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Glasgow City Council backs low-cost loan to tackle payday industry

Glasgow City Council has announced that it is backing a low-cost loan that significantly removes the risk of financially-vulnerable citizens entering into a cycle of debt.

The authority said that the Wee Glasgow Loan is a fairer and cheaper alternative to short term, high-cost, products from payday loan companies and rent-to-own shops that can cause a misery for hard-pressed residents.
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A fuller version of this story from the Scottish Housing News.

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Michael Sheen backs credit union campaign

Michael Sheen backs credit union campaign | Credit union UK news | Scoop.it
NEWPORT-born Hollywood actor Michael Sheen is backing a campaign to increase awareness of the benefits of using credit unions.

Mr Sheen is lending his weight to the Say No to Debt Row campaign, which aims to highlight the issues of debt in Wales.

Mr Sheen, who became Patron of Credit Unions of Wales in September this year, said: “According to the Money Advice Trust, a third of 18 to 24-year-olds in the UK have debts of almost £3,000.

“Every penny paid, in unnecessarily high interest charges, is money leaving our local communities. The alternative of credit unions helps us keep that money in your community and invests in better local support and products to help us all in managing our personal finances.”
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Pupils will learn how to save with help of credit union schemes in schools

Pupils will learn how to save with help of credit union schemes in schools | Credit union UK news | Scoop.it
FUNDING of nearly £200,000 has been awarded to credit unions to set up saving schemes for children in Scottish schools.
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As welfare reforms bite, councils and credit unions can help people avoid the debt trap | LabourList

As welfare reforms bite, councils and credit unions can help people avoid the debt trap | LabourList | Credit union UK news | Scoop.it
This is one of a series of articles to mark Shared Economy, Shared Power, the Co-operative Party annual conference which runs from Friday 9 September to Sunday
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New credit union coming to Isle of Man » Banking Technology

New credit union coming to Isle of Man » Banking Technology | Credit union UK news | Scoop.it
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Congratulations to the Manx Credit Union!

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Transave marks 20th anniversary - ABCUL

Transave marks 20th anniversary - ABCUL | Credit union UK news | Scoop.it
Transave is celebrating 20 years as one of the UK’s leading employee credit unions.

Founded in 1996 by Worker Directors at Mainline (now First Bus) in South Yorkshire to provide an alternative source of finance for colleagues requesting salary advances, Transave now has over 11,000 members across the country.

Having accepted its first member deposits two decades ago, Transave now holds more than £19 million of members’ savings, and it has loaned out over £100 million to members during its 20 year history
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Customers devastated as ‘bank for the community’ goes into administration

Customers devastated as ‘bank for the community’ goes into administration | Credit union UK news | Scoop.it
A ‘BANK for the community’ is set to close its doors after going into administration.

Boscombe’s Coastal Credit Union, owned outright by its members, said yesterday they are no longer trading.

A spokesperson said existing members will be fully refunded with cheques issued over the next few days for those with more than £1,000 in the bank. Those with less will receive a money order to cash at the post office.

But the news comes as a ‘devastating’ blow to its customers - many of whom use the service because they have nowhere else to go.
Vincent Thomas's insight:

This is a tragedy for the local community as this valued community resource has been allowed to go under. Billions were put into preventing banks from failing but little effort is put into doing the same - at much lower cost - into saving struggling credit unions. 

 

The powers that be should not be content with compensating savers. A so-called 'orderly failure' is still a huge loss to the community.

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River Clyde Homes teams up with Pollok Credit Union - Scottish Housing News

River Clyde Homes teams up with Pollok Credit Union - Scottish Housing News | Credit union UK news | Scoop.it
River Clyde Homes has entered into a partnership with Pollok Credit Union (PCU) to ensure that its customers have the best opportunities to prevent them falling into financial hardship. PCU is the only credit union account operating with social landlords in Scotland that allows Universal Credit to be paid into customers’ accounts and then housing …
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Mobile has become key to credit union member relationship - Co-operative News

Mobile has become key to credit union member relationship - Co-operative News | Credit union UK news | Scoop.it
The increasing role of mobile technology was a recurring theme at the World Credit Union Conference in Belfast. In a special breakout session at the conference, delegates looked at how devices can be used to improve member relationship and engagement.

Paul Kennedy, a consultant at Bayberry, highlighted some of the latest trends in the industry. The daily consumer experience has become mobile first, which means that credit unions need to extend their range of services, he said.

Credit unions must embrace digital technology

Contrary to some beliefs, mobile technology is not restricted to mobile phones, but includes any device that consumers can use that connects to the Internet. This are known as the Internet of Things. From checking their emails to downloading boarding passes, using smart technology to clear security or maps to find locations, consumers are becoming increasingly dependent on their smart devices.
Vincent Thomas's insight:

Much food for thought in this article - particularly the point that it's not just about needing a smart phone app, but how we engage on social networks.

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Under-threat Blackbird Leys Credit Union could be saved by talks of another merger

Under-threat Blackbird Leys Credit Union could be saved by talks of another merger | Credit union UK news | Scoop.it

AN UNDER-THREAT credit union offering a financial helpline to more than 400 people in Blackbird Leys could be saved by talks of a new merger.
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More Scunthorpe families turning to credit union to borrow

More Scunthorpe families turning to credit union to borrow | Credit union UK news | Scoop.it

People in Scunthorpe are turning away from high cost credit such as payday lenders and high street loan shops to borrow from the credit union.

