New Credit Union opens in Hackney
Bank pledges to help the poorest.
A NEW credit union is open in Hackney just a few months after the previous one closed through financial troubles.
The London Community Credit Union (LCCU) opened in Mare Street on Tuesday January 25 with a pledge to be accessible to all no matter what credit history residents have.
The previous Hackney Credit Union, which stood on the same site, was forced to close in July 2010 by the Financial Services Authority (FSA).
The bank’s financial situation had become untenable and is was losing more money than it was making mainly through people either not paying loans back or not paying them back on time.
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Furious residents were unable to remove their own cash from the bank and had to claim it back through the Financial Services Compensation Scheme (FSCC) which, in some cases, took up to eight weeks.
The new credit union, which currently has over 10,000 members, has been operating without problems in Tower Hamlets for 10 years and is convinced it can support those in need in Hackney.
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Ian Moseley, Chairman of the London Community Credit Union, said: “Some Government reports suggest that up to 40 per cent of Hackney residents could be considered ‘financially excluded,’ and thus subject to exploitation by unscrupulous lenders,
“LCCU aims to help move such lenders out of the Borough by offering accessible and fair financial services. Our strength lies in member-only ownership which fosters our strong service orientation.”
Credit unions are banks run and owned by residents offering bank accounts, low interest loans and other banking tools to people in any financial situation with all profits re-invested in the community.
Cllr Jonathan McShane, Hackney Council Cabinet Member for Community Services, said: “Not only will a credit union help those who are unable to open accounts with the main high street banks, it will hopefully steer people away from unscrupulous money lenders, who basically rip people off. I’d like to welcome the London Community Credit Union to Hackney and we wish them every success in their future here in the borough.”
To learn more about joining the London Community Credit Union, contact 020 7729 9218 and/or email firstname.lastname@example.org