Credit Union

the savings & loans co-operative

Putting People Before Profit

We at the Credit Union are pleased to offer a range of affordable credit to people from
every conceivable background, but our main objective is to encourage people to save so they
dont have to borrow. Encouraging more people to take out loans is an extremely profitable
business for others in the financial services industry. Recent research from the UK Government
suggested that almost a third of adults could not get 300 of savings together if they were
faced by an emergency. This shows the scale of the problem and explains why people are forced
into the hands of unscrupulous lenders. Join us, save more and borrow less.

Multiple Savings Accounts

We want to encourage
people to save rather than
borrow. Having looked at
the reasons people give
for borrowing from us we
have created a number of
named savings accounts.
You can now choose from
the following:

Birthday Savings
Christmas Club
Dental Costs
Funeral Savings
Home Improvements
Housing Deposits
Pets & Vets

Wise Words

We liked the following two quotations which we thought

make a nice philosophy for leading a good life:

Credit Union

the savings & loans co-operative

Birthdays

Holidays

Household Electricals

Car Costs

Funeral Plan
Medical Costs

Home Improvements Season Tickets

Education Costs

Dental Costs

Housing Deposits

Christmas
Pets & Vets
Computing

It doesnt need to cost that much!

Car Costs
Computing
Education Savings
Holiday Savings
Household Electricals
Medical Costs
Season Ticket (i.e. sport or travel)

You Can Win 50

It was eagle eyed Maxine McDonald who

spotted the deliberate mistake in the
previous Winter Spring newsletter. Some
errors always sneak into our newsletters, so we blame
the gremlins. We know that we are not perfect and that
some mistakes will always happen, so we will continue to
make a little fun out of it. If you can spot a mistake in this
newsletter, email us with details to info@credit-union.
coop with the subject title Mistakes Competition. The 25th
person correctly spotting our deliberate mistake will get
a prize of 50 added to their credit union account. Read on
carefully and have the dictionary to hand! Strangely, not
that many enter normally so you have a really good chance
of winning. Give it a go.

It is health that is real wealth, and not

pieces of gold or silver.
&

Live as if you were to die tomorrow. Learn

as if you were to live forever.
Mahatma Gandhi - Mohandas Karamchand
Gandhi was the preeminent leader of the Indian
independence movement in British-ruled India.

Engage VISA Cards

We work with a partner that

provides a contactless Visa
card thats an ideal alternative
to expensive credit cards. Have
your Saver Loan credited to
your card account and have all the
flexibility of your Visa flexible friend but at low credit
union borrowing rates. If you have outstanding credit card
balances, why not think about clearing the sums with our
Saver Loan and using the Engage Visa card as a cheaper
alternative?
You can apply for a card using the form in the members
secure area of our website at www.credit-union.coop.

Newsletter

Issue 17 - 2016

Recycling

Apparently the average

household disposes of two
wheelie bins of food waste each
year. If this food were used and
not wasted it would save the
equivalent of enough energy to
power a fridge for a month.

Poverty & Life Expectancy

The huge difference in life expectancy between rich

and poor areas has been described as the biggest human
rights abuse, especially in a developed country like ours.
Recent figures from the London Health Observatory
found the gap in life expectancy between those in
Londons affluent and deprived wards is now nearly 25
years. Separate analysis by The Equality Trust discovered
that the gap in life expectancy in different areas of the UK
has increased by 41 per cent for men and 73 per cent for
women in the last 20 years. (Source: The Independent, Sept
2015)

Scheme for Independent

Retailers

We offer local independent businesses the opportunity

for customers to access our low cost credit to buy
higher cost items, avoiding the use of expensive credit
cards. By providing access to an ethical and affordable
source of credit to customers, we help stores compete
against large national or multinational retailers and help
customers pay less for credit.
If you own a retail business and would like to find out
more, please email: ceo@credit-union.coop

Breakfast & Health

Having a good breakfast is an important part of being

healthy. Research shows that eating a good breakfast
can help us control our weight because it gives us the
energy we need until lunchtime and helps us cut down on
snacking through the morning. Why not add some fresh
fruit to your cereal with some semi-skimmed milk to give
you a good start to the day?

