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Found 12 results

  1. Hello all, I was hoping someone here can help me regarding this issue. I took out a loan in 2011 with a Credit Union in Scotland. They have defaulted my credit file with the wrong info, including amount, default date and address. I've had both the ICO and FOS involved in this matter and am now tearing my hair out to get it resolved. A high level timeline of events: In August, I contacted the CU about the default and they gave no indication that this would happen. It was also not reported for 4 years after the fact. In September, I paid outstanding amount. They told me the default would be settled and closed. In October, wrote a letter and called the CU several times. They told me it would be marked as settled by November over the phone, no formal response. In November took to the FOS, couldn't do anything without a final response letter, until 8 weeks had past, and my letter was ignored by the CU. In December contacted the FOS and they sent a letter to the CU. In Jan, followed up with the FOS. Their letter had been ignored. They called called the CU. In Feb, they finally respond to the FOS stating the default was sorted and the FOS sided with them. I responded with a copy of my credit file and told them this was not the case (felt bad for the Girl totally deconstructed her email with DPA legislation etc, she clearly was worried in her response to me). The FOS, as part of the closure, say the default was fair to be recorded after 4 years.. .. guidance from the ICO states 3 - 6 months. I also complained to the ICO. However, the FOS reopened the case because the CU hadn't sorted the default. In March / Apr, Information gathering by myself, the FOS and Experian. In late April, FOS sides with me and awards compensation. ICO finally assign a case advisor. In May, wait two weeks for the response, then the CU say not happy with that, escalate within the FOS and I need to wait for an Ombudsman to be assigned.. .. as it was an investigator who made this decision. Today, ICO respond saying that they can't uphold the complaint as they deal with the org and not the individual, but are willing to be communicated further information. Email in progress.... but they also notify me that CU's aren't regulated under the CCA. So my questions really is... the distress this has caused has been over 9 months. I can't get a new car (which I could lose my job over), I need to sort out the Mortgage for my current residence (which means I could lose my home) and in all honesty I've spent hours on this. What can I do? The FOS is saying it now may take the ombudsman a while to respond. Bringing this whole incident to 10, possibly 11 months. The other thing I'm unsure of is if the CU isn't regulated by the CCA, what can actually be done? How can this be fair processing of consumer data? Thanks in advance and sorry for the long post!
  2. 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 loans [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.co.uk/home There is also a helpline on 0161 832 3694.. And your local library 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 debit 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 Assurance 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% interest, 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
  3. Barclays Bank has announced a plan to boost the presence of Britain’s credit unions in the high street. These include: £1m cash injection for credit unions to help them grow and expand. allowing them to set up shop in its branches giving credit unions free infrastructure access to Pingit, the bank’s mobile payment service http://www.independent.co.uk/money/spend-save/credit-unions-boosted-by-bank-in-payday-battle-9304724.html http://www.theguardian.com/business/2014/apr/30/barclays-branches-credit-unions
  4. I'm new to this forum so I hope I'm doing this right. My mother passed away a couple of weeks ago. She was well organised and made sure her affairs were in order. She made a will and made sure there was enough money in the credit union to pay for her funeral. When I went to the credit union with the death certificate and the will I was informed that it would take between 6 - 8 weeks to sort out. I was also told that even though she left the money to me in her will the money would go to the person she named on the nomination form and they couldn't tell me who that is. This seems to me to be a very long time to sort out is this normal?
  5. 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 loans [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 library 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 debit 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 Assurance 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% interest, 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
  6. hello, I am expecting debt collectors/ court to issue - warrants, arrestment etc. I was wondering that what happens if one has savings which go to Credit Union unlike banks. Also, lets say a member opts for shares in Credit Union what happens in the above situations. Thanks
  7. Britain's credit unions will be allowed to increase the interest they charge on loans in a bid to stop people turning to payday lenders. On Wednesday, the Government will announce it is preparing legislation to raise the cap on credit union charges from 2pc to 3pc. Ministers believe the move will make the sector more stable, and allow them to "provide credit to customers with riskier credit profiles". The move is part of the Government's push to break the increasing grip of payday lenders on low income families. The Department of Work and Pensions wants to double the number of people served by credit unions from 1m to 2m by 2019. Whitehall sources insisted credit unions would not be duty bound to increase charges and that they currently lose money on smaller, short-term loans. More: http://www.telegraph.co.uk/finance/personalfinance/borrowing/loans/10114035/Credit-unions-to-take-on-payday-lenders-with-higher-cap-on-rates.html
  8. Prime minister David Cameron says more support should be given to credit unions in a bid to tackle the “problem” of payday lenders. Speaking in the House of Commons at prime minister’s questions today, Labour MP for St Helens Dave Watts called on Cameron to take action againt payday loan firms. Watts also welcomed a decision by Bolton Wanderers to abandon its sponsorship by payday lender QuickQuid in light of local opposition. He asked Cameron to give local authorities the power to ban “predatory loan sharks” from high streets. Cameron said: “I hear what he says and I wish Bolton Wanderers well for the future. What I say we need to do is give more support to credit unions in our country. That is one of the best ways of addressing this whole problem of payday loans and payday lending.” From April 2014 payday lenders will come under the regulation of the Financial Conduct Authority when it will take responsibility for consumer credit. They are currently monitored by the Office of Fair Trading. Link: http://www.mortgagestrategy.co.uk/latest-news/cameron-says-support-credit-unions-to-tackle-payday-lender-problem/1072666.article
  9. Hi I currently have a problem with a pay rise that i should have received a long time ago. I work in a small team but i currently earn less than the others. I have been told various things i need to achieve before i get my rise. I have hit all the targets that have been asked of me and new ones are added every time i go back. I have just recently hit the last targets and was told i won't be getting a pay rise and they can't say why.... Is this classed as being discriminative?? I have worked 10 years more in the company than others and my work is more productive. Yet i'm still being refused a pay rise to match others. I was promised on each occasion of the meetings that i'd get a rise if i hit the set targets. My boss ignores all my emails requesting my review meetings. So overall i've worked at the company longest, work faster than others paid more in the same job (I have statistics to back everything up) Constantly being denied a pay rise i was promised and being ignored whenever i raise my issues. Is this right and is there anything i can do? Thank you
  10. The government has awarded £38m to the Association of British Credit Unions (ABCUL) as part of a project that aims to offer access to credit unions to a further one million people. The credit union expansion project, which will be delivered by the association, will help credit unions to offer an expanded and modernised service, including access to banking products, debt advice and affordable loans. Lord Freud, the minister for welfare reform, said: “Credit unions offer an alternative to vulnerable people who have few safe options to get cash when they need it most. “They are the antidote to predatory loan sharks or high-interest lenders.” Freud promised that the investment will make credit unions financially self-sufficient. Mark Lyonette, chief executive of ABCUL, added: “More credit unions will offer a wider range of products including current accounts, cash ISAs and innovative budgeting accounts. “The centralisation and streamlining of day-to-day tasks and the introduction of innovative modern access channels will make credit unions a much more attractive proposition to many more people and secure a solid future for the sector.” ABCUL aims for credit unions to have up to one million more members by 2019. The government said that around seven million people fall into the trap of high-cost credit. It has estimated that the expansion project will save consumers up to £1 billion in loan interest repayments by March 2019. More: http://www.credittoday.co.uk/article/15083/online-news/government-pledges-38m-to-expand-credit-unions
  11. Mister M

