Our Annual A.G.M.

I'ts that time of year again, time for our first A.G.M. since becoming Somerset Community Credit Union, as it is reviewing the past years events it is largely going to be about Taunton & West Somerset Credit Union and Bridgwater & District Credit Union. All of our members should have received invites by now, if not you can still come along to

North Petherton Community Centre, which is close to St Mary's Church (see map)

The fun starts at 7:30 pm on Monday 19th February, our guest speaker this year is Kevin Chorley who works for Sedgemoor Citizens Advice Bureau.

Hope to see you there

Have you heard the News? Two Local Credit Unions Have joined forces to create the Somerset Community Credit Union

Bridgwater & Taunton Credit Unions agree to merge

 

You are invited to join us

Bridgwater & District Credit Union and Taunton Deane & West Somerset Credit Union (Moorvale) were both originally registered in 1998 and after growing steadily over the last 19 years, their members have decided to join together from 1st October 2017. The new Somerset Community Credit Union now offers its services to anyone living or working in Somerset or North Somerset.

To join you can come along to one of our collection points or to one of our offices, and join for a £2 fee (so long as you have 2 forms of I.D.) or you can join online via our new website where it will cost a £4 one off fee. Once you have been saving regularly for a while, you become eligible for low-cost loans.

What is a Credit Union?

The Credit Union movement in the UK has grown steadily since the 1960’s. Currently there are 424 registered Credit Unions in the UK. For anyone looking to save and/or borrow they offer a great alternative to the national banks, and a much cheaper means of getting credit than through any doorstep or Payday lenders. Many Credit Unions offer loans to members who have saved with them, even if they have been turned down by the banks. The funds used belong to Credit Union members who have saved and invested for the longer term, and in most years they are rewarded with a dividend which can be comparable to other financial investments.

For further information our Bridgwater office can be contacted on 01278 447100 email: info@somersetccu.uk  and the Taunton office can be reached on 01823 336425 email: taunton@somersetccu.uk

Taunton & Bridgwater Credit Unions Merged

It's a new dawn for both the Taunton & West Somerset Credit Union and also the Bridgwater & District Credit Union as they officially merge on 1st October 2017 to become the Somerset Community Credit Union. At the same time their new enlarged common bond will cover the whole of Somerset and North Somerset, which means that anybody who lives or works within these boundaries are eligible to join

Loan Shark cash to encourage new Credit Union savers

Just to make it clear – this is an old post from earlier in the year (May 2017) and the promotion ran out the end of August. We are hoping to be paying out our new members who took part around the middle of November 

A new incentive has been launched by Bridgwater & District Credit Union to encourage residents to start saving and make them aware of the dangers of borrowing from illegal money lenders. The England Illegal Money Lending Team (IMLT) are working in partnership with the Credit Union to raise awareness of the dangers of borrowing from illegal money lenders, more commonly known as loan sharks. A joint initiative will see the team use proceeds of crime money, confiscated from convicted loan sharks, to sponsor new credit union accounts.

The first 50 Somerset and North Somerset residents to join Bridgwater & District Credit Union between now and August, and save for 3 consecutive months will be rewarded with a £25 savings boost straight into their account.

Just click here to join Bridgwater & District Credit Union, contact us on (01278) 447100 or email bridgwater.cu@gmail.com or visit us in person at one of our collection points.

People are urged never to use loan sharks who may refuse to tell the borrower how much they owe or how long they will be repaying for, or the APR rate. Often they do not give paperwork and loans will just keep growing even if the borrower is making regular payments. These criminals may appear friendly at first, but resort to violent, threatening and extreme methods when payments are not met.

Nationally, Illegal Money Lending Teams have secured more than 370 prosecutions for illegal money lending and related activity, leading to nearly 318 years’ worth of custodial sentences. They have written off £71.9 million worth of illegal debt and helped over 26,500 people.

To report a loan shark:

TERMS AND CONDITIONS:

To be eligible for this incentive, and to receive the £25 bonus, you will need to;

  • Save a minimum of £10 per month, each month, for the first three months from opening your account (at least one payment each month)
  • Have an income of less than £26,000 per annum
  • Only one application per household (on a first come first served basis)
  • Agree that information regarding your membership (not your name) can be passed to the Illegal Money Lending Team, who are running and funding this incentive to raise awareness of the dangers of loan sharks.