National first helps families fight off loan sharks

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

New Eighth Day Cookbook

We’re delighted that the vegetarian cookery book we proudly helped produce for our client Eighth Day has now been published.

Eighth Day vegetarian café and shop is a co-operatively-owned business that has traded in Manchester for over 40 years and has become a stalwart of vegetarian food.

The new recipe book features a collection of customer favourites, including starters, soups, hearty main courses and desserts. The recipes are easy to follow and the book also includes fresh salads and vegan cakes.

Increasing numbers of people are choosing a vegetarian diet and the new cookbook enables people to enjoy a delicious range of healthy, nutritious vegetarian dishes at home.

The Recipe Collection (ISBN 978-0-9536549-1-8) costs £5 and is available from Eighth Day in Manchester.

www.8thday.coop

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 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 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.”

“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.

What price honesty?

In his latest blog, Shaun looks at the role of honesty, following his relocation to Shropshire.

Moving to a small village in Shropshire recently, I was struck by the number of ‘honesty boxes’ – people charging for flowers, vegetables, eggs etc by leaving an unattended box at the front of their gardens and trusting people to leave the appropriate amount of money in return for what they take. It was a nice reminder that there are places where this still happens.

In turn, this got me thinking about the ‘price’ of honesty, and the role of honesty in society. Economically, for example, a high level of honesty and trust results in lower transactions costs. If you leave your produce at the end of your garden, there are no costs involved in setting up a shop, transporting goods to market or delivering them to customers.

Of course, for low value home grown produce, if people don’t leave any money in the honesty box, the seller isn’t left very badly off; they just didn’t make anything on the fruit and veg they had grown anyway. For higher value items, people are going to be much less likely to leave them out for passers-by to help themselves!

However, honesty and trust are symptoms of a society’s wider attitudes and therefore reflect how communities behave – whether in a village, a town or a country. A community that leaves out honesty boxes is a trusting one and studies show that more trusting societies perform better economically, as well delivering a better quality of life, reduced levels of crime etc for their citizens.

How often have we heard people hark back to the past when you could “leave your door open” without fear of been burgled? It’s a clichéd way of implying that the past was better because it was more trusting and honest.

Perhaps the point is better made when you think that the less trusting and honest a society is, the higher the social and economic costs – whether it is fear of walking down the street, or locking your wares away so that people can’t steal them. These days, I believe that not enough emphasis is put on trust and honesty – from politicians downwards – and society suffers because of it.

However, it was interesting to read recently that Richard Branson is going to allow his private staff to take as much holiday as they like, leaving it to their own integrity to decide how much time to take off and when. Hopefully this demonstrates the growing recognition in business that the more trust you place in people, the greater the rewards for the company and its staff.

The role of honesty and integrity in society is, of course, a matter of much debate and study. In this blog, I just wanted to get it off my chest that I think trust and integrity can bring many benefits and a more honest society is a more pleasant one to live in.

Now, what can I buy next time I go along the village high street?

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, 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.”

“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 Hushing 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.

The 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.

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.

New chapter at Ethos public relations

We have always had a global, open view on the world and after more than 16 years of trading from central Manchester and Chester we have moved further south to Shropshire.

Cae Glas Park, Oswestry, Shropshire

Even when based in the North West, our clients have always spanned the UK, from Dumfries and Galloway in Scotland for example, across to Belfast and down to London and the South East. We have even worked across the water in Norway, Switzerland and Brussels, so we are no strangers to serving our clients’ needs wherever that should be.

Over the past 16 years we have seen a massive change in the way media relations and marketing are delivered; we can still remember having to send (usually black and white) photographs to newspapers in the post. A few years later it was possible to fax information through to newsdesks, although the photos still had to be posted.

Later still, technology had advanced enough that some journalists had an email address and in the early 2000s we even introduced live website updates from an event we were working at – that was long before Facebook and Twitter, if, like us, you can remember those days.

Thanks to technology, it is possible to manage a successful PR, marketing and communications business from almost anywhere in the country and what better place to have an office than Shropshire, one of England’s most beautiful counties?

Since setting up in Shropshire, we have been busy making links with local businesses that can support us, but we won’t be leaving behind our friends in Manchester. The very same technology that means we can work in Shropshire means we can also commission work from suppliers around the country, so it’s a win-win situation.

Our two latest clients – London Capital Credit Union and charity COFEPOW – can be assured of the same high quality service from us as any Shropshire based business looking for effective public relations and communications support.

So here’s to a new chapter in the Ethos public relations story.