A new credit union in Honiton

Article by Transition Town Honiton Steering Group member Sharon Pavey

One of our aims here at Transition Town Honiton is to be more fully aware of the reasons for and the effects of the economic crisis in our local community. We agreed to work as a group to stimulate and initiate actions to increase our communities resilience to those changes. I’m very pleased therefore to announce that the Plough & Share Credit Union is opening a service point in Honiton on Monday June 3rd 2013. I am one of the initial group of volunteers that underwent two days of training last week and I am very excited about just what this means for our town.

First of all though I need to let you know where our new branch is based so you can come and chat to the friendly volunteers about what services this new ‘people’s bank’ offers you. It will be open every Monday afternoon from 1pm – 3pm at the TRIP shop on New Street.

Having a credit union here in Honiton means different things to different people. It means we have the option to use an alternative to the High Street banks. Our Plough & Share Credit Union is Devon wide and is a co-operative owned by it’s members.┬áThe mission of the Plough & Share Credit Union is to work towards the financial inclusion of all (refreshing words in these days of economic chaos!).

You can save with the credit union and you can take out loans at affordable rates – avoiding high charges on credit cards, loan sharks and dodgy payday loan websites that charge up to 4000% ! People who might not normally be able to get a bank account will be able to open a savings account with the credit union and people who might struggle to get a loan may be more likely to find a solution with their credit union (no promises though but the volunteers can help you with your application).

I’m looking forward to setting up savings accounts for the children that they can manage themselves and setting up my own savings account to save for a holiday or special event. We do need more volunteers too – and each volunteer might only do one shift (2 hours) every month so it’s not a lot to commit to. Get in touch if you’re interested in helping sdpavey@gmail.com and please do pop along one Monday afternoon if you’re out and about in town – to say hello and give us some moral support.

 

 

 

2 thoughts on “A new credit union in Honiton

  1. Hello i am the personal banker at Barclays in Honiton i have heard about your great new credit union . In the course of my day to day bussines i have many customer for whom the main stream forms of leanding are not an opption and they find themselfs in a real jam as most are on a low incombe ! Unfortunately more offten than not they go to pay day lenders and get ripped off , it would help me a lot to know a bit more about you and what you can do so i can guild my customers to you appropriately, it would be fantastic if you could spare us some time to come in and give a talk to my team about this ? yours sincerly Richard Henderson 01404 403810

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