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Credit Unions - an alternative to payday loans / accurate at 22.09.2015

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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 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 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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CAG 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 interest 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

  • Confused 1

 
 

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

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

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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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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

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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


Illegitimi non carborundum

 

 

 

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This thread has been opened temporarily in order that it can be updated. Any posts made by anyone other than SparklesJD will be removed.


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Read Here

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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

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An excellent thread, just thought I would mention another benefit of the cu. For those who are out of work and struggling to find employment the cu is an excellent method of creating both experience of working within a team and also creating a record of reliability and trustworthiness which will look good on any CV.

Most cu are always looking for volunteers and if you are interested in financial matters,accountancy etc.they offer traning courses for their workforce which covers many areas applicable to the workplace.

  • Haha 1

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'Credit unions 'good value for money' but must be easier to access, survey says.

 

Three times more consumers use payday loans or ‘loan sharks’ than credit unions, despite the astronomical interest rates.......'

 

http://www.theguardian.com/money/2015/jul/13/credit-unions-good-value-money-access-survey


IMO

:-):rant:

 

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This week, Glasgow councillors are expected to agree to a new partnership with Glasgow Credit Union.

 

The two year pilot Partnership mortgage Guarantee Scheme will provide house hunters who can afford to pay a mortgage but cannot raise the necessary deposit.

 

At present, lenders are demanding deposits of between 5% and 25%, which for many people on low incomes is impossible to raise.

 

Glasgow Credit Union will allocate up to £4million in mortgage funding over the period.

 

The council will act as a guarantor for the loan over a maximum five year period, up to a maximum of 20% of the original mortgage amount in the first year, reducing to 10% by year five.

 

READ MORE HERE: http://www.eveningtimes.co.uk/news/1...t_time_buyers/


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I cannot give any advice by PM - If you provide a link to your Thread then I will be happy to offer advice there.

I advise to the best of my ability, but I am not a qualified professional, benefits lawyer nor Welfare Rights Adviser.

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'A rogue private investigator suspected of using illegal tactics to obtain personal data belonging to hundreds of credit union customers has fled the country, the Irish Independent can reveal.

The Scottish-based agent was facing a possible prosecution after he allegedly used false identities to elicit private information from the Department of Social Protection.

It's believed the businessman provided the stolen data, which included home addresses, to a number of the country's credit unions in return for lucrative fees....'

http://www.independent.ie/business/personal-finance/latest-news/private-investigator-flees-to-uk-with-credit-union-data-31455945.html


IMO

:-):rant:

 

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some news:

 

'Minister praises UK’s credit unions, CREDIT Unions are an important part of a thriving and diverse financial sector, according to Harriett Baldwin, the Economic Secretary to the Treasury...'

http://www.yorkshirepost.co.uk/business/business-news/minister-praises-uk-s-credit-unions-1-7442912

 

 

'A new scheme is to be launched which will allow people in Glasgow who cannot afford a deposit to buy their home. Local councillors are expected to give the green light to a new partnership with Glasgow Credit Union this week. The two-year pilot Partnership Mortgage Guarantee Scheme will provide loans of 100 per cent the value of the property to house hunters who can afford to pay a mortgage but cannot raise the necessary deposit...'

http://www.scottishhousingnews.com/4896/glasgow-credit-union-scheme-to-help-first-time-buyers/

 

 

'A County Down credit union with around 700 members has been placed into liquidation. All the savers in Rowallane credit union will get their money back under the government's Financial Services Compensation Scheme (FSCS)...'

http://www.bbc.co.uk/news/uk-northern-ireland-34039820

 

 

'Public sector-owned Scape Group is supporting credit unions to create initiatives in schools with the aim of helping children learn more about financial issues. It is supporting charity the Credit Union Foundation to enable more credit unions to work with their local schools...'

http://www.expressandstar.com/business/uk-money/2015/09/03/financial-education-in-schools-wholly-inadequate-for-19-of-young-people/


IMO

:-):rant:

 

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This information has been provided by Ford.

