Credit Unions - What Bedlington Needs!

[threegee]

The idea has been floated here before, especially after the betrayals of our Town by the various national banks! At least this government is listening, and the law has been changed to make credit unions more competitive. Local money ploughed back into local projects, and an opportunity to vote with your purse and wallet against the fat-cat bankers, and their big-bonus culture.

http://www.bbc.co.uk...siness-16873350

But where are the enterprising people to make this happen? Come on you silly ex-Northern Rock people; you who thought you were international bankers playing in the big league! Here is an opportunity to get back to your roots and advance real money, to real people, to do real things, in your area. EARN your royal gongs this time around! This has never been more needed than it is now. Can you rise to the occasion and learn from your mistakes, or does someone else need to show you how it should have been done?

[Keith Scantlebury]

I saw something about a C.U. on the morning news last week. Apart from all the other advantages like lower APR and such like, the thing that struck me was the personal touch. If you have a problem you speak face to face with a real person, if you want a loan you speak face to face with a real person and for all other situations ,yes, you speak face to face with a real person. NOT press button 1 for this, button 2 for that and so on. This is like turning the clock back 15 - 20 years to the days when you could get to speak to someone at your bank instead of some anonymous person in Delhi, Durban or Dagenham. People were having their wages (and benefits) paid into their accounts as normal. If something like this was to start in Bedlington, I would certainly seriously consider contributing with my pittance. I have been with my bank for 30 years and started using the Blyth branch since moving back to Bedlington in 1996, I do not have a clue what the managers name is.

Edited February 4, 2012 by keith

[Malcolm Robinson]

GGG, this is something I am looking at for the Trust to possibly deliver.

It is not as cut and dried as it makes out! Some of the terms and conditions we have to sign up to might make the idea less attractive to a lot of people.

At the moment a Credit Union can only lend a fixed amount depending on what a member has paid in and only after they have been a member for a fixed period of time. So first off we would need a lot of members who are willing to pay in a set monthly figure and only after the 3 or 6 month timeframe could they borrow against their payment schedule. It starts off at quite a low multiplier but goes up to 10x's after someone has gone through the incremental stages.

Yes the APR is much better and for low'ish amounts and the payday type loans should mean the loan sharks can be put out of business.

I will wait and see what changes are being introduced before taking this any further; I already have the Trust board trembling in fear at the thought of it!

[Brett]

I have had a loan through the local Credit Union in Ashington and I can't fault the service at all. The service from Blyth and Ashington covers most of Northumberland and anyone can apply so I can't see another local one being setup, especially with the circumstances that Malcolm has already investigated.

We have offices in Ashington and Blyth but we cover the whole Northumberland area.

That means anyone living or working (including volunteering) in Northumberland can apply to be a member with us.

http://www.cusen.co.uk/home

[threegee]

I can!

Why should people have to travel to Ashington or Blyth? If they want our money they should set up here, and provide some employment in the Bedlington! Let's have several; competition is good!

We've always has choice and competition in financial services and, until that returns, we're just the town time forgot.

[Brett]

I didn't say it wasn't a good idea and I would definitely use it, like Malcolm says it's getting the idea about how beneficial it is into the minds of other people.

More accessible and with the announcement of the HSBC shipping out there will definitely be a need for it. The only thing I have ever struggled with is getting access to my money outside of normal hours when I am at work, I have usually had to take time off to go into the office.

I really like the idea