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Affordable Personal Credit

Affordable Personal Credit. Irene Smith Nottingham Credit Union irene@nottinghamcu.co.uk. About Nottingham Credit Union. Community Credit Union 6000 Adult members & 1000 Juniors Countywide common bond + 2 Housing Associations £1.5 million in shares £1.4 million in loans

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Affordable Personal Credit

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  1. Affordable Personal Credit Irene Smith Nottingham Credit Union irene@nottinghamcu.co.uk

  2. About Nottingham Credit Union • Community Credit Union • 6000 Adult members & 1000 Juniors • Countywide common bond + 2 Housing Associations • £1.5 million in shares • £1.4 million in loans • Primarily Growth Fund business • 500 payroll members • 3 Shops

  3. Why Work with Co-op Electrical? • To offer our members a viable alternative to BrightHouse, Perfect Homes and other high cost ways of buying goods. • To put more money back in our local economies. • Part of an education process that there are alternatives for people who can’t get mainstream credit • As an income stream – other members buying goods through your website • Local Authorities, Housing Providers and other partners are interested in the scheme, particular product bundles • The Co-op is a natural fit for credit unions

  4. The Credit Union Perspective Opportunities • Partnership working • Save money for members • Another marketing tool • Income from commission Threats • Category A Licence required • Additional paperwork required • Ordering the goods for the member takes time and often they order goods no longer available

  5. How to deal with the Threats • ABCUL have provided a good set of guidance notes • Category A Licence is simple to apply for on line but there can be issues of not understanding credit unions • The paperwork is lengthy and not customer friendly – it might not be so onerous if we can get in integrated into our software. • Ordering – we would like to look at improving the efficiency on ordering

  6. What are our plans • Work out a way to make the paperwork simpler • Try to get some life size publicity for our shops • Training for our staff and volunteers • Encourage our ethical members to look at Co-op Electrical through our website • Promote the bundles and service generally through Housing Providers

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