The Hull & East Yorkshire Credi
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Bank of England announces growth in credit union lending - Co-operative News

Bank of England announces growth in credit union lending - Co-operative News | Credit union UK news | Scoop.it
Credit union lending has grown significantly, the latest Bank of England statistics show. The unaudited figures – based on quarterly returns from 334 credit unions across the UK – show that at the end of June 2016, total credit union membership (including junior savers) had reached almost two million. UK credit unions serve 58,034 more people …
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Jeff Salway: Online credit union can take on payday lenders

Jeff Salway: Online credit union can take on payday lenders | Credit union UK news | Scoop.it
The days when banks were run to serve their communities are long gone and the pace of branch closures is accelerating rapidly.
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DWP hails progress in getting staff to save with credit unions | Civil Service World

DWP hails progress in getting staff to save with credit unions | Civil Service World | Credit union UK news | Scoop.it
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Credit Union celebrates ten years in Highlands and Islands

Credit Union celebrates ten years in Highlands and Islands | Credit union UK news | Scoop.it
HI-Scot Credit Union is celebrating its 10th birthday this week.
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'Safe and ethical saving' - community organisation celebrates successful first year

'Safe and ethical saving' - community organisation celebrates successful first year | Credit union UK news | Scoop.it

A COMMUNITY organisation offering savings and loans is celebrating a successful first year.
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Redditch MP drops in as Credit Union fights back against loan sharks | Redditch Standard

Redditch MP drops in as Credit Union fights back against loan sharks | Redditch Standard | Credit union UK news | Scoop.it
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Facebook is returning to its roots; your credit union should, too - CUInsight

Facebook is returning to its roots; your credit union should, too - CUInsight | Credit union UK news | Scoop.it
Just about 2 months ago, Facebook announced changes to its algorithm—the magic formula behind what posts appear (or don’t) on your News Feed—to help people focus on friends and family first. These changes were more significant than simple back-end performance adjustments. Facebook explained how it was bringing back that special (Facebook) feeling by returning to …
Vincent Thomas's insight:

I'm sure we could all learn how to craft social media posts that engage and inspire. We need to get away from one-way broadcasts and telling and do a lot more interacting.

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A message to members of the collapsed Hartlepool Credit Union

A message to members of the collapsed Hartlepool Credit Union | Credit union UK news | Scoop.it
Members of Hartlepool’s collapsed credit union have been urged to get in touch if they haven’t already had their money back.
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Rather than a message about claiming compensation, I'm sure the community would prefer to hear a message about how the loss of an important community resource could be avoided.

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How credit unions can fight off payday lenders for good - Co-operative News

How credit unions can fight off payday lenders for good - Co-operative News | Credit union UK news | Scoop.it
A new employee benefit loan scheme is aiming to combat people’s dependency on high-interest payday lenders by offering access to low-cost borrowing through local credit unions. FairQuid is an online platform that connects companies with their local credit unions. Employees can apply for a short-term loan from the credit union through FairQuid, with repayment automatically …
Vincent Thomas's insight:

This is something to keep an eye on. Credit unions already work with employers to provide loans through payroll deduction. I'm struggling to see the benefit the middle man adds. 

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DWP staff turn to credit unions - ABCUL

Over 1,000 staff at the Department for Work and Pensions (DWP) have joined a credit union in the first few weeks of a new partnership.

The DWP launched the new payroll deduction scheme earlier this month at a meeting of the All-Party Parliamentary Group on Credit Unions at Westminster. In just three weeks, more than 1,000 of the Department’s staff have joined either Commsave Credit Union, Hull & East Yorkshire Credit Union or Voyager Alliance Credit Union.

The DWP is one of the largest Government departments, employing around 85,000 people. The new scheme means all of them have the opportunity to easily save and repay loans direct from their pay.

DWP staff have an intranet landing page which allows them to explore what credit unions are all about and then click through to their own online joining form. Because DWP office locations have been divided between the three credit unions, when an employee enters their work postcode, they are routed to the credit union which serves their workplace.
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ABCUL-led modernisation project; first credit unions to go live this year » Banking Technology

ABCUL-led modernisation project; first credit unions to go live this year » Banking Technology | Credit union UK news | Scoop.it
The Association of British Credit Unions (Abcul) is yet to go live with its new shared core platform for its members, a project it has been working on for over two years.

The UK government is behind the Abcul project, as part of the Department of Work and Pensions’ Credit Union Expansion Programme.

The overall programme is valued at £38 million, with the technology portion believed to be around £8 million. Banking Technology has contacted Abcul to find out more about the investment and the money already spent, but received no response.

At the heart of the project is a shared Software-as-a-Service (SaaS) platform that runs on Fiserv’s Signature core banking system. It is delivered as part of the broader Agiliti solution provided by Fiserv. Agiliti is a combination of around 18 Fiserv and partner applications, hosted by Blue Chip. Together, they create a front-to-back office proposition for UK banks and credit unions.
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Credit union launches for civil servants - Co-operative News

Credit union launches for civil servants - Co-operative News | Credit union UK news | Scoop.it
The Department for Work and Pensions (DWP), one of central government’s largest departments, has launched a credit union for staff – the first credit union scheme for civil servants. Around 85,000 DWP employees will now be able to start automatically saving part of their salary into a credit union savings scheme. DWP has set up a …
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