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
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
Our volunteers help:
- New members to join (any age - adults, juniors and joint
- 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