Friday 07th May, 2021
Latest updates for our members
Church makes funding available for lending
Under our ‘Corporate Member’ rule a Stirling church has deposited £15,000 with us. The church leaders recognised that money invested with us would help the local community - making funds available for lending. We were very encouraged by their support.
If you are a member of a church or local charity or community group you might encourage them to join us and invest some of the organisation funds to benefit our community: no interest is paid, only dividend (and making a difference).
Applying for a loan
We are still open for business! Borrowing from the Credit Union keeps your loan interest payments in our local community. Apply here
- We recently awarded a ‘debt consolidation’ loan to a member to pay off high cost credit; the member will have lower monthly outgoings and will be paying much lower interest in total.
- We recently awarded a small loan to a member whose only income was DWP payments; by linking the loan repayment to Child Benefit we were able to approve a loan.
- Did you know that you can borrow up to 3 times your savings, up to £15,000? New house furnishing, new baby ‘stuff’, new car (or buying your car at the end of its contract), or new garden furniture for a ‘staycation’ – as we adjust to a ‘new normal’ your Credit Union is here to help.
Managing Loan Repayments in uncertain times
We have seen an increase in the number of members who have been struggling to make loan repayments on time.
- Under a new system w e are writing regularly by text and email to encourage anyone who misses a repayment to contact us to make a temporary arrangement.
- We have set up a direct phone line that is open every day during office hours so we can talk confidentially.
However, some members do not respond despite repeated reminders. When a member ignores repeated offers over a period of several months to talk with us, we will (as we always have) take appropriate legal action for recovery - in order to protect the best interests of all members.
It may be a few months before we are allowed to operate Junior Savers in schools: we are of course disappointed - but keen to keep our Junior Savers actively saving!
- Parents can make one-off payments into their child’s account by phone or bank transfer, or regular payments by Standing Order, by quoting the Junior Saver membership number and name on the bank transfer (bank account details available from the office - firstname.lastname@example.org)
- Savings withdrawals can be made on behalf of the Junior Saver by the parent or guardian whose details we have on file. Payment may be made to another account in the Junior Saver name or to the parent / guardian account
Through these difficult times we are here to help our members manage finances.
Gordon Stewart, Chair
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