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A credit to all of us
• I WRITE on behalf of Camden Plus Credit Union, and I would like to thank the readers that have written to the New Journal in support of the development of a Credit Union for Camden.
However it struck me that many of your readers might be unfamiliar with what a Credit Union can offer the local community.
Credit unions are not-for-profit financial institutions owned and controlled by its members, and regulated by the Financial Services Authority (FSA). They provide a real alternative for people who wish to save but do not have a bank account (around 10 per cent of Camden residents), or for those who wish to save with an ethical, community focused alternative to the high street banks.
In time Camden Plus will also allow members to receive government benefits direct to their account, or pay bills by direct debit (a big saving over cash payment).
We will also lend money to those in need, but we will lend responsibly, based on ability to pay, and at fair and affordable interest rates of 15-20 per cent rather than at the extortionate payback rates charged by doorstep lenders and loan sharks. The benefit to a community of a credit union can be huge. Camden Plus will train and provide work experience to volunteers to help them back into the job market, and because we are not for profit, any surpluses are returned to members thus helping to keep money within Camden.
Crucially, after a period of start-up funding, credit unions can become self-sustaining after around three years, thus providing an economically viable but socially beneficial service to the community.
Camden Plus recently received its authorisation from the FSA and we plan to launch services in Kilburn later this year. Current funding constraints restrict the services we can offer in the rest of Camden, and it is for this reason that we welcome Camden Council’s decision to set up a new ‘financial inclusion’ funding stream. If Camden Plus is successful in our bid for some of this funding, it will provide a massive boost to the number of people who will be able to benefit from the Credit Union, with the primary objective being the opening of a branch in a central location.
Anyone to register in advance of the launch of Camden Plus Credit Union can send their contact details to cristina@camdenplus.co.uk
ANNE KRAUSSE
Credit Union
107, Kingsgate Road,
London, NW6 2JH
Call 020 7372 5878 |
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