Volunteers needed for a community-based financial service.
Crediton's Plough and Share Credit Union branch is looking for
new people to join our group.
We currently serve 72 users and open up an office in the former
Council Offices in Market Square every Friday afternoon for an hour
and a half. We serve both those wishing to save and borrow and
newcomers wanting to join. We have a volunteer rota of two people
per week to staff it. In between times, users can contact the
Devon-wide headquarters online at www.ploughandshare.co.uk
or by telephone on 01837 658123
Credit Unions aren't just a lifebelt for those struggling to
qualify for high street borrowing. As community-based co-operative,
we can also appeal to those who want to benefit their neighbours
and the local economy.
We are there to provide a financial community. The idea is that
members mutually benefit as there is no profit for third party
shareholders. Low interest rates on loans pay for the
administration and any left over at the end of the year is
distributed as a dividend to members.
Most banks don't bother to offer small loans, under £1,000, and
are not keen on savers of small amounts of just a few pounds a
time. Plough and Share have no minimum amounts, simply encouraging
people to save what they can and to borrow only what they can
afford to repay. Without this facility borrowers can be driven into
the arms of doorstop lenders or payday loan companies who still
have typical APRs (annual percentage rate charged for borrowing) of
These massive interest payments charged by doorstop lenders and
payday loan companies can not only trap borrowers in a cycle of
debt but also remove money that could be circulated around the
local economy to their national headquarters. In the two and a half
years the Crediton branch has been open, a notional amount of over
£76,000 has been saved in the EX17 area alone by loans from Plough
Your savings are just as safe as in a bank as credit unions are
also regulated and covered by the Financial Services Compensation
Scheme up to the same amounts.
So, if you can spare an hour and a half once a month or so
please do get in touch with Sustainable Crediton Members Gerald
Conyngham or Jill Baines at via the contact on the right.
Already convinced and want to sign up straight away?
Then contact Jill Baines via the contact on the right.