• Welcome to the LegalBeagles Consumer and Legal Forum. Please register to get the most out of the forum. Registration is free and only needs a username and email address.
  • LegalBeagles® is a free forum, founded in May 2007, providing legal guidance and support to consumers and SME's across a range of legal areas.

    Please do not post your full name, reference numbers or any identifiable details on the forum.
  • A free service which provides vulnerable consumers the ability to record their personal circumstances at a given point in time when they are looking to protect themselves against further debt or related financial problems. This is done either by self-exclusion from credit and financial promotions or to slow down the credit application process.
    Vulnerable consumers can register for FREE


    Check if the Debt Collection Agency/Debt Purchaser contacting you is using the VRS register.


New credit union to help the hard-up

  • Filter
  • Time
  • Show
Clear All
new posts

  • New credit union to help the hard-up

    New credit union to help the hard-up


    Last updated: 01/11/2009 19:48:00

    People across Norfolk denied access to high street bank accounts are being offered a financial lifeline following the expansion of the county's credit union services.

    From today daily life is set to become easier for thousands of disadvantaged residents who are penalised by financial exclusion, thanks to the launch of a special bank account open to all.

    Norfolk County Council has provided £150,000 to fund the tie-up with Norfolk Credit Union - becoming the first council in the region to help set up a current account for residents.

    The account will allow salaries, pensions or benefits to be paid directly into it; access to cashpoint machines; setting up of direct debits and standing orders; VISA debit payments in shops and online and a cash back facility.

    Users will have to pay 98p a week to use the account, but should still save money because monthly direct debits are usually 10pc cheaper than other ways of paying for utilities.

    Daniel Cox, leader of Norfolk County Council, said: “Having listened to how residents, businesses and partners felt we could most effectively help people in Norfolk through the recession, we decided that the establishment of the Norfolk Credit Union Current Account would make a huge difference to the lives of a large number of people across the county.

    “People who can often least afford to be paying higher rates for goods and services, simply had no choice to do so - having to pay higher upfront rates.

    “They also had a host of other issues that come with not having a bank account - ranging from gaining employment other than cash-in-hand, to the security aspect of having to store their cash, and of course carrying it before paying for goods. They are also totally excluded from the benefits of on-line shopping that many of us take for granted.

    “This should now be a thing of the past. A one pound membership fee and one pound deposit is all that's needed to join Norfolk Credit Union and get the account started.”

    Around 19pc of people in England do not have a bank account, with Norfolk believed to mirror that rate, and upfront cash payment is the only way of life - often meaning they have to incur higher charges and interest when paying for services in cash, as well as having to store and carry cash.

    It is also much more difficult to get a job without a bank account, with very few employers operating a cash-in-hand environment.

    Alan Squirrell, President of Norfolk Credit Union Ltd, said the County Council funding coupled with extra cash from other public sector partners, would help in its ongoing fight against loan sharks and illegal lenders.

    “We already know that we are hurting these lenders,” he said. “We want to drive them out of Norfolk. They charge vastly excessive rates of interest to people who can least afford it. A Credit Union can provide the most cost effective option. The more people that use us, the better we will be able to serve everyone in the community.”

    Members of the public wanting to find out more information about the Norfolk Credit Union Current Account, or any other Norfolk Credit Union products, should contact 01508 533842 or email info@norfolkcu.co.uk

    How credit unions can help you - see Money Matters in Saturday's EDP.
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Received a Court Claim? Read >>>>> First Steps

    If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page

    Find Solicitors offering fixed fees on our sister site - JustBeagle.com

  • #2
    I joined my nearest credit union a number of years ago. At that time, to get a loan from them you had to keep the same amount as the loan in one of their savings accounts. That kind of negates the purpose of getting a loan because you might as well use the cash you have - at least you wouldn't be paying interest. I was then told by them that they were closing my account because I didn't have enough money it. Their loan interest rates were noticeably higher than banks, but obviously they were appealing to people who couldn't get a bank account. So overall, not a good experience and I haven't looked at the credit union industry again.


    View our Terms and Conditions

    LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

    If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.

    If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.




    Help and support with all issues related to finances. If you’d like information on sources of free, regulated, debt help and advice you can visit the Money Advice Service. It's an independent service, set up by the government to help people make the most of their money.
    See more
    See less

    Court Claim ?

    Guides and Letters

    Search and Compare fixed fee legal services and find a solicitor near you.

    Find a Law Firm