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Author

Nia Wright

Posted
06/11/08 11:25 AM

Updated
30/10/08 10:29 AM

Comments 2

Time for credit unions to shine!

More and more commentators are noting the opportunities that the current economic climate offers credit unions. Recently Time magazine wrote that whilst these were bad times for banks they were boom times for credit unions - read the article at www.time.com/time/business/article/0,8599,1853174,00.html Have those of you working or volunteering for credit unions noticed an increase in membership requests? Let us know if you’re running a specific campaign to capitalise on the current opportunites.

Author

Post : #2
mollysboy

Posted
03/11/08 11:15 AM

Cedit Unions

Not sure that credit unions are much help - I have had bad experiences. One question I would like answered. I have savings with the credit union. I also have a loan with them. The loab currently is a few hundred over the savings. I would like to access my saving while still continuing to repay outstanding loan. How is it that Credit Unions can stop me accessing my savings until all the loan is repayed? Is this legal?

Author

Post : #1
Caledfryn Credit Union

Posted
06/11/08 11:25 AM

RE: Cedit Unions

I am sorry to hear that you had a bad experience with your Credit union. I am the Manager of Caledfryn Credit union in North Wales. Credit unions are authorised and regulated by the Financial Services Authority and goverened by legislation, each credit union has its own loans policy. Some Credit unions still attach savings to loans. A number of Credit unions are now moving towards capacity based lending and loans are assessed on the ability to repay not on share balance. I would suggest that you request a copy of your credit unions loans policy to clarify the type of loan you have. Credit Unions are owned and run by their members and are always looking for new ideas. Why not offer to volunteer for your Credit Union and make a difference.

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