Category Archives: London Capital Credit Union

Ten years of growth for London credit union

London Capital Credit Union logoLondon Capital Credit Union has welcomed the latest figures from the Bank of England which show that credit unions have grown dramatically over the last decade. 

While the most recent figures from 362 credit unions show credit union membership and lending have more than doubled over the past ten years, figures at London Capital show a thirty-fold increase in members, from 321 to 10,062.

Over the last ten years, London Capital Credit Union has also seen a 1400% increase in members’ savings from £436,000 to over £6 million.

The latest Bank of England figures are great news for British credit unions,” says Martin Groombridge, Chief Executive of London Capital Credit Union. “Since the first credit union was set up in Britain over 50 years ago, the sector has continued to thrive and it is good to see that growth has gathered pace in the last ten years.

“As our figures show, London Capital is one of the credit unions leading the charge and we are so proud to be delivering affordable financial services to thousands of Londoners.”

London Capital Credit Union is dedicated to promoting saving and helping people deal with debt. It provides secure savings and low cost loans for anyone living, working or studying in Barnet, Camden, City of London, Hackney, Haringey or Islington.

Across England, Scotland and Wales there are now over 1,173,200 people with credit union accounts.

As a co-operative, London Capital Credit Union is owned and controlled by its members – not outside shareholders. Members of the credit union can find out more about how their organisation has performed over the past year by attending the AGM which takes place on Tuesday 3rd March 2015, starting at 6.30pm in the Peel Centre, Great Percy Street, WC1X 9EY.

Find out more at www.credit-union.coop.

National first helps families fight off loan sharks

Martin Groombridge

Martin Groombridge

Hundreds of secondary school starters in Haringey have already opened a free £20 credit union savings account as part of a landmark financial awareness scheme by Haringey Council.

Application packs have been sent to nearly 3, 000 Haringey pupils starting Year 7 this term for a School Savers account with London Capital Credit Union, with nearly 200 students already signing up.

The council-funded scheme, the first of its kind in England, is designed to encourage children to get into the savings habit and promote alternatives to unscrupulous payday loan companies.

Accompanied by financial management lessons in schools, accounts are ‘locked in’ for two years, with students and their parents encouraged to add to their savings where possible.

Councillor Joe Goldberg, Cabinet Member for Economic Development, Social Inclusion and Sustainability, said: “We want our children to be given every opportunity to learn about money and the different financial options available as they grow up.

“Giving every Year 7 child an account with a responsible credit union will give them a chance to start saving early on in life and understand the alternatives to the scourge of legal loan sharks colonising our high streets.”

Haringey Council has provided £750,000 in loans to the credit union in the last two years, which has more than 3,000 members in the borough – and the fastest growing contingent of anywhere in London.

The credit union has issued affordable loans worth almost £1 million since October 2012 and holds more than £1 million in savings from Haringey residents.

Martin Groombridge, chief executive of London Capital Credit Union, said: “We are very pleased to be working with Haringey Council in this way to encourage children to learn the importance of saving and budgeting.

“This monetary incentive is a fantastic way to get Haringey children to open savings accounts and for their families to benefit from the services of the credit union.”

Every Year 7 child who lives in Haringey or attends a school in the borough is eligible for an account, which can be opened by simply returning the application form sent to all pupils.

For more information and to download a copy of the application pack, visit www.haringey.gov.uk/creditunion

Credit unions are good for employers

Dave Prentis,   General Secretary of UNISON,   and Helen Baron, President of London Capital Credit Union.

Dave Prentis, General Secretary of UNISON, and Helen Baron, President of London Capital Credit Union.

Dave Prentis, General Secretary of trade union UNISON, has become the 11,000th member of London Capital Credit Union.

Dave Prentis was signed into membership of the credit union as it launched an initiative to encourage more employers to offer transfers direct from employees’ wages to their credit union accounts.

In the UK, London Capital Credit Union is leading the way in the fight back against loan sharks and payday lenders by encouraging more people to use credit unions.

Chief Executive Martin Groombridge said: “Credit union members have access to fair and affordable loans and savings and it is in all employers’ interests to help their staff keep clear of money lenders that focus on profit and greed. As a member-owned co-operative, we are driven to improve the financial well-being of our members.”

Over the past year, London Capital Credit Union has seen a 47% increase in membership and is keen to work with employers that can offer payroll deduction to their staff.

Added Martin: “By enabling payroll deduction straight to a credit union account, employers are offering an easy and convenient way for employees to save. Financial stability can only be good for employees and their families.”

