REAL LIVES Credit unions


Find out more about Unite’s Credit Union Service


www.unitetheunion.org/ creditunion/


and more about London Capital www.credit-union.coop/


BY RAE PASSFIELD AND HAJERA BLAGG


Find outmore HERE Credit control Unite credit union networks can help you sort your money


At a time when 3.2m people are facing severe debt and wages continue to limp behind the ever increasing cost of living, Unite’s credit union service is offering a lifeline of support, money management and effective saving methods that promises to take the fear out of finance.


Unite rep Gavin Dudley is someone who is all-too familiar with the debt crisis wreaking havoc on the UK – but he’s found a way out.


“My life used to be very different,” says Gavin. “By the end of the month I would have to go to the pawnbrokers, or apply for a payday loan just to put food on the table. As the only breadwinner in my family, I found it really hard to make ends meet, and of course there was no way I could ever afford to save.


“It becomes a cycle of debt and worry that leaves you feeling sick,” he added. “The bank doesn’t care about you; it’s all short-term solutions that damage your finances and health in the long run.”


Unite member Martin Groombridge, is chief executive of credit union London Capital. The credit union helps turn people from being borrowers to being savers explains that there’s nothing inevitable or unchangeable about being deluged by problem debt.


He said that through debt consolidation, credit unions can help people halve their debt payments.


30 uniteWORKS Spring 2017


“Most of our members go from being borrowers to savers in four to five years,” he noted.


Gavin, who now helps members get access to Unite’s credit union services, says “everything changed” for him when he joined a credit union. I signed up and started paying in to a savings account and based on that I can borrow money at a reasonable rate and even set up a repayment plan that works for my circumstances,” he said.


Nick Brown, who is in charge of Unite’s credit union scheme highlights the benefits. “The credit unions offer a service where members can access credit at an affordable rate, as well as offering an effective method of saving,” he said.


“The interest rates with credit unions are fixed, and while perhaps slightly higher than the banks, it won’t threaten your household or security. Compared to the obscene 3,000 per cent APR lenders, it really is a breath of fresh air for people.”


Martin agrees. “Credit unions have independent specialists who are there to help,” he says. He is especially proud of the partnership his credit union has with Unite – many of London Capital’s members are in Unite – and referred by Unite reps.


See also pages 32 and 33 for a special crossword prize for London Capital Unite members


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36