 

 

'A proposed Bank of England (BoE) overhaul of credit unions would make it harder for these local savings and loans organisations to compete with banks, industry officials said on Tuesday....'

http://uk.reuters.com/article/2015/0...0R823520150908


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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My Credit Union has just informed me that over the past 3 - 4 years they have not grown, in fact their membership has declined rapidly resulting in a situation where they are currently under threat of closure in the near future due to the financial and regulatory requirements set by goverment and the Financial Conduct Authority (FCA)

 

They have not been able to invest in up to date IT systems or promotions due to lack of income.

 

They have said the operate in a highly regulated environment and must comply with certain financial requirements i.e. they have to maintain a minimum amount of money in reserve.

The minimum is currently approximately £15,000. They currently have in reserve £16,000. In the last year they have made a loss of £9,000.

If they made a similar loss this year they will be non-compliant on a key measure of viabillity and the FCA would require them to close, merge or find substantial investment capital.

 

They have planned a Special General Meeting to gain member's approval of a merger with two other Credit Unions of similar size, members and ethos.

 

I've been a member for over 10 years now and it would be a loss to the community if they had to close, in the past few years they had funding withdrawn and had to move from a shop in the High Street in my area to a small room inside a industrial area, which has lost them a lot of new members who have no idea they exist.

 

Next month they are moving back to the High Street in a small shop used for the past few years by our local Labour candidate.

 

I'm hoping the merger goes ahead and they continue to support the community.


 
 

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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Potential Member Of The Credit Union.

Seem there are many on here who know a thing or two about Credit Unions.

I have been on Payday Loan protests and handed out leaflets for the local Credit Union.

Asked at the protest to a MP why they were not there.He got in touch instantly.

A lady flew round so nice,and gave a box of leaflets out at this time.To be handed out.But looked so busy elsewhere on the Credit Union business.I added a touch of spin to this at the time to make it look like they were already there when the protest began.

Might as well have the story of the day.Link here.

http://www.consumeractiongroup.co.uk/forum/showthread.php?397825-Blackpool-Protest.Protest-against-legal-loan-sharks-targeting-our-communities.

 

Have emailed newspapers to try to get them free advertising ongoing not a one off, and written about it in the forums.Link here.

http://www.consumeractiongroup.co.uk/forum/showthread.php?398174-Newspaper-offers-free-advertising-to-credit-union.

 

Compared many times,for many months the sharks rates and the Credit Union difference.Put it down in here so many times.

And social networked many times.Link here when i find it.

http://www.creditunion.co.uk/Payday%20Loans.htm

 

I knew a few years ago about a London Credit Union doing online payday loans at mates rates.

And wrote about it so many times.

Link.By law (Credit Union Act 1979), the maximum interest rate that a credit union can charge its members for a loan is 3% per month or 42.6% APR. The illustration below shows how much you will save in interest charges if you take out a CUOK loan compared to a typical payday loan.

 

CUOK payday loan Typical payday loan

Loan amount £400 £400

Number of days 30 30

Interest rate 42.6% 3500%*

Interest charges £12 £120

Optional same day payment £11 0

 

CUOK Loan could save you £101 in interest charges

 

Also rambled on for years now about linking Post Office network the Credit Unions and the Church making it easier for everyone to be so close to one.In the forums.

Link when i find it.

Part of it anyway.You will see what i mean

.Quote

And what about these things that could happen when the PO is on board

 

individuals would be able to walk into any one of 11,500 Post Office branches and join a credit union and/ or carry out a wide range of transactions in real time.

individuals would be able to respond to Post Office advertising and join a quality credit union locally. The Post Office is a trusted brand for low income people. It would be able to help individuals comply simply with off-putting identity regulations for opening a ‘bank’ account.

Post Office staff would be able to view details of a credit union members’ account, check balances, accept and pay out savings, and forward information and requests to the credit union.

where appropriate Post Office staff could provide instant responsible loans. Credit union staff could pre-approve very small lines of credit (£30 - £400) that were affordable and convenient.

making small sum affordable credit accessible through the visible and trusted Post Office network has the exciting potential to transform the financial services market for low income people. It would challenge the high cost credit market which currently takes hundreds of millions of pounds in interest from those on lower incomes.

each transaction carried out by the Post Office would produce a transaction fee creating a new revenue stream for the network. And the general increase in footfall would mean more sales for the Post Office.