    Credit Unions

    Hi everyone, A quick question that I hope someone can answer. Everyone knows that if you use a payday loan company there are some High Street lenders who will refuse you credit when they see it on your credit file. The question is: is the same true for Credit Unions as they're often associated with people who cannot access mainstream loans/finance? Thanks everyone.
  12. Freud announces further investment to secure future of credit unions Credit unions will receive up to £38m of investment to modernise and expand so they can support one million more people, Minister for Welfare Reform Lord Freud announced today. The £38m fund, which follows the £13m already invested last year, will help credit unions to buy in new IT systems and infrastructure needed to increase the numbers of people they help to save and borrow. Lord Freud said: “Credit unions provide an essential service for communities and we want to help them to extend the support they provide. “Credit unions are growing – almost doubling in membership since 2006 – but we want them to be a mainstream option for savers and borrowers just as they are in other countries and to ditch the image of a ‘poor man’s bank’. “Our investment will help credit unions reach up to one million new customers providing a real alternative to rip-off interest rates from payday loans, doorstep lenders and illegal loan sharks.” The investment in credit unions follows the decision by the Government to take forward the recommendations of the independent Credit Union Feasibility Study to help secure the industry’s long term financial sustainability. The project’s Feasibility Study found even the biggest credit unions struggle to meet the operating costs of making small loans to people on lower incomes. The Government will also consult on allowing credit unions to increase the 2% monthly cap they face on interest rates. http://www.dwp.gov.uk/newsroom/press-releases/2012/jun-2012/dwp070-12.shtml
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