Loans - Page 3

accymel · 13-01-2007, 17:13

Things is where the difference is why these 'sharks' come into it tho is that a loan is given with out the save bit, some people cant do that initially then once a loan is needed/taken then the money is found at a rob peter to pay paul balance per week - seriously!

You need a washer say cost £159, you have no washer atm & washing in the bath [yes done that a fair few times] you cant really save for 13weeks [3 mnths] then to get the loan, but with the sharks that knock on the door [usually at these timed moments too] who are they going to go with realistically ???? get now not later sort of thing! Even harder to break the mould once u have a regular credit shark - all intentions of not renewing a loan once paid up [bloody something else goes/needs replacing] & hey presto the sales are soon quick to make an offer so tempting - even more on a need basis - thats where they have u by the short & curlies!!

Dont get me wrong Jen the credit union is a good idea, wish that was plugged more as many dont know it exists, but will take up that once i can get my payments down on this lot, one loan finished & yeh i didnt renew & praying nowt i need comes up but mind u have funded myself a bit easier this time.

shillelagh · 13-01-2007, 17:14

I've borrowed this of lancashire county council website:

News : Expansion for credit union

Monday, 7th August 2006
(PR06/0296)

SAVERS and borrowers now have a third Hyndburn venue for their financial transactions.

Credit Union members in the area could formerly save and borrow only at collection points in Clayton le Moors (Willow Close Community Centre; 6.00 - 7.00pm each Friday and the Neighbourhood Management Office in Arthur Street; 10.00-11.00am each Saturday).

A new collection point has now been opened at the Citizens’ Advice Bureau at the New Era Centre on Paradise Street, Accrington. It will operate each Friday from 11.00am to 1.00pm.

Membership of the HHH Credit Union which is based in Haslingden and draws membership from people who either live or work in Hyndburn or Haslingden. It gives access to low-interest loans and the chance to start a regular saving habit.

Lancashire County Developments Ltd, Lancashire County Council’s economic development company, works closely with credit unions across the county as a means of helping people to financial independence.

County Councillor Wendy Dwyer, herself a member of the credit union, said: “Some credit union members are people who are unable to get ordinary bank accounts while others are just those who want to save money and budget their spending in a planned way.

“They can only start borrowing money once they have opened their account, show they have the ability to repay and want to save regularly. There are no hidden charges and the loan interest is based on 1% of the reducing balance at the end of each month. I firmly believe the work of credit unions is keeping people out of the clutch of the door-step lenders.”

The new collection point has facilities for processing deposits, withdrawals and low-cost loans. Payments may be made in cash, cheque, benefit transfers or standing orders.

Bill Greenwood, HHHCU director, added: “The amount that members save does not matter – it is the regularity of saving that counts. From the surplus income generated each year the member receives a dividend which is based on their average savings. Between the existing collection points in Haslingden and Clayton le Moors we have 650 members with a current total shareholding of £172,000. HHH Credit Union is a not-for-profit community cooperative owned and managed by its members.”

“Extending into Accrington will mean more people than ever will now be able to access low-cost loans and an opportunity to help themselves.”
If you would like more information, call in at one of the collection points or ring 01706 215082 for an information pack.

Lolly · 13-01-2007, 17:15

Quote:

Originally Posted by SPUGGIE J

Thats fair enough Lolly but can you pay extra if you had it to bring it down quicker?

My agent has always been brilliant with me. I have my book and I do keep an eye in the amounts. There has been a couple of times that I wanted to pay a bit extra, thats been no problem, i've got a fixed amount that I have to pay back, and shes always just taken it off that.

accymel · 13-01-2007, 17:19

Quote:

Originally Posted by Lolly

My agent has always been brilliant with me. I have my book and I do keep an eye in the amounts. There has been a couple of times that I wanted to pay a bit extra, thats been no problem, i've got a fixed amount that I have to pay back, and shes always just taken it off that.

Yeh thats how it goes with all of them, my agent is good almost a family friend now i've known him that long lol altho mines not provi

shillelagh · 13-01-2007, 17:42

Thank you all for the karma.

Ive talked about credit unions before on here and i didnt know that not many people knew about them.

Sorry for witholding information from you all.

shillelagh · 13-01-2007, 17:53

Quote:

Originally Posted by cherokee

Thats very useful info jen and prob more benificial to people on low incomes ....blackpool could do with something like that..

I think Blackpool do have a credit union. I'll find out for you cherokee

harwood red · 13-01-2007, 17:56

google brought this up cherokee if this is any use, not quite blackpool but seems the closest.

http://www.google.co.uk/maps?hl=en&q...FIiW2wL915iBCg

WillowTheWhisp · 13-01-2007, 18:03

Credit Unions are an excellent idea to compete against loan sharks. Even if you only save a small amount it's worth starting if you've never saved before. The TSB used to be there for the small saver at one time (and the Yorkshire Penny Bank) but once they started to compete with the big banks and floated on the stock market that was the end of what they originally stood for.

SPUGGIE J · 13-01-2007, 18:25

Quote:

Originally Posted by shillelagh

Thank you all for the karma.

Ive talked about credit unions before on here and i didnt know that not many people knew about them.

Sorry for witholding information from you all.

We forgive you.

shillelagh · 13-01-2007, 18:49

Quote:

Originally Posted by SPUGGIE J

We forgive you.

Thank you spug you can buy me a drink at the next meet!

mani · 13-01-2007, 19:15

so if i bought £100 worth vouchers from them

in a yr how much wud i have to pay back? 540?

shillelagh · 13-01-2007, 19:53

By the way credit unions are run by the community for the community. They are not a profit organisation. Any profits after all the expenditure for staff, premises etc are given back to the people who are members as a dividend. Just like a bank who give you interest every year credit unions give you a dividend.

shillelagh · 13-01-2007, 20:00

Quote:

Originally Posted by mani

so if i bought £100 worth vouchers from them

in a yr how much wud i have to pay back? 540?

http://www.providentpersonalcredit.c...alculator.aspx

There you are mani - thats providents loan calculator.

HHH Credit Union only deals in cash. They dont do vouchers.

Ianto.W. · 13-01-2007, 20:40

shillelegh is right credit unions will be the death of the provident, greenwoods, alpha, and the rest of the expensive money merchants, I read in this thread earlier "my agent is like a family friend" they train them to be like that, they laugh their cocks off when they get through the door ,wise up. If you owe money to any parasite , borrow it off a credit union and pay the shark off without interest ,no county court in the land will make you pay any more than the borrowed sum ,never mind their small print. As for credit ratings being affected so what ,if your credit was good you wouldn't need these parasites in the first place.

Less · 13-01-2007, 20:53

Quote:

Originally Posted by mani

so if i bought £100 worth vouchers from them

in a yr how much wud i have to pay back? 540?

Here mani I'll give you the formula and you can work it out for yourself

A simplified formula for working out APR is (1+m)^12-1, where m is the monthly rate.

taken from:-
Calculating Credit Card APR