133 lines
8.0 KiB
XML
Executable File
133 lines
8.0 KiB
XML
Executable File
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<cms:item xmlns:cms="http://www.arsdigita.com/cms/1.0" xmlns="http://www.esd.org.uk/standards/esdbody" oid="[com.arsdigita.cms.contenttypes.ESDService:{id=352}]"><cms:name>credit-unions-352</cms:name><cms:language>en</cms:language><cms:title>Credit Unions</cms:title><cms:dublinCore oid="[com.arsdigita.london.cms.dublin.DublinCoreItem:{id=352}]"><cms:name>credit-unions-352-dublin-metadata</cms:name><cms:dcAudience>General Public</cms:dcAudience><cms:dcCoverage>content="99XX" scheme="ONS SNAC"</cms:dcCoverage><cms:dcCoveragePostcode/><cms:dcCoverageSpatialRef/><cms:dcCoverageUnit/><cms:dcDateValid/><cms:dcDisposalReview/><cms:dcLanguage>en</cms:dcLanguage><cms:dcTemporalBegin/><cms:dcTemporalEnd/><cms:dcCreatorOwner>LAWS Project - Starter Kit - http://www.laws-project.org.uk</cms:dcCreatorOwner><cms:dcCreatorContact>LAWS Project - Starter Kit - http://www.laws-project.org.uk</cms:dcCreatorContact><cms:dcPublisher>Tameside MBC - LAWS project - http://laws.tameside.gov.uk</cms:dcPublisher><cms:dcRights/><cms:dcKeywords>credit, unions</cms:dcKeywords></cms:dublinCore><cms:textAsset oid="[com.arsdigita.cms.TextAsset:{id=352}]"><cms:content><![CDATA[<h2>Miscellaneous</h2><span class="gen">email address here</span><span class="gen">phone number here</span><span class="gen">sms phone number here</span><span class="gen">fax number here</span><span class="gen">minicom number here</span><p><i>A Credit Union is a profit sharing, democratically run financial co-operative which offers convenient savings and low interest loans to its members. The members own and manage their credit union themselves.</i></p><hr/><p>
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<strong>The three main aims of
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a Credit Union are:</strong>
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</p><ul>
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<li title="*">To encourage its members to save regularly.</li>
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<li title="*">To provide loans to members at very low rates
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of interest.</li>
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<li title="*">To provide members with help and
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support on managing their financial affairs (if required).</li>
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</ul><h2> What
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are the benefits of a Credit Union?</h2><ul>
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<li title="*">It is an easy and convenient
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way to save and borrow.</li>
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<li title="*">It offers very low cost loans.</li>
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<li title="*">Insurance at no direct cost.</li>
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<li title="*">It's a way to learn new skills.</li>
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</ul><p>Credit unions can provide a focal point for a
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community by bringing people together, to work alongside each other for their
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own benefit and the benefit of the community as a whole with organised events,
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family fun days, quizzes, etc. </p><p>A credit union can help to revive the local economy
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by keeping money in the community. Loans to Members can mean income for local
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shops and businesses.</p><h2>Who
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supports Credit Unions?</h2><p>Churches, Community Groups, National Consumer Councils,
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Citizens Advice Bureau, Trading Standards, Police, Fire, Taxi Drivers, Local
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Authorities, etc.</p><h2>How do they work?