Separation, Divorce and Debt

The link between divorce, separation and problem debt

is a proven one. Struggling with debt causes arguments at
home and relationships suffer. Relationship breakdown is
also a major cause of problem debt too. The Credit Union
has helped many people work through debt problems
arising from such circumstances, but we prefer to help
people avoid the problems by having savings to fall back
on or by avoiding the problems in relationships by seeking
help. Relate is the UKs largest provider of relationship
support, and every year they help over a million people
of all ages, backgrounds and sexual orientations to
strengthen their relationships. You can find out more
about this amazing charity and the work they do by
visiting www.relate.org.uk.

New Salary Savings Schemes

Linklaters LLP and University
College London Hospital
Two more employers have linked up with us to provide a
payroll deduction savings scheme to their employees. One
is the large City of London based law firm Linklaters, and
the second the University College London Hospital. Both
employers are proud of their role in trying to look after
their employees and see this scheme as an additional
benefit of working for them as well as a way of supporting
the wider community.
These schemes allow employees to have savings or
loan repayments deducted directly from their salary.
This increases the number of people starting to save
and provides access to low cost credit as and when its
needed. Increasingly employers are working with us on
such schemes. They recognise that a workforce that is
financially sound is also good for business and the wider
community. If you know anyone who works for these
organisations, why not tell them about our Credit Union?
If you are an employer, why not offer the same service to
your staff?

Compare & Contrast

Almost half the people in the world live on less than 2

per day. (Source: Global Issues)
The richest 62 people in the world have a combined
wealth of over 1.2 trillion. (Source: Oxfam)

One shopping chain that is thriving in recession-hit

Britain is Brighthouse, the hire-purchase firm selling TVs,
furniture and white goods through its 243 stores and
online. It already has over 200,000 customers paying
for goods by weekly instalments - and it reckons it can
reach five million more. Brighthouse is highly profitable
for a number of reasons. It uses a unique product-

coding system which makes it difficult for customers

to compare prices with those of rival retailers. Often it
is made compulsory for customers to have insurance,
and sells its own expensive cover. The warranty-type
service agreements can almost double the overall cost
of a product. Brighthouse lends customers the money
to pay for all the above at a rate of 30% apr compared
with the Credit Unions typical rate of 12.7% apr. Before
being tempted by these rent to buy schemes, check
out our website www.credit-union.coop and the link to
Co-operative Electrical for a cheaper and more ethical
alternative. Let your friends know about this scheme too,
it could save them a great deal of money.
(Source - Daily Mail Online)

Volunteering - Meet
Zana Puzanskaja

Why I Joined - Credit

Union is Just the Ticket

Brighthouse & Rent to Buy

Zana came to the UK to seek work

after the company she worked for in
Lithuania closed leaving her and her
husband without an income. She told
us that people can gain a lot from
volunteering with the Credit Union. I
joined the Credit Union as a volunteer at the end of July 2015
because, although I had a paid job, I wanted to do something
useful as well as practicing and improving my English. Now
I dont have that language barrier and I am better able to
speak and write in English, including with those people like
me with such a wide range of different accents.
Working as a volunteer has given me the opportunity to
develop. The credit union has provided a lot of training and
my colleagues have helped me to provide excellent service
to our members. I would recommend others to volunteer
because it is an excellent opportunity to learn new things, to
develop skills and to enjoy communication with people like
me with a wide range of different accents.

Contact Us

If you would be interesting in volunteering for us, find out

more on our website www.credit-union.coop/working with
us

Accessing Your Accounts

Increasingly our members are accessing their
accounts through our website. These numbers will
continue to grow now the website is adaptable for
use with smartphones and other mobile devices. You
can also get balances or forms by email and we will
soon be adding additional phone lines.
Register for online access yourself at
www.creditunion.coop
Its easier than you might think.
Try it!

Neville Lobo has been a member of the

Credit Union for over 10 years and in that
time has used its services to both save and
borrow. Says Neville, I joined the Credit
Union a very long time ago, long before it
became as big and successful as it now is.

