The Coastal Credit Union had their launch today.
It's open every Tues 10.30 to 12.30 in the Old Stables.
I'm already a member and dropped in to show them some support. Eventually, they hope to be able to open at other times as well.
If you'd like to know more about Credit Unions then
http://www.abcul.org/page/index.cfm
Although Mike reports that it's a "small savings and loans scheme." They lend up to, I think, £7K and you can save as much as you like.
They lent to me when the banks wouldn't touch me - pre credit crunch!
Now my credit score has risen I checked with my bank to see if it would be cheaper to repay my current loan by borrowing from them. He looked at my agreement, shook his head, and said stay with them, they're a lot cheaper than us.
Posted by Anonymous to swanageview at 6:24 PM
Wednesday, April 28, 2010
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7 comments:
I hesitated to post this because I don't want to endorse something that I'm not entirely sure about, especially given the recent track record of banks and dodgy money lenders. I was assured the other day that this organisation is accredited by the Financial Services Authority (if that can be trusted nowadays). So there we are. It could all be fine. Just be clear about what you are getting into if you sign up with them (or anyone else).
Mike
thanks for turning this into it's own thread.
I'm the original postee, or, poster
http://www.coastalcreditunion.co.uk/
is our local Credit Union. It serves the BH postcode area.
It's 2 main strengths are that it will lend to you based on your savings history with them, and no share holders.
Apply accent.
'It's a local bank, for local people'.
Owned and run by it's members.
But it isn't a "local bank for local people" is it? I thought it was national chain, that has branches around the country.. like most banks!
Mike Hadley
Nope, each Credit Union is, um, sorry, a 'stand alone' organisation.
If you go to
http://www.coastalcreditunion.co.uk/about.php
and then have a read of the
"Why are we different from a bank."
link, it explains it far better than I could.
Surely, it's different TO a bank?
Shut up, you pedant!
Another thought, if you pop along to The Stables on tues mornings then you could have a chat and pick up their literature, and then go to CAB on Wed, or Fri at the Town Hall and ask their opinion of Credit Unions.
If there's no further action to be taken, most Solicitors will give a free consultation.
That's not to be read as patronising, I wouldn't take any advice from an anonymous blog without doing some pretty thorough research. Which agrees with your 1st post!
Its a pity credit unions do not have a higher profile. They have been around for a very long time but tend to be tiny and run by part time volunteers. Having no budget for marketing they are fated to forever hide their illumination under a bushel as it were. I am quite surprised though that there are posters on here who know quite so little about them.
What they offer is an alternative for people with low incomes to being scalped by finance companies or made to pay over the odds prices to access so called free credit.
Coastal is, as I understand it, an amalgamation of two or more CUs in the Poole/Bournemouth conurbation. When I spoke to them in Parkstone before the amalgamation some years ago they were keen to come to Swanage but it has taken some time.
The law on CUs is a little odd to say the least. They fall wihin the provisions for friendly societies I believe. Members must be an affinity group, for example working for the same employer. In practice a geographical definition can be used as we see here with residence in a BH postcode being required.
Lastly, if you join, do please try to give some time to involve yourself with the CU so that it remains a local organisation run for and by members of the community.
We have belonged to a CU for a number of years in the area we live in. We were lucky that we have not had to borrow but I believe the rate is extremly low. It is also a way of putting back something into the community
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