Credit union launches in Uckfield
An organisation which can help Uckfield people save money, budget and access affordable loans has launched in the town.
The East Sussex Credit Union is a not for profit, community savings and loan co-operative. It works with local councils, associations and the Citizens' Advice Bureau.
The credit union aims to help combat poverty and contribute to economic regeneration by promoting savings and sensible borrowing within its membership.
Marta Baginska, pictured below, who mans a help point in Uckfield on Thursdays said: “On a typical £500 loan over one year, doorstep lenders can make a charge of more than £410 for the privilege of borrowing. At the East Sussex Credit Union we typically charge around £66.”
She said many members wanted to borrow sums which were too small to be of interest to the big banks, indeed they might not even have a bank account.
Loans were given for a wide range of purposes such as to buy a bike or car, furniture, pay for a wedding or to consolidate and pay off higher interest debts.
“Our loans prevent many people from falling into the hands of illegal loan sharks who can use intimidation and violence to collect payments that our members can ill afford to make,” said Marta.
The credit union also seeks local people prepared to invest in their community by saving with the organisation.
“We do not borrow from banks or other financial institutions. The funds we have available to lend are the savings of other members of the credit union,” said Marta.
Savings are protected by the Financial Services Authority in exactly the same way as if deposited with a high street bank.
Interest isn’t paid but all members can vote at the annual general meeting on whether to declare a dividend related to the amount of savings.
The East Sussex Credit Union was originally based in Brighton but is beginning to expand and has drop in sessions in Crowborough, Hailsham, Lewes, Eastbourne, Portslade and Kemp Town as well as in Uckfield.
If you would like to call in and chat with Marta about how the credit union could help you she will be at the Citizens Advice Bureau, The Hub, Civic Approach, Uckfield, each Thursday from 10am-1pm.
Marta can also be contacted by telephone on 0798 444 9304 and by email at marta@credit-union.org.uk.
See also:
Street lights to be turned off at night in parts of Uckfield
Celebrity chef Marco Pierre White hosts charity dinner at Maresfield
(Added to site Thursday, June 9th, 2011)
.jpg "Chance to raise planning queries with council officer in Uckfield")