A greatly scaled-up credit union sector would meet the Government’s commitment to promote greater competition in financial services and to support a greater role for mutual’s as part of a diverse sector.

Cautious estimates demonstrate that 1.4 million new loans in a five year period would save consumers £336 million in five interest payments

 

That is what people seem to want.Quick access with little effort.A short walk,saving money travelling.As someone said a little friendship some banter.

Who wants to spend 4 pound perhaps and time taken travelling to town to put a tenner in the Credit Union each week.

Do you,does anyone.

 

Once talked in the forums years ago to a special man i felt called Peter Bard who was a retired Credit Union man and impressed me so much.We had a fine old chat one day in one of the rooms here on the CAG. So polite and friendly.You could feel his patience and understanding, and compassion coming through.And who once helped a person in massive debt to the sharks.

The link and page needs to be here as well.

http://www.consumeractiongroup.co.uk/forum/showthread.php?311559-End-Legalised-Loan-Sharks./page6

 

Are they,all of them open 9-5 Saturdays as well.

 

So why am i not a member.Has a leaflet ever appeared through my door telling me how wonderful the Credit Union is.

Have you ever been handed a leaflet as the sharks seem to do everywhere.In town perhaps,outside shopping centers places like that

Where the sharks in their suits are handing out leaflets.I would be right next to them handing out Credit Union membership forms.

 

Do they all offer internet access, instant membership,loan applications everything instantly.Well i should look perhaps.

No doubt some may offer one of these things.But all should.

 

Are they handed out in every school not a few, and work premises to get the message through.I do not know but feel you can tell me.

If not do it on Monday or early as possible.And every few months for a year or so.And taken home so mum and dad could join as well.

 

Are the banks their friend or if really taking off would this change.

Of course it would.You only have to look across the Atlantic Ocean to see that.

Two links.

 

Opinion

New banking rules could mark the end for credit unions

http://www.buffalonews.com/opinion/viewpoints/new-banking-rules-could-mark-the-end-for-credit-unions-20150607

 

And-

Credit unions are thriving. More than 100 million Americans are members – an all-time high. Credit unions are making more loans and holding more savings than ever before. And by competing aggressively with banks, credit unions are saving consumers $10 billion a year on fees, interest rates and the like.

 

Are work places encouraged to offer new employees a Credit Union application.Perhaps they are i do not know.

Are all Credit Unions offering fixed rates.One did and was swamped with money had to stop the offer at 1.75%

Why stop such a thing,everyone do it.You will get your money back i feel.

Part of the story.

 

But when the Gateway Credit Union, based in Pontypool, opened a savings account offering 1.75% last year, they were swamped.

The amount of money they took in doubled, and eventually they had to close the offer to new subscribers.

"It was a transformation for us," says John Richards, Gateway's general manager.

"All of a sudden we had the capital that we needed to lend out to grow the credit union," he adds.

 

 

Credit Unions are magnificent run i believe by volunteers.Who i admire tremendously.Believe they work for nothing but pride in what they can do.Help people locally.But is the message getting through to all.

If not why not.

Target the people and the community just as the sharks do.

Post leaflets. through every door of this land.Businesses as well and if enquiries by a business follow up with a volunteer.

Can be done through leaflet distributors as too many volunteers would be needed for this task.

 

A lot of questions there i feel.

How long have they been in Great Britain.

 

Why am i not a member.I can not explain.Written about them,talked about them absolutely think the world of them.

Do you think one day the volunteers will have to be paid.Is this allowed if things were to really take off.

2% membership Britain .What is it in America 42% roughly

I can not understand what is going on can you.

Still asking myself why i am not a member.

 

But maybe i am going to get some stick now .So bring it on.

Let us debate these thoughts.Tell me how bad i am perhaps.Answer my questions please someone.

I feel the volunteers are run ragged.To much for them at times.And maybe many of them are frustrated yearning for change.

