ࡱ> UWT 6bjbj 4P.&&{{{{{<,V yyyyh~ $8"$L{hh{{yy "{y{yVy :% & 0V 1x&%&%&%{V &%& A: Credit Union resources for churches What is a credit union? Credit unions are not-for-profit financial cooperatives. They offer similar services to banks, including savings accounts, loans, and a range of other services to help their members to save and manage their money responsibly. Unlike banks, credit unions are owned and controlled by their members the people who use them and run for their benefit. Volunteer directors are elected from the membership and any profits are shared between members. The emphasis is always on providing the best service to members, not on maximising profits. Each credit union has a common bond, which determines who can become a member. This common bond may be for people living or working in the same area, working for the same employer, or belonging to the same association, or a combination of these. Credit unions have a number of clear aims and values, including: Encouraging members to save, as well as borrow; Offering loans at fair and reasonable interest rates, taking into account what people can afford to repay Training and empowering members to use money wisely and make informed choices about their finances Using members savings efficiently and for the mutual benefit of members and the local community Credit unions are authorised and regulated by the Financial Services Authority and all money invested in a credit union is protected up to a total value of 85,000 per member. What can churches do to support credit unions? Fact finding If you havent already done so, the first step is to find out about your local credit union. Over 90% of the British population is able to join a credit union because of where they live, so the chances are that there is at least one covering your parish - click here to find out. Arrange to visit one of their branches to find out what services they offer and think about becoming a member yourself. Find out who the directors are and arrange a meeting to find out what their plans are and how the church might be able to help. Are there any connections with the work formal and informal that your parish is already doing in the community? Awareness-raising Lack awareness of credit unions is one the main factors holding back their growth. Only 13% of people know about the services provided by credit unions, yet 60% of people say they would