Carmen Appich

What is East SussexCredit Union?

• A community savings and loans co-operative.

• Owned by its members.• Has ethical objectives.• Regulated by the FSA.• Protected by Financial Services

Compensation Scheme

East Sussex Credit Union

• Established 2000• 3800 members saving• 750 borrowing and saving• 10 part time staff across the

county• More than 40 volunteers

Who are our Members?

• Anyone who lives or works within– The City of Brighton and Hove– The County of East Sussex

• People who wish to save and help the community

• Savers who need to borrow

What Does It Do (1)?

• Provides savings and loan products for all parts of the community.

• Offers an alternative to ‘home and internet lenders’ (Provident, Wonga) and ‘loan sharks’.

• Among the most competitive interest rates for this type of loan (under £5,000) in the UK.

What Does It Do (2)?

• Provides volunteering opportunities – allowing volunteers to gain valuable work experience to help with job search and personal development.

Savings• Have to become a member• Can save regularly or irregularly• Can save via Payroll, Standing Order,

Cheque or Cash (Queens Road office only)

• Maximum of £10,000 per member• Pays an annual dividend• Young savers get interest on accounts• Can have more than one savings

account

Prepaid Cards (Boston Marks VISA Card)

• The new, smart way to withdraw your savings

• Can withdraw regularly or irregularly• £10 one off fee – no card load fees or

charges for cashback or shop purchases• Part of the VISA scheme• Use for internet purchases like any

other VISA debit card• Only available through the credit union

Loans• Loans policy linked to credit and

savings history• Not given if income is less than £125

per week• Competitive interest rates for this

market (£5,000 and under)• Includes a savings element• Repay via Pay Point, Standing Order ,

Cheque, Cash (at Queens Rd. Office only)

Loan Sharks

• Illegal money lenders - no paperwork

• They act as your friend• They charge huge interest rates• They turn nasty if you don’t pay

Report them!• Call 0300555222

Doorstep and Internet Lenders

• Office of Fair Trading registered• Often charge huge interest rates –

Provident APR is 272% (£500 over 52 weeks), Wonga.com more than 4200% APR

• No savings element

Working in Partnership with the Community

• Local Government – City, District and County Councils

• Housing Associations• Community groups• Residents Associations• Money Advice agencies• Employers

Help Points• Run by staff and volunteersIn Brighton & Hove:• Queens Road Office open Monday

to Friday 10 am to 3pm• Portslade Library -Tuesdays 10 am

to 1 pm • Kemptown – St Georges Church

Tuesdays 11am to 1 pm

How You Can Help?• Become a member of the Credit

Union• Provide publicity for the Credit

Union• Volunteer for the Credit Union• Encourage savings• Report Loan Sharks – call

0300555222

East Sussex Credit UnionCommunity Base113 Queens RoadBrighton BN1 3XG

01273 234858info@eastsussexcu.org.ukwww.eastsussexcu.org.uk