News

4th August 2008
Positive changes to credit union legislation
The Economic Secretary to the Treasury, Kitty Usher, has just confirmed a range of changes to the rules governing credit unions that will allow us to offer a much broader range of services to our members. These include:

• Making 'common bond' legislation more flexible - that means that even if you don't live or work in East Sussex you could still join our credit union in some circumstances
  
• Enabling groups and not just individuals to become members - if your community organisation is looking for somewhere to bank that means you could choose the credit union
  
• Allowing credit unions to pay interest on accounts as well as a profit sharing dividend - so we can offer more certainty about the return you could get on your investment with us
  
• Removing the age limit, so that our junior members can also become full members of the co-operative

"These changes will make a real difference to the credit union", commented General Manager, Adrian Davies "We will be able to offer accounts that pay interest to people living outside of East Sussex, including many Housing Association tenants who do not currently qualify for membership."

The legislative changes are expected to be in place by July 2009

7th May 2008
Standing room only at credit union open day!
With more than 60 guests at the credit union's open day on 29th April - it was standing room only in Community Base's conference room.

Guests gathered to hear Guardian journalist, Polly Toynbee, speak about the role of credit unions in tackling poverty. Polly was joined by Claire Whyley from the National Consumer Council who talked about her experience of working on the government's Financial Inclusion Taskforce. The government has been promoting the role of credit unions and East Sussex Credit Union was recognised as being at the forefront of developing the movement to ensure it meets the needs of more and more members.

We will shortly be uploading a video from the open day, together with some quotes from the speeches - but in the meantime you can visit the open day page and view pictures from the event.


25th March 2008
Credit Union Beats the Credit Crunch
(printer friendly version of full press release)
With new high street premises, extra investment by our members and funders together with a rapidly expanding membership - the East Sussex Credit Union is a success story in a time of crisis in the mainstream banking sector. The credit union is co-operatively owned and run, and legally obliged to encourage its members to save rather than borrow.

To celebrate this success writer and broadcaster, Polly Toynbee will be opening the new credit union office in Community Base. "Polly Toynbee has an impressive track record in championing the financially excluded”, says Manager, Adrian Davies, “We were delighted when she agreed to open our new premises."

Since the launch of the credit union, in East Brighton in 2002, the organisation has provided more than a thousand loans to members who would otherwise have had to use a high-interest provider, typically a doorstep lender. By doing so the financial services provider believes that it has saved people on the lowest incomes an estimated £100,000 in interest payments this year alone.  And now the credit union is about to take its first steps into East Sussex .

According to a recent report by the South East England Development Agency, in the South East region there are 209,000 people with no access to credit, 146,000 people were without a bank account, and over 75,000 were unable to make contact with money advice services. The government has recognised this shortfall and is committed to investing £38million in community finance over the next three years.

Head of Consumer Futures at the National Consumer Council, Claire Whyley – who will be speaking at the opening of the new office - commented, “ Credit unions are, undoubtedly, the key to providing affordable credit to people who badly need it, and it's encouraging to see so many stepping up to meet the challenge. ”

The credit union has 2,500 members, one of whom is Graham Hickman who works for the Financial Services Authority and lives in Seven Dials. "Like many people, I want to live in a society which is more equal and inclusive”, says Graham “The credit union offers me an ethical and safe way to save while strengthening the local community.  The credit union is friendly, well run and the credit rates are competitive.  It really is an alternative to banks."

You can find out more about the credit union by visiting our website at www.credit-union.org.uk . But better still, come along to the open day and see the difference the credit union can make - meet our staff, members, directors and network with colleagues.

25th March 2008
We have moved. The credit union has moved to much larger premises right in the centre of Brighton. Just five minutes from the clock tower we are now located in Community Base on the corner of Queens Road and North Road.

You can see our location on a map and find out more about Community Base.