 

I have seen maroondevo52 post above and explains a few things.

 

Well time for change.Some ruthless person needed to change a few things so the poor in society and the low paid do not always end up paying the most for things.

If it is the government,this ruthless person needs to get right up their noses,eyeball them make changes quickly.

Really getting the feeling it is more,something going on higher up the ladder of greed stopping things.

 

We know the Banks tried a couple of years ago to destroy the Credit Unions in America.

Wrote about that as well and put my feelings about that as well.In the forums and on social networks.

 

Still getting that strange feeling that the banks would not like Credit union membership to go through the roof.

And would in sneaky ways through powerful ones try anything to keep changes at a snails pace.

Do not trust the banks at all.

I can not answer that question neither.

 

The IT system was supposed to be done by now so the Post Office could link up with the Credit Unions. and so many be close to one.

I have the figures somewhere of how many but not at hand.They are in the forums somewhere on the end legal loan sharks thread

And was working things out for America to see what this could mean over there as well.A few days ago.

I believe this is being talked about in America at this time.

Just imagine the membership percentage rate in America when this goes ahead.Or will it.Will the banks through their powerful friends stop this,slow doing things till people forget.We shall see.

 

Even the Postmaster or staff being able instantly to approve small loans.Improving footfall etc.Membership available in the Post OfFices as well.

Where has the promised investment vanished to.

Who or what, is ,or has slowed things down.

In this day and age it should be done.

 

Imagine if Church halls came on board even if only twice a week.

 

Archbishop Welby said we will compete you out of business only then to say it will take 10 years to do this.

Wonga must have been laughing at the time,the publicity this created for them media wise.

Spat my feathers out when this was said.

And wrote about it.I will put the link on just to prove things.

 

Only now a Church Credit Union for Ministers and employees set up.Helping perhaps 80 thousand.

Thought it was going to be for everyone as it clearly should be.

Using the Church Halls as previously mentioned.Increasing footfall there as well.Perhaps swelling the congregation again.

So disappointed i have to say no matter what criticism comes my way.

 

Do not have conferences every few months,do not get up on platforms rambling on discussing how things need to improve and how you will do it.

Get out there on the street do it now.Easy.

 

I know some Schools have Credit Union days ,i know some employees get wages paid in.

But there are millions of people who do not.Millions on Millions.Roaming about with money if closer proximity to the Credit Union would be deposited then funds available to lend out locally.

So easy to net them in.

 

I say this if i spent one Saturday or one weekend in a town centre.I would increase the membership easily.

Would net them in no trouble.

But need some changes made before so i could confidently keep them in the sanctuary of the

Credit Union.keep them there so they want more.

I have to really believe in something before i am roused enough to act.

 

But if anyone want to challenge me thinks i am talking through a lower region of my body beginning with A, even as things stand now,feel free i will show you.

And after all this writing i believe it comes down to Modernisation.

If this does not happen massively soon i feel old Tawny will be asking myself in years to come.

Why am i not a member of the Credit Union

 

Good heavens it is midnight,i am spitting feathers .Time to fly,catch a mouse or two.

 

 

Even the,enough for now i get so wound up and frustrated at times.Good evening

I failed at business because i tried to do everything myself.

You have to be a team,all linked up, not individual modern, and fast to catch the early worm,something like that.

Or you just get worn down,jaded and finally finished for good.By your competitors who arrive and move in for the kill.Just as the sharks spotted their opportunity.And by then it is to late for many.

 

One more thing have you ever seen a American Credit union and what they can do.Have a look through

see what you think.Take a look at products and services.

 

Navy Federal Credit Union.

https://www.navyfederal.org/

 

 

We are shortly to have a Military Credit Union after the military in Great Britain have been targeted by the sharks just as in America.

Many in debt as here.Wrote about that as well.In 2009 when sharks were spotted in America.In the forums.Link

 

Help for the Army with Debt Problems.

http://www.consumeractiongroup.co.uk/forum/showthread.php?373939-Help-For-The-Armed-Forces-With-Debt-Problems.

