ST ALBANS DISTRICT

CREDIT UNION



Web site and design ©St Albans District Credit Union 2011

WHY DO WE NEED A CREDIT UNION IN ST ALBANS?

The Credit Union has now loaned out over £1,000,000, most of which has been already repaid/recycled for further lending. Some loans have been to encourage and support the development of sole trader business, for which we obtained a very helpful grant through the District Council, but most loans are made to ease difficulties caused by our credit system. The current system encourages some to overspend on credit cards and bank loans, yet forces other small borrowers to resort to doorstep lenders who can charge between 100% and over 1000% (yes, one thousand per cent) APR interest.

Just some examples where we have helped are:

“I just wanted to say how grateful I am to everyone at the Credit Union for all that you do.  When I first took out my loan with you I was up to my eyeballs in high interest debt, only being able to make minimum payments I was being charged hundreds of pounds every month in interest and the debt would have just escalated out of control. 
As life goes, the washing machine would break, Christmas would come and as I could not even afford the expected I had to keep borrowing more when the unexpected came, it was a downwards spiral.  Since consolidating my debts with a loan from you I now have a light at the end of the tunnel.  As I only make one payment each month I am financially much better off, my car, all the items in my house, Birthdays, Christmas etc are paid for in cash.  I now plan ahead with my money and if I can not afford it I do not have it!! I know that I will be 100% debt free by early next year and as I have also been putting money into savings I know that what ever life throws at me, I will be prepared and will never be in that situation again.  You lend a valuable lifeline to people in desperate need and providing they work with you to better themselves, you literally transform lives!! 
 
Please feel free to quote any of this in newsletters, on web sites etc so that maybe I can be an example to others in the same situation. 
  
 A grateful CU Member”  (August 2011)

I moved to St Albans from Devon to take up a new job but when I lost it I was homeless and unable to afford accommodation.  St Albans Credit Union  helped me ………..

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