Supporters, savers, borrowers and volunteers: Come and try it! Devon’s own Credit Union, Plough & Share, in Crediton

Imagine a Christmas Club but all year round, for any purpose, over any length of time, with any amount, as small as you like, paid in to suit you.  

Add to that a loans service that keeps interest rates right down, does not charge the thousands percent of interest of commercial payday lenders, is not-for-profit and is happily regulated by the Bank of England's Prudential Regulation Authority, and can also be for very small amounts if you like.

Then, picture an organisation that treats all applications sympathetically, with lenders who discuss with the applicant what will make a difference but can realistically be repaid over an agreed period and where repayments reduce the total amount owed right from the start, not just pay off the interest first.

This is the Devon-wide Credit Union called Plough & Share. Crediton has a successful branch, staffed by volunteers. It opens weekly in the Council Offices on Friday afternoons between 1.30 and 3pm. We are an established service in Crediton, operating since 2012. People in the area already have saved £68,000 in loan costs compared to a typical doorstep lender, money which is circulated back into the local economy and benefits the community as a whole.

Crediton District now has almost 100 savers and borrowers with the Credit Union. And we are looking for more.  We are a not-for-profit, with very low interest rates on loans. If there is a surplus at the end of the year, it is shared out equally amongst the members, as a dividend agreed at the AGM.

We need a pool of volunteers to run this service and are currently recruiting more people. There is always an experienced volunteer of the two on per session. Most are on the rota once or twice a month according to their preference. Training is provided. And we are offering those who might be interested an opportunity to sit in on one of Plough and Share's sessions to see if it's for them.

Our volunteers help:

  • New members to join (any age - adults, juniors and joint accounts)
  • Savers to deposit funds
  • People to apply for loans and make repayments

We can also arrange to:

  • load savings on to a card to be used like a debit card
  • Arrange payment of rent straight from Housing Benefit

There is more information on the Plough & Share website or do feel free to speak to us.

Interested?  Come along on a Friday afternoon or contact by email one of our Sustainable Crediton members who are already volunteers e.g.   Gerald Conyngham or Jill Baines or Amy Bright