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Haringey Council is calling on residents to help deliver a Credit Union to the borough.

The council has been working with Islington and City Credit Union to
create Haringey, Islington and City Credit Union – which will help
protect vulnerable residents from falling prey to loan sharks, by
offering affordable credit and help dealing with debt.

But to get the Union off the ground and officially recognised by the
Financial Services Authority (FSA), people need to pledge to become
members.

Joining the Credit Union will cost just £5, and membership is open to anyone who lives, works or studies in Haringey.

All members will own a share in the company, have access to savings
accounts, financial advice and good value loans – and be part of a
scheme to defeat debt.

To pledge support for the Haringey, Islington and City Credit Union, visit the Credit Union page.

Tags: credit union

Views: 111

Replies to This Discussion

On the face of it liz seems to be makimg a reasonable request. But I like to check these things a little more carefully, not really knowing what a Credit Union is.
Haringey provides 2 links - Association of British Credit Unions (ABCUL) http://www.abcul.coop/
and Islington & City Credit Union

The ABCUL site sets out the legal framework for Credit Unions (pasted in below). Now any organisation which encourages thrift has to be admired in this day and age, for being both worthy and massively unfashionable. And wasn't "The use and control of the members' savings for their mutual benefit" exactly what the building societies used to do, before they switched to being, at first, for the benefit of their shareholders, and latterly, almost exclusively for the benefit of Santander.
There is a page of case studies and even if half of these are half true (I suspect they all are, in fact) then these bodies are worth supporting.
It is a little unfortunate that there are no studies covering what happens when a loan goes wrong. The Islington Credit Union site is just so amateurish it can't be a scam.
The credit union seems to me to cover the three main prejudices in the current political spectrum - as a means for individuals to help each other it must count as part of Cameron's Big Society; as a means for the downtrodden masses each with few resources to gain some collective muscle it is certainly socialist in principle, and it calls itself a union; being run by the people for the people is democratic by definition and liberal in its implementation.
Cocking even the tiniest snook at big business is a very appealing notion.

And supporting the Haringey involvement will cost you nothing but an email and an expression of interest.
So Liz's reasonable request has converted itself in my mind into a no brainer.
Either you can follow the Haringey instructions, or more simply just send an email to info@iccu.coop with "Haringey Pledge Form" in the title and "I SUPPORT THE CREATION OF A CREDIT UNION COVERING HARINGEY, ISLINGTON & THE CITY AND WILL CONSIDER JOINING AS SOON AS I AM ABLE TO DO SO". in the body along with your name, address, phone number and email

Mine has already been sent


Credit union regulation

The main Act of Parliament which governs how credit unions operate is the Credit Unions Act 1979. This sets out the objects of a credit union: -

* The promotion of thrift among the members of the society by the accumulation of their savings;
* The creation of sources of credit for the benefit of the members of the society at a fair and reasonable rate of interest
* The use and control of the members' savings for their mutual benefit;
* The training and education of the members in the wise use of money and in the management of their financial affairs.

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