To celebrate our move and expansion into East Sussex we will be running a launch event on Tuesday 29th April at 2pm in the Conference Room at Community Base. To find out more or book your place please email us.

We are introducing a number of new improvements to coincide with the move. These include:

• More information and application forms will be available online

• BACS payments so you will no longer need to come into the office to collect your money

• New Service Level Agreements will be published offering a faster and more efficient service

• Pay Point cards will be extended to savers as well as borrowers

• A new benefits package for members on payroll deduction

• There will be a single and simplified loan application process

10th December 2007
Christmas closing times . The credit union office will be closing at 1pm on Friday 21st December. We will reopen on Wednesday 2nd January at 10am.

Midday on Friday 14th December is the last time we can receive a loan application which could be processed before the New Year.

Midday on Monday 17th December is the last time we can receive a share withdrawal application which could be processed before the New Year.

We would like to wish all of our members a happy holiday and we'll be back in the New Year with a number of exciting developments.

1st October 2007
We are grateful for the support given by the Marit and Hans Rausing Fund which has enabled the credit union to make its first tenantive steps into East Sussex.

From February the credit union will be at the Summerhayes Centre in Newhaven every Wednesday morning between 10am and 12pm. Come and see us!

10th September 2007
Our Annual General Meeting will be held on 1st November . All credit union members will be receiving an invitation to our AGM during September. The membership mailout includes your annual statement and news about volunteering and standing for election as a director.

During the last financial year the credit union's membership increased by 25% and its loan book by over one third. This and other news can be found in our members' newsletter, which is available to download (.pdf, 582kb).

With support from Hyde Housing Association we have made it much easier for members to pay into their accounts by introducing Pay Point cards. These can be used in many post offices and newagents to transfer money into your savings account or repay a loan.

Contact the office if you are an existing member and would like a Pay Point card.

25th March 2007
A credit union for East Sussex. Following agreement by the Financial Services Authority to extend our common bond, people from acorss East Sussex will be able to join the credit union. Our new legal name is East Sussex Credit Union Ltd and we will be trading under the name 'credit union'.

To make sure that we continue to provide an excellent service to our existing members in Brighton & Hove, we will be offering access to the credit union for people in our new common bond area on a roll-out basis.

We are currently looking at ways to establish services in Newhaven and Eastbourne, so watch this space for more information!

Contact the office if you live or work in East Sussex and are interested in becoming a member of the credit union.

2nd October 2006
Instant Loans Launched! Credit Union members can now apply for an Instant Loan as soon as they become members. Typically a £500 loan over a one year period would cost you £62 and would be paid back at £11 per weeks. We charge a standard interest rate of 26.8%APR

Compare that to the Home Credit Industry where, according to Provident Personal Credit's website, a similar loan would be repaid at £15 per week and would cost you £325. That's an APR of 177%.

Members who agree to start a savings plan with the Credit Union may then qualify for our flexible 'Save as You Borrow' loan which is charged at 12.68% APR. A £2,000 loan repaid over 24 months at £95 per month, would cost you £237.

Follow the link to find out more about affordable credit

1st June 2006
The Credit Union has received funding from Comic Relief to help us boost membership and access to Credit Union services in the Queens Park & Craven vale area. Come and see us at 'The Shed' on Tuesday afternoons between 12noon and 2pm.

1st December 2005
A 2.6% dividend on shares held between 1st October 2004 and 31st March 2005 was transfered into members' share 1 accounts today. "As well as being a local service we provide our members with a great financial return" said Credit Union General Manager, Adrian Davies, "not only is our members' money safe, it is being used to positively combat the detrimental effects of poverty in Brighton & Hove."

Credit Unions do not pay interest on savings, instead after meeting our essential running costs our profits are redistributed to our members through a dividend payment. The rate of dividend for April 2005 - March 2006 will be decided by the membership at our Annual General Meeting in September 2006.

To find out more about the East Sussex Credit Union, visit our Frequently Asked Questions page.