Credit Unions: Official MoneySavingExpert.com Discussion

ammsas

Guildford are in the process of setting up a credit union at the moment. They are asking for people to pledge their support at surreysave.co.uk

:j

beanielou

As are {Perth & Kinross.
Pledge at www.pkcu.org.uk

zppp

KoriMurphy10309 wrote: »

More Canadian Penny Stock News with an average of 290% gainers

researchcanada1.info

:spam: Reported

3Dogs

zppp wrote: »

:spam: Reported

Reported to [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL]

Stuart_W

Just to throw something in to this ongoing discussion on credit unions, The Co-operative Group have recently announced that they are opening up access to their on line electrical store to credit unions so credit unions can offer loans to credit union members to pay for items from the site. This is following trial work with several unions, and offers a community-led alternative to the exploitative prices of the likes of Brighthouse weekly payment stores, doorstep lenders, and extended-terms on home shopping catalogues - all the traditional forms of credit for those unable to access other sources.

If you're involved in your local CU, you may want to pass this on:
http://www.coopelectricalshop.co.uk/content/content.asp?id=91

raffertymccrystal

In the north of Ireland a lot of people would save money in their local credit unions. In the current economy climate I would like to know how safe is my money in a Credit Union which is affiliated with the Irish League of Credit Unions. In some circles I have heard that people were recommended to move their money from credit unions in case they lose their money.

tas123

I've been thinking of joining a credit union for a while, there are two in my area that I could join as I live and work in two different cities. I was going to use them to save some money.

I live and work in West Yorkshire, so anyone has any thoughts/advice that would be good.

Thanks

EmehEm2005

raffertymccrystal wrote: »

In the north of Ireland a lot of people would save money in their local credit unions. In the current economy climate I would like to know how safe is my money in a Credit Union which is affiliated with the Irish League of Credit Unions. In some circles I have heard that people were recommended to move their money from credit unions in case they lose their money.

Credit Unions are financial co-operatives. They offer savings and great value loans plus they are local, ethical and know what their members want.

Members save regularly (minimum £1 per week). These savings then provide a pool of funds from which loans can be made.

Any surplus income is returned to members as an annual dividend.

Members’ savings and loans are protected by life insurance at no extra cost. Savings are also protected by the Financial Services Compensation Scheme (FSCS).

Important information about compensation arrangements

Credit Unions are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £50,000. The £50,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website http://www.fscs.org.uk/ or call 0800 678 1100.

All credit unions are regulated and authorised by the Financial Services Authority.

For more information about credit unions click on the following link:

Association of British Credit Unions (ABCUL): http://www.abcul.org/page/about/index.cfm

See also: http://en.wikipedia.org/wiki/Irish_League_of_Credit_Unions

http://en.wikipedia.org/wiki/Irish_Financial_Services_Regulatory_Authority
http://www.financialregulator.ie/Pages/home.aspx[/url]

gambit27

Hi, I'm new to the forum, and currently trying to pay off defaulted credit cards, am about halfway through the debts but therefore of course, have a bad credit rating...

I took out a loan from the credit union in December, after saving for 3 months with them, and just wondered, does anyone know if their loans/repayments are added to your credit file?

The loan will be repayed by November this year, and I hope to be debt free by the end of next year (fingers crossed) at that point, I would like to try to get some savings together and get a mortgage, so desperately want to repair my credit file ASAP!

Thanks

P.S. had a look on the site, and will do a SOA later today and post on the forum!

Watalie

gambit27 wrote: »

Hi, I'm new to the forum, and currently trying to pay off defaulted credit cards, am about halfway through the debts but therefore of course, have a bad credit rating...

I took out a loan from the credit union in December, after saving for 3 months with them, and just wondered, does anyone know if their loans/repayments are added to your credit file?

The loan will be repayed by November this year, and I hope to be debt free by the end of next year (fingers crossed) at that point, I would like to try to get some savings together and get a mortgage, so desperately want to repair my credit file ASAP!

Thanks

P.S. had a look on the site, and will do a SOA later today and post on the forum!

Gambit - how much did you save each month with them and how much did they allow you to borrow.

My partner and I want a loan for a car in a couple of months and I just wondered how it worked for you.

As far as I have been told, Credit Union accounts don't appear on your credit record.