Credit Unions: Official MoneySavingExpert.com Discussion

4littleone

Have just noticed my signature.... Perhaps if i posted more often i would have updated it!
Still, it's a pretty good way of showing you what i needed to pay off and have now managed to do so with the help of the credit union.

You can also see from the totals just how much was whacked onto the overdraft and loan in charges. :eek:

EmehEm2005

hopeless_case wrote: »

Hi can anyone tell me aboutcredit unions we have a very poor credit rating and have read a little about these but not to sure how they work. can anyone shed any light?

Hello,

This page http://www.abcul.org/page/index.cfm will tell you more about Credit Unions than I, even as a former chair of a (now merged with Sheffield CU http://www.fisy1.co.uk/Credit%20union%20pages/Credit%20Union.htm), credit union can tell you in only a few words.

Mike

EmehEm2005

purple_cat wrote: »

Help needed please. I have a loan with our credit union, it was for 800 taken out on 27 april, we pay 42.30 a month and from 27/04 - 30/09 we have paid in 167.20 in total but 84.98 of that has been interest, leaving only 82.22 to come off our loan.!!!!!!
this does not seem right to me, please can somebody give me some advice before I go and see them later.
they have made mistakes in the past including sending our pass book to the wrong person and charging us a months interest before we had the loan money!!

please please

If you borrow £1000 over 1 year, you would repay no more than £1067 (i e £67 interest).
Standard loans will cost you no more than 1% a month on the reducing balance of the loan (an APR of 12.7%).

Loan Calculator and further information on this website - http://www.abcul.coop/page/calculate.cfm

Mike

Former collector/assistant treasure/chair of a community credit union now merged with a larger city-wide credit union (only because of FSA regulations - you know the ones who are supposed to regulate HBOS et al).

EmehEm2005

Good on yer Martin!

http://www.abcul.coop/page/news.cfm#555

http://www.abcul.coop/page/news.cfm#557

weebegbie

It's really great to see Martin giving publicity to credit unions.

They are very strict with their cash and gaining any kind of publicity and advertising is often out of their budget! After all they have to be very careful of their members money because that is essentially what they would use!

They offer some great deals and do great work and hardly ever receive any praise for it, because they are generally local to an area they don't get flagged up on all these money comparison sites, so a lot of the time it's just through word of mouth that generates interest. (that just shows you how good they really are) the fact that they have been operating for so long mainly because people are so happy with them they tell someone else proves that they are a good thing and they help people out a lot! Much more than any high street bank...that’s for sure!

Take a stand people! Show that you don’t want your hard earned money paying for fat cats pensions and fantastic life styles!! Join your local Credit Union today!!

KevinTC

Couldn't agree more. CU is a real God-send in times of need and give you a real sense of making a difference when you can help.
Mine's Portsmouth Savers Hampshire Credit Union. So if you live in Portsmouth go to http://www.portsmouthsavers.co.uk
a nice friendly local CU.

Burny_Sweetwater_Glasgow

Hi Kevin,
Good plug for your own CU, and quite rightly so, I have read from afar how well your CU has done to date and you should be proud of their achievements. I have been involved in the CU movement for over a decade and cannot understand why people are not fighting to join up! you hit the nail on the head when you said 'real sense of making a difference'. People today are too concerned with their own selfish gains and that does not help others who are less fortunate. I find it very ironic that our government has been throwing millions at credit unions to allow them to help those who are suffering financial exclusion/inclusion and at the same time throwing millions into debt/money advice agencies who are then channelling people down the road to easier paths to bankruptcy or trust deeds(in Scotland). I am involved in more than one credit union and and have seen the effects of similar amounts of trust deeds on each. In one they can whether the loss (as you will be lucky to receive anything back) and in another with similar losses have made them an unprofitable organisation who may not now meet the requirements of the FSA and yet all but one of their recent cases were good members with a long standing credit history with the CU. As an example one of these CU's was contacted by a government organisation offering a payment from a member that would take 24 YEARS to pay off their loan, is that really an acceptable situation? If it was government money that this CU had lent then ok, but this CU does not receive any government support, it all belongs to people in their local community!
Credit Unions are the best thing since sliced bread and they strive to help as many people as possible, I don't deny that bankruptcy or trust deeds may be the best solution for many in this economic climate but I do believe that solutions should be realistic and take into account where the original money for the loan has come from. The people in our communities believe in the ethos of credit unions and its about time that our governments realised that we cannot be subjected to the same rules as other creditors. We are not asking for billions in handouts, like the banks, just asking for due consideration, that the debts owed to CUs are to ordinary people living in our communities who just want access to a service that gives them a chance in the future.
To anyone readng my post please do not be put off joining a Credit Union they are a suitable alternative, they are more caring than other lenders and they are certainly a force to be reckoned with in the future.

ahai1

For balance I should point as I have said before that my credit union is not that good as there is no internet banking and the only way to do any banking is to go to the branch and they charge £2 for BACS so they are not going to get anything besides my saving of £10 a month.

How much increase in customer has there been since the credit crunch?

Also for balance it should be pointed out that they are not the only ethical financial service providers out there.

debrag

anyone with Tower Hamlets CU? They base their loans on ability to pay whereas befoer it was on what you have saved.
I'm wanting a small loan but have only just joined so don't know how long I have to wait

ahai1

I am with Tower Hamlets Credit Union and I know nothing about what goes on there as they will not send anything via post or put online but you have to go to the branch.