Extract from the magazine
 May 2005

CREDIT UNION

by Tim Watson

Sale Credit Union is celebrating its tenth birthday this year. The Credit Union has served the local community effectively over that time and helped relieve many people’s financial worries. With over 400 adult members, the majority based on the estate, the Credit Union is a widely used and widely supported organisation. Original accounts as to how the Credit Union was formed are patchy but there seemed to be something of a coalition of the willing made up of the local Catholic Father, Steve’s predecessor Ross Garner and a hardy group of local residents who were passionate about being rid of loan sharks. From these humble beginnings the Credit Union rose up like an eagle, high above the clouds of people’s expectations. Well, no, actually, to be fair, the Credit Union grew slowly but steadily to its current numbers.

The Credit Union has always relied on volunteers to maintain itself. There are numerous volunteers who act as collectors on Monday mornings and Thursday evenings. There is an active board of directors who are involved with various aspects of the daily running of the Credit Union such as, chasing up delinquent loan repayments, credit committee, junior credit union, treasury and development.

Some members of the Credit Union use it to obtain reasonable and flexible loans; others primarily use it as a savings account. A common misunderstanding about Credit Unions is that all members have loans. This simply is not true. Some members are only interested in saving.

Currently there are around 50 junior members of the Credit Union. A large number of these junior members come from Cherry Manor Primary School where they take part in a savings club with certificates and gifts.

As well as offering savings services and loan services to adults and a branded saving scheme to junior members, the credit Union is also committed to providing opportunities to deliver money management courses. In conjunction with SWCC the Credit Union has established and led numerous money management courses. Most of these courses have been aimed at adults seeking to return to work and been administered with Sale West’s job club, the Phoenix Centre. This wider cooperation with the community goes further still. Two courses have been run for year 10 pupils at Ashton on Mersey school. From April the Credit Union and SWCC will be running a money management course at the Firs Primary School for any parents with financial difficulties.

Not only does the Credit Union provide an annual dividend on savings and reasonable loan interest rates it also provides money education to those who need it.

Recently the Credit Union was visited by Graham Brady MP and Councillor Dan Bunting. Graham Brady took time from his increasingly busy schedule to find out what the Credit Union was about.

For more information about Credit Unions in general visit the Association of British Credit Unions (ABCUL) at www.abcul.org. For more information about joining or volunteering at Sale Credit Union please contact Tim Watson.

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