol Damelin, the founder and chief executive of Wonga, about his ambition to make the controversial lenders redundantlink3.gif – by helping the 500 financial co-operatives, which already provide small loans to their members, play a much bigger role in helping people with money problems.

 

The Church of England has already set up a credit union for its own staff, which will advise the other co-ops on how to expand their reach.

 

 

http://www.independent.co.uk/news/uk...y-8730839.html

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