London Capital Credit Union is dedicated to promoting saving and helping people deal with debt. It provides secure savings and low cost loans for anyone living, working or studying in Barnet, Camden, City of London, Hackney, Haringey or Islington. Over the past year, it has seen a 62% increase in loans to members but at the same time has seen members’ savings increase by 59% to £6.6 million.

A typical £1,000 loan from the credit union, paid back over one year, would cost a total of just £67 in interest. This is a tiny fraction of what it would cost to borrow from a payday lender, for instance.

Martin said: “Credit union membership is good for employees and employers, with both being able to benefit. Financial problems for employees can lead to stress and illness which can result in time off work, and this in turn leads to problems for employers. A credit union can provide the services and support to help employees manage their money effectively, creating a better workplace for all.”

Find out more at www.credit-union.coop.

Record year for London Capital Credit Union

London Capital Credit Union logoLondon Capital Credit Union has had a record year, with more and more people turning to them for help with low cost loans and secure savings.

The credit union has seen a 47% increase in membership in the year ending September 2014 to 10, 062 members. It has also seen a 62% increase in loans to members to £5.6 million, but at the same time has seen members’ savings increase by 59% to £6.6 million.

Martin Groombridge, Chief Executive of London Capital Credit Union, said: “Our growth means that we are now helping over 10,000 people keep clear of payday lenders and other high interest doorstep lenders. As a member-owned co-operative, we are driven to improve the financial well-being of our members.

“For too long people in our communities have been exploited by money lenders with a focus on profit and greed. Credit unions like London Capital are fighting back by offering fair and affordable loans and savings and we’re pleased to be helping record numbers of people.”

London Capital Credit Union is dedicated to promoting saving and helping people deal with debt. It provides secure savings and low cost loans for anyone living, working or studying in Barnet, Camden, City of London, Hackney, Haringey or Islington. As a locally owned and run co-operative, all the money saved in the credit union stays in the community.

Martin Groombridge said: “We estimate that our members will have saved £6.5 million in interest, charges and fees by switching their borrowing to us from payday lenders and other high interest lenders.”

A loan from a credit union such as London Capital Credit Union will result in lower repayments than from a payday lender or a doorstep loan.

“That’s where people taking our loans in London can really benefit,” explained Martin. “What’s more, our ‘Saver Loans’ are designed to help people get into the savings habit, without racking up high interest charges.”

A typical £1,000 loan from the credit union, paid back over one year, would cost a total of just £67 in interest. This is a tiny fraction of what it would cost to borrow from a payday lender, for instance.

“That extra money stays in the local economy,” says Martin, “which has to be good news for everyone.”

Find out more at www.credit-union.coop.

 

 

Credit union saved Londoners £6.5m in interest payments

People who have taken out loans with London Capital Credit Union in the last 12 months have together saved over £6.5 million in interest payments and other charges.

Martin Groombridge

Martin Groombridge, Chief executive of London Capital Credit Union

The figures were revealed by Martin Groombridge, Chief Executive of the credit union, as he encouraged people to see for themselves how much they could save by becoming a credit union member.

In the 12 months to the end of August, London Capital Credit Union issued loans to the value of £5.3 million. According to Martin Groombridge, these loans saved local people a significant amount of money. “We estimate that our members will have saved £6.5 million in interest, charges and fees by switching their borrowing to us from payday lenders and other high interest lenders.”

A loan from a credit union such as London Capital Credit Union will result in lower repayments than from a payday lender or a doorstep loan. Said Martin: “That’s where people taking our loans in London can really benefit. What’s more, our ‘Saver Loans’ are designed to help people get into the savings habit, without racking up high interest charges.”

A typical £1,000 loan from the credit union, paid back over one year, would cost a total of just £67 in interest. This is a tiny fraction of what it would cost to borrow from a payday lender, for instance.

“That extra money stays in the local economy,” says Martin, “which has to be good news for everyone.”

London Capital Credit Union is a not-for-profit co-operative dedicated to promoting saving and dealing with debt. Established in 1962 it now has 11,000 members and £7m of assets and provides secure savings and low cost loans for anyone living, working or studying in Barnet, Camden, City of London, Hackney, Haringey or Islington.

Find out more at www.credit-union.coop.

Volunteering does Omkar credit!

When Omkar Omkar HushingHushing came to Britain shortly after getting married, he already had experience working for a mortgage lender in Mumbai. However, he was unable to find a job in the UK until he volunteered at London Capital Credit Union.

“It was very hard for me to get a job when I first moved here, because people didn’t think my experience in India was relevant to the UK market,” says Omkar from Hither Green.

But now, following three months’ volunteering with London Capital Credit Union, Omkar has secured a full time job with Initial Finance in West London. “Before I had the experience at the credit union, it was hard to get an interview let alone a job,” he says.

