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Beating the loan sharks
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I WAS pleased to read that Islington Council is pledging to increase its support for Islington and City Credit Union, the local savings and loans co-operative (Boom times at bank, November 28).
As a member of the credit union and a local resident I know how valuable its work is in encouraging people to save rather than borrow. Savings are pooled to provide a fund from which members can borrow if they need to.
For many of us who don’t have much money it seems almost impossible to save, and at the same time the banks and credit card companies are encouraging us to borrow. The credit union helps me, as unlike the banks it is happy to accept small sums of savings. I can even make savings using the PayPoint scheme.
With my small sums of savings growing, for the first time in my life, I am making sure I do not have to borrow over Christmas. At the same time I know that, should I ever need to borrow some money, the credit union could help with a low-cost loan.
I now do a little volunteer work with the credit union and can see just what a difference it can make. We regularly see people with loans in excess of 200 per cent compared with the credit union’s much lower rates. On a credit union loan of £1,000, repaid over 12 months, the interest is only £67, making it pretty unbeatable. The unique Saver Loan scheme means all borrowers end up with savings once they have cleared any loan. This means that over time we borrow less and save more.
Because the credit union is owned by its members and has no outside shareholders it is willing to help anybody, regardless of income or background. We have rich people and poor people in membership, all working together to improve the lot of the people of the borough.
Regardless of your income or situation I would urge everyone to open a savings account with the credit union. Your savings will be helping others to escape from debt. Every person saving with us means that others will no longer have to go to the loan sharks.
Find out more by visiting the website at www.icccu.coop or by contacting it at info@iccu.coop or 0207 561 1786
Jackie Howard
Ashbrook Road, N19
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