Neville works in Barnet as a mailroom officer and until his wife

became pregnant he says he had not had any problems with
other lenders. When my wife had to stop work we only had one
income coming in for a while. I tried to juggle my finances, but
unfortunately it led to me creating a bad credit history for myself.
Luckily for Neville by becoming a member of the Credit Union
he was able to get a loan and start saving at the same time. The
most recent loan I took out was in 2014, he says, to cover a trip to
Hollywood for my son who was chosen to go to America to learn
how to become a better actor. Because of my past credit history
I wouldnt have been able to get a loan elsewhere, and the Credit
Union really helped me and my son.
Neville says that the service he receives from London Capital
Credit Union is excellent. The credit union staff and volunteers
are always so helpful and they always listen to their members and
help them keep their finances in order.

Opening Hours

Monday to Wednesday 09.30 hours to 17.00 hours

Friday 09.30 hours to 17.00 hours
Office CLOSED to visitors on Thursdays for accounting, internal audit
and training but open for telephone enquiries.
All forms that members need are available on our website
www.credit-union.coop and you can apply for membership,
request a savings withdrawal, apply for a loan, or get a loan
quotation at any time of day or night.
Jeremy Hopgood Rooms, Caxton House,
129 St Johns Way, London, N19 3RQ
Tel: 0207 561 1786 | Email: info@credit-union.coop
Web: www.credit-union.coop

Interns - Spring 2016

We continue to provide work experience to overseas

interns looking to gain practical work experience in the UK
financial services industry. They have worked on a range
of projects that greatly help our members by developing
and promoting our services. This spring we had another
international mix. A big thank you to Irati and Johann for
their valuable help and best wishes for their future career.

Did You Know? - Credit Unions

Around the World - Canada

L to R Irati Asategui, Basque Country of Spain,

and Johann Gerdts, Texas, USA.

Meet the Board Jon Colclough

Jon has been involved with the

Credit Union since 2013, initially
as a member of the Supervisory
Committee which carries out
internal audit functions. He worked
for the Financial Conduct Authority,
the industry regulator, for three years until the end of
2015 before moving on to become a lawyer specialising in
company and commercial law.
He said: I got involved because I support the principles
of the credit union movement: people co-operating in their
communities to create a democratic, ethical alternative to
the banks.

Register for Online Access

Our website has an easy to use loan calculator that

allows you to clearly check the cost of our loans and
make comparisons with other lenders. Check it out at
www.credit-union.coop You can join online, set up savings
accounts, apply for a loan, even sign the loan agreement,
all on your PC or smartphone.
Credit Union, Jeremy Hopgood Rooms, Caxton House,
129 St Johns Way, Archway, London N19 3RQ
Telephone: 020 7561 1786 | Fax: 020 7272 8192
Email: info@credit-union.coop
Web: www.credit-union.coop

There are over 300 credit unions across Canada

serving 5.5 million members. That is nearly one in five
Canadian adults who belong to at least one credit union!
Their stated focus is on strengthening the economy,
keeping money in the pockets of their members, helping
communities prosper by putting people before profits. The
UK is playing catch up, but catch up we will. Watch this
space

Protect Yourself Against

Identity Fraud-Remember Your
Membership Number

Help us to help you by having your membership number

to hand when you get in touch with us. We insist on having
your number, not because we are awkward, but to protect
your account from identity fraud. Having your number
ready speeds up access to your account and prevents
others from waiting. We know its not always easy to
remember numbers, so we have created a text facility to
get your membership number if you forget it. Simply text
MyBalance to 60060 and you will receive a text with your
membership number and account balances, any time day
or night.

We are on Facebook

Join us, like us, and post your comments

Follow us on Twitter

@LdnCreditUnion

Secure Savings | Ethical Investments | Low Cost Loans

Young Savers Accounts | Profit Sharing Dividends
Authorised by the Prudential Regulation Authority and regulated by the Financial
Conduct Authority and the Prudential Regulation Authority.
Firm No. 214094 | Reg. No. 513c
Credit Union, the savings & loans co-operative
is the trading name of London Capital Credit Union Ltd
Registered Address: Credit Union, Jeremy Hopgood Rooms,
Caxton House, 129 St Johns Way, Archway, London N19 3RQ