“During my time volunteering with the credit union I met some fantastic people and I was able to help with loan decisions for their members.”

London Capital Credit Union, based in Archway, is a not-for-profit co-operative dedicated to promoting saving and dealing with debt and provides secure savings and low cost loans for anyone living, working or studying in Barnet, Camden, City of London, Hackney, Haringey or Islington.

As a volunteer at the credit union, Omkar helped out in a number of administrative roles, but he says he was most at home with the loan process.

Credit unions offer relatively small – but affordable – loans to their members. Says Omkar: “Credit unions help people get back onto their feet and I can say that they also offered me a great chance to establish myself in the UK.”

According to Omkar, the credit union’s ethical approach to financial services will stay with him in his future career. “Credit unions really do good; they care about their customers and the way they treat people will influence how I deal with people in the future.”

To find out more about how London Capital Credit Union could help you, please visit www.credit-union.coop

Radio Taxis Credit Union to merge with London Capital

Members of Radio Taxis (London) Credit Union have unanimously voted to merge their credit union with London Capital Credit Union.

London Capital Credit Union logoThe merger will see the formation of an enlarged organisation with some 11, 000 members and £7m of assets.

Speaking about the decision Gordon Brown of Radio Taxis Credit Union said: “There is a greater need than ever for a more ethical source of financial services. People are still paying too much for borrowing and being discouraged from saving. This merger will make a larger and stronger Credit Union that will better serve many more thousands of people in years to come.”

Martin Groombridge, Chief Executive at London Capital Credit Union welcomed the vote. “We are very pleased to be welcoming the members of Radio Taxis Credit Union to London Capital and we are already looking forward to offering their members the full range of our products including our full online service.”

Radio Taxis Credit Union was set up to help London taxi drivers and their families get access to affordable credit and secure savings. Says Martin: “As a member-owned financial co-operative we offer all our members affordable credit and advice to help reduce debts and we welcome the opportunity to offer this to our new members.”

Martin added: “Credit unions across the UK are dedicated to serving the needs of their members and we are proud to be offering an alternative to the High Street banks and rip off rates charged by payday lenders and many other finance providers across London.”

Find out more at www.credit-union.coop.

Technology makes managing money easier

A new text messaging service from London Capital Credit Union will help savers and borrowers keep track of their money by allowing them to find out their account balances using their mobile phone.

Chief Executive at London Capital Credit Union

Martin Groombridge, Chief Executive at London Capital Credit Union

The locally-owned credit union offers both savings accounts and affordable loans and the text balance service is one of a number of ways that London Capital Credit Union is making managing money easier. Members can already access their accounts online and a new mobile app is due to be launched later this year.

By texting the words “mybalance” to the credit union at any time, credit union members who have registered their mobile phone numbers can receive a text message listing their account balances. Balances are updated in real time, meaning loans, savings accounts and membership account balances are all shown on the text service.

Martin Groombridge, Chief Executive of London Capital Credit Union, said: “Staying in control of your money is easiest when you know how much money you have in your account so we are pleased to be able to introduce this new service to help our members manage their money.

“Our new text messaging service is available 24 hours a day so members can check their balances at any time. Texts are charged at standard rates and it is free for members to receive their balance information.”

Martin added: “We like the human touch and are proud of the advice we can give to our members face to face, but we know there is a role for modern technology to help members keep track of their own finances.”

Find out more at www.credit-union.coop.

Donation to help offer affordable finance

London Capital Credit Union logoA donation of £10, 000 to London Capital Credit Union will help bring affordable loans to those in the shadow of the City of London’s financial centre.

Linklaters, a leading global law firm, has made the donation to help spread the word about credit unions and affordable credit. The donation is part of Linklaters’ commitment to making a positive impact on the neighbourhoods they operate in and providing business support to marginalised communities in areas around their offices.

Speaking about the donation, Martin Groombridge, Manager at London Capital Credit Union (LCCU), said: “As a community based financial organisation we are always keen to work with others to help bring our services to more people in need of debt advice and affordable credit.

“We will be using this donation to promote the credit union to many more people in the communities in which we operate, helping to bring affordable financial services to those who need them and keeping people out of the clutches of payday lenders and loan sharks.”

Matt Sparkes, Global Head of Corporate Responsibility at Linklaters, said: “As a Living Wage employer, we recognise the importance of ensuring all of our people can maintain a good quality of life. Our investment in LCCU strengthens this commitment by enabling them and others to borrow at fair rates and with a lender who is focused on their wellbeing. We would urge other businesses to also show that they want the best for local people and so invest in this important initiative.”

To find out more about becoming a member of London Capital Credit Union, please visit www.credit-union.coop.