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</h2><p>The members make regular savings, as little or
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as much as they wish. These savings then form a common pool of money from
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which loans are made to members. When members have been saving for a certain
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period of time (usually about 12 weeks) they can apply for a loan from the
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pool. Interest on the loan is charged at only 1% per month on the monthly
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reducing balance. 12.68% Annual Percentage Rate (APR). </p><h2>
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<strong>Who
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can join a Credit Union?</strong>
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</h2><p>People who join a Credit Union must belong to
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what is called a "Common Bond". This could be that you reside in a specified
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area, or you work for a particular employer or that you are a member of a
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club or association. </p><p>Credit Unions welcome everybody from within the
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Common Bond regardless of income, employment status or age. </p><h2>How
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do you join a Credit Union?</h2><p>If you wish to join a Credit Union but are unable
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to visit in person, the Council will arrange for a representative of the
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Credit Union Office to contact you. Please complete
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the <strong>
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<a href="/ccm/services/pid.jsp?pid=forms/352a">on-line
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form</a>
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</strong>. <span class="gen">link to online form</span>
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</p><h2>How
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much do I have to save?</h2><p>Whatever you can afford
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- £5 a week, £1 a week, 50p a week. The only requirement is that
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you save regularly.</p><h2>Will
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I get interest on my savings?</h2><p>As a Credit Union grows it may declare a dividend
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at the end of the financial year. It can pay a dividend of up to 8% a year,
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although it will be unlikely to be able to afford as much as this during
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the first few years. </p><h2>How soon and how much can I borrow from the
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Credit Union?</h2><p>Most credit unions expect you to save regularly
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for about 12 weeks before allowing a loan and any loan will be related to
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your savings in some way. </p><p> The amount you will be able to borrow will depend
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on how much you need, what you can afford to repay, and the credit union's
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policies. In the early days the credit union will allow small loans, becoming
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bigger as the credit union gets ber. </p><h2>Security</h2><p>Credit Unions have to be registered with the Financial
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Services Authority (FSA). </p><p>They are covered by the Credit Union Act 1979. </p><p>They are independently audited. </p><p>They are regularly monitored by the FSA. </p><p> Your business is private in the credit union
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because all members and Officers who have access to personal information
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must act in a confidential manner at all times.</p><h2>Are
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they Insured?</h2><p>They are insured against
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fraud and theft. </p><p>They provide life and loan protection insurance
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at no direct cost to the member payable to a nominated beneficiary. </p><p>The life savings insurance means that if you die,
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your beneficiary can receive up to twice the value of your shares. </p><p> The loan protection insurance covers the amount of your loan outstanding. </p><h2>Where
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do Credit Unions exist?</h2><p>In most of the world, credit unions are well established.
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Starting in Germany 150 years ago they spread throughout Europe, to North
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America, Canada, Asia and to Ireland. One third of the adults in Ireland
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are members of a credit union. Credit unions are steadily increasing throughout
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the UK both in communities and the work place (eg. Police Force, British
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Airways, Fire Service, local authority
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employees etc.). </p><h2>Community
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and Employee Credit Unions in the Area</h2><table width="90%" cellpadding="5" class="centre" summary="Community and Employee Credit Unions in the Area">
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<tr>
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<th>Name and Address </th>
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<th>Hours of Business</th>
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<th>Venue</th>
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</tr>
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<tr>
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<td>
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<span class="gen">enter details</span>
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</td>
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<td>
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<span class="gen">enter details</span>
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</td>
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<td>
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<span class="gen">enter details</span>
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</td>
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</tr>
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<tr>
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<td>
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<span class="gen">enter details</span>
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</td>
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<td>
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<span class="gen">enter details</span>
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</td>
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<td>
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<span class="gen">enter details</span>
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</td>
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</tr>
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</table><h2>Other
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Credit Union Sites</h2><ul>
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<li title="*">
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<strong>
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<a href="http://www.abcul.org/">The Association
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of British Credit Unions (ABCUL)</a>
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</strong>
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<span class="gen">link to external website</span>
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</li>
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<li title="*">
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<strong>
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<a href="http://www.aicu.co.uk/">The
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Association of Independent Credit Unions (AICU)</a>
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</strong>
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<span class="gen">link to external website</span>
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</li>
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<li title="*">
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<a href="http://www.nacuw.org.uk/">
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<strong>National Association of Credit Union Workers</strong>
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</a>
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<span class="gen">link to external website</span>
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</li>
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</ul><span class="gen">email address here</span><span class="gen">phone number here</span><span class="gen">sms phone number here</span><span class="gen">fax number here</span><span class="gen">minicom number here</span><span class="gen">postal address here</span><h3>
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<a href="/ccm/services/pid.jsp?pid=352"> Applications for services
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(352)
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</a></h3>]]></cms:content></cms:textAsset></cms:item>
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