Credit Union Growth in West London Soars

Published by Graham Tomlin for Credit Union Solutions Ltd in Housing and also in Central Government, Communities, Education, Health, Local Government

Increased membership, increased lending and improved recovery of bad debt have all positively contributed to increased growth in M for Money, Ealing and Thamesbank Credit Unions.

Across the six boroughs served by the three credit unions, over 400 members have been added. Over £800,000 has been loaned to members and over £12,000 has been recovered from bad debtors.

Payroll deduction agreements have been made with six councils, two PCTs, three Registered Social Landlords, one co-operative, one private company and one hospital.

All three credit unions have introduced new web sites which enable potential members to join on line and existing members to apply for a loan or share withdrawal as well as download a mini statement.

The Legislative Reform Order that has been placed before Parliament will enable even faster growth and credit unions to reach a much wider audience. Notwithstanding the LRO, M for Money Credit Union have plans in hand to extend their common bond outside of London.

Graham Tomlin CEO of Credit Union Solutions the administrators for the three credit unions in question said.

“This growth has been the result of consistent hard work which has been focussed on doing the basic tasks as efficiently and effectively as possible. We have paid particular attention to bank reconciliation which has sometimes been a problem given the variety of payrolls and methods of payment. Our staff have been tenacious in attending to bad debts and our recoveries have been magnificent over recent months.

We are now developing the outreach facilities in the areas where our payroll deduction facilities are most concentrated with a view to increasing lending and, as with M for Money Credit Union, selling the Cash ISA.

Employees have really taken to the interactive web sites and transaction times are being reduced all the time.”

For more information about Ealing, Thamesbank and M for Money Credit Unions visit the following web sites:

www.ealingcreditunion.org  www.thamesbank.org  www.mformoneycreditunion.org