 

Americans got cheesed off with the Banks and finally the people said enough is enough and had a bank transfer day.700,000

 

Article on the bank transfer day in America in November which saw over 700000 people leave the big banks and join credit unions.

http://www.reuters.com/article/2012/...80Q1TU20120127

 

Suggested it here but not looking for that.Details.

 

This is turning into a book.

 

I feel if you have read this post through you deserve a song.

So i present to you for one post only.

The Credit Union Song live from You tube

 

Just before the song if anyone wants to post anything,say anything,tell me i am wrong,whatever, a link to join the CAG It is free and we are a friendly lot.

http://www.consumeractiongroup.co.uk/forum/register.php

 

Thankyou.

Tawnyowl

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Hi tawny,

 

I've a feeling most credit unions are not easily accessible for a great number of people, when I first joined my local credit union it was run in someone's flat in the back bedroom.

Even now years later they are not on the internet, they are only open for a few hours 4 days a week and like you say are run by local volunteers.

 

You have to go into their office to apply for a membership and have to be a saving member for some months before they will offer you a loan, I'm really not surprised they are having a hard time keeping the place open, I think before for a number of years they had government funding which kept them operating.

 

I know at my work there is a very large Credit Union and they do advertise on employee's payslips, I believe their membership is very high.

 

I'm not sure what the answer is, but Credit Unions need help from somewhere.


 
 

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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I understood they were being provided with more government funding in order to help them compete with the banks ?


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I have no idea when this article was written, there doesn't appear to be a date on it. It is about Credit Unions in Wales.

 

 

http://www.sibgroup.org.uk/category/blog/government-challenges-credit-unions-to-support-a-million-more-people-on-low-incomes/

 

 

I think it is likely to be at least 4 years old.

 

A glowing example: How credit unions have been supported in Wales

 

In Wales the role that credit unions potentially have to play in promoting Social Justice and Financial Inclusion has been recognised since the 1998 Government of Wales Act, led to the creation of the National Assembly for Wales and the formation of the Welsh Government. Credit unions in Wales are seen as key players in the battle against the injustice of the mainstream banking sector and the sub-prime lending market. The current Welsh Government’s Credit Union Action Plan sets out its aim to support the development of a strong, sound and effective credit union movement in Wales which provides an accessible, affordable and comparable, high quality financial service, able to meet the needs of all Welsh citizens, including those in greatest need.

 

To support this aim the Welsh Government has since 2001 invested significant funds in the development of Welsh credit unions culminating in the award of the £4million All Wales Credit Union Support Programme contract to The Social Investment Business in 2010. Working closely with 17 of the 22 credit unions currently registered in Wales, TSIB is delivering a package of funding support, business advice, marketing and training that aims to take the movement close to self- sustainability by the end of 2013.

 

 


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2: Does your Bank play fair - You can force your Bank to play Fair with you

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PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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July 2015

 

http://www.theguardian.com/money/2015/aug/08/sheffield-money-payday-loans-rates-poverty

 

 

 

August 2015

 

http://www.theguardian.com/money/2015/jul/13/credit-unions-good-value-money-access-survey

 

 

Credit unions 'good value for money' but must be easier to access, survey says


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Thanks for the links citizenB.

Sometimes i suppose i seem a little blunt.

But many thoughts go through my head.So put them down.

Going back to Archbishop Welby.Who said they will compete the wongas of this world out of business.

 

Then says ten years it will take on a blog.Which ruffled my feathers straight away.

Now i believe correct me if i am not right that to improve or link the Credit Unions to the Post Office network would cost 32 million pounds.For a IT platform

Which to myself anyway would soon be paid for in many ways all over Great Britain.

At one time i am sure i read that the government was going to pay for the IT platform.

 

Then it is discovered that the church unknown to them and to many had investments with the sharks.

I believe the Church has 5 billion of investments.

 

Also recently set up a Credit Union for ministers and church employees.

A long way from having a peoples credit union for all.All linked up.

