Don's Column

Islwyn credit union

Don Touhig MP is encouraging people to save by joining Islwyn Community Credit Union, which offers savings accounts and small loans to its members.

Members pay in as much as they want on a regular basis and after a few months become eligible for loans at a low interest rate.

The loans come out of the total pool of money saved by members and the interest on the pool is returned as a dividend – it really is that simple.

There are no administrative fees and no penalties for early repayment of loans.

The primary aim of the credit union is to take practical action against poverty. Credit Union members act as cashiers making decisions on loans and raising funds.

The union is a safe place to invest your money. It is regulated by the Financial Services Authority, like any bank or building society.

Customers are also covered by the Financial Services Compensation Scheme which acts as a final safety net.

Don says: ‘All too often people end up paying out far too much when they borrow money because unclear contracts do not make it obvious how much they will have to pay back.

‘Islwyn Community Credit Union offers friendly advice and as it is owned by members it works in the interest of everyone.’

To become a member of the Islwyn Community Credit Union please call (01495) 222832.