All Flintshire Credit Union
Bryn Gwalia Collection Point is open every Thursday Morning in: Parkfields Community Centre from 9.30 am until 11.30am. Then at the Club House from 11.30 am until 1.00pm. This collection point is run by Arthur Lloyd Hughes who has been connected with the Bryn Gwalia Estate since 1971. You will see my picture on the front page of this web site. We are a friendly branch of the All Flintshire Credit Union and we do have a private room at both venues where we can discuss matters in private. I assure you that all matters dealt with are confidential and my connection with other groups will confirm that this is so. You are very welcome to come along and have a private chat to see how the credit union works and am sure that I will be able to answer most of your questions, but an answer is only a phone call away. You can put a set amount away each week by standing order and that takes away the worry of getting to pay in your savings each week and your savings will continue to grow. You will be surprised how fast your savings will mount up and don’t forget Christmas is only just around the corner. On the next few pages I have put a lot genuine questions that people have asked about joining the Credit Union along with the answer to their question. Why not read through these questions and I hope that the reply’s may answer any questions that you might have. If you would like to speak to me before you come along you can contact me on 07708658185 Frequently Asked Questions about Credit Unions. What is a Credit Union ? A locally based savings and loans co-operative. What are the objects of the Credit Union ? * To encourage members to save * To provide low cost loans to members * To encourage wise money management Why do I need a Credit Union and how will I benefit ? Almost everybody needs credit at some time or other. The credit union offers you the opportunity to save in a convenient and simple way. Borrowing is confidential, Cheap and carefully regulated so as to be within your means. Who runs the Credit Union? You do. Members elect a Board of Directors or Main Committee at the Annual General Meeting. The Board or Committee are all voluntary, must be members and are responsible for the day-to-day running of the credit union. Has it got anything to do with trade unions or credit agencies? No!! Savings How much and how often do I have to save? There is no minimum; as long as you save regularly, weekly if possibly, or monthly if more convenient; you can save as much or as little as you like up to a total of £ 5,000. Do I get interest on my savings? Yes. The credit union can pay a dividend of up to 8% a year, although it will unlikely to be able to afford as much as this during the first few years. Can I withdraw my savings when I like? Yes. But it is wise to do so only as a last resort. Your savings are your security for the future and the strength of the credit union. You will be helping others as well as yourself by keeping your savings in the credit union and using a loan for necessary expenses. Borrowing Can anyone borrow? Yes, provided they are a member, over 18 and have a good record of saving. How much can I borrow? It will depend on how much you need, what you can afford to repay, and the credit union’s policies. In the early days the credit union will allow small loans, becoming bigger as the union gets stronger. How soon can I borrow? Most credit unions expect you to save about 12 weeks before allowing a loan and any loan will be related to your savings in some way. How much does a loan cost? £100 borrowed over one year will cost you £6.50 in interest (A.P.R. 12.68%). This compares very favorably with any other source of lending. If I already have a loan, could I have another one? Yes, you can have a credit union loan to pay off other debts, or to repay an existing loan. How do I apply and how long does it take? Members complete an application form available at all application points. Help is available if you need it. What decides whether I can have a loan or not? The credit loan committee will usually grant loans to full members, whether or not employed, for any acceptable purpose. All loan applications will normally be processed within one week at which payment will be made. You will be asked to fill in a loan agreement form. If your application is rejected you will be given the reason why. What happens if everybody wants a loan at the same time? This rarely happens, but when there are more loan applications than money to lend, the credit union will usually give priority to smaller loans. Repayments How do I repay my loan? The Credit or Loan Committee will help you work out how much you can carry on saving and how much you are able to pay back on your loan. For example: If you have been saving £3 per week; after receiving your loan, you could still pay £3 but £2 goes towards your savings and £1 towards repaying you loan. This example shows how your savings grow while you pay off your loan. How much do I have to pay back? You will have worked out an amount with the Credit or Loan Committee that will be within the law and within your means. How often? Usually it will be weekly or monthly unless you have made special arrangements. When do I start paying interest? With your first repayment. What happens if I can’t manage the repayments? The credit union is there to help you but you must let someone from the credit union, as soon as possible, if your circumstances change. To be fair to all members, the credit union cannot allow loans to remain unpaid and will follow agreed procedures to recover monies owed. Your credit union can also advise where to get confidential help through the Local Welfare Rights or Debt Counseling Services. Security. Is my money safe Yes. Credit Unions are regulated by the Registry of Friendly Societies and must operate within the law and cover their members against any dishonest acts. Is my business private ’People helping People’. Easiest way to Save. Cheapest way to borrow. Arthur Lloyd Hughes All Flintshire Credit Union Director. Tel: 07708658185 |