 

It would have been or could be such a small investment in the people of Great Britain if the Church had come on board and paid for the IT Platform themselves.Then you would have had 15000 Church Halls Opening a couple of times a week possibly ,7,500 Post Offices and the Credit Union Offices as well,not sure of how many.Perhaps five hundred or so, 1500 employees. as well as schools workplaces etc.

Do you believe the Banks would stand for the increases of money flowing out to the Credit Union.

What it could mean for many.

 

Going to read the links citizenB posted.

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Just been chatting to a Credit Union in Derbyshire.

 

Now remember the big fellow he with the white beard and reindeer's.Who flies through the air with the greatest of ease.

How many of us when Christmas arrives have one big headache.That no potion will cure.

We curl up on the floor

Or head for the door.

To spend money we have not got, on not a lot.

After Christmas has flown we feel like a loan.

So we let out a groan

And head for a loan.

From anywhere will do

So long as we get through.

 

Enough of that.

 

What i am trying to say is join the Credit Union plan for Christmas as i never do.

Never again in January have to say to yourself and others it will not be like this next year i tell you that.Well husband it will not be like that again i promise you.

Only to slowly forget and then it happens again year after year.

 

Do you want to join me next year wouldn't it be nice in November or December to go in your Credit Union and get your dosh you have saved.

And also have some savings as well.

If you are going do tell me.I do not want to feel alone.

Out there on the streets making my way there.By myself..

 

So let us see how it works.From the Credit Union that took the time to chat to me.

First of all here is their website have a look around.See what they are saying.Listen to their You tube video

http://www.cnedcu.co.uk/index.php

 

Their Christmas Club even can start saving now

http://www.cnedcu.co.uk/index.php/latest-news/45-christmas-saving-club%20%E2%80%A6

 

Check out your credit union .In your area.Link here.Find out how they can help you.

http://www.findyourcreditunion.co.uk/home

 

 

You're not just another customer, it is YOUR credit union

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I visited our Local Credit union at the beginning of this year to see what it was like - so I could comment on the thread, TO. I joined the Christmas Club and also started a savings account.

 

Whilst they are only open twice a week - the voluntary staff are really nice people.


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1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

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2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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its a shame that some unions are struggling/folding (as posted above on thread).

and yet, the banks still want to curtail them (eg #12). what are they afraid of!


IMO

:-):rant:

 

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I visited our Local Credit union at the beginning of this year to see what it was like - so I could comment on the thread, TO. I joined the Christmas Club and also started a savings account.

 

Whilst they are only open twice a week - the voluntary staff are really nice people.

 

Nice one CB :)


 
 

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

RIP: Rooster-UK - MARTIN3030 - cerberusalert

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Well i must admit after reading all your posts and looking at the Credit Unions as i have this last week.

I clearly must join one.I know where my local one is.

It has recently moved into a prominent position.In the high street.

Only across the road from the town hall.

Where many Banks are.

And i believe increased membership.

So i am well overdue.

And feeling left out now.

And as you may have noticed old Tawnyowl likes a chat,so prepare yourselves Blackpool Credit Union,old Tawny is flying in shortly.And i believe you are a friendly lot.

I have met one of you wonderful people before at a protest.You seemed so busy.Not surprised.

Because of what you can do for your communities.

Let us see what they do.Link

 

https://www.bfwcu.co.uk/

 

Bet many of you out there would like to look at yours now.Link

https://www.bfwcu.co.uk/

 

May even have my own Bank Transfer Day.Still a bit wounded about the bank charges.

I must have 20 application forms in a box somewhere.

Will post when a few of my family have joined as well.

 

Anyone reading this out there in Web Land go back a page see what has been going on.What we are talking about.

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I must admit, if it weren't for Google maps, I would never have found our CU. It is hidden away, like our police station. Having lived in this area for over 17 years, I only found that about 18 months ago !

 

I would imagine if I were in receipt of housing benefit/ H/A or L/A housing, required CAB for any reason, then I would have known where this place was. It has a small room in a Multi agency building.

 

I guess that it is probably the right place for it as it would catch those people who are most in need of low cost borrowing or a savings account which they wouldn't be able to get through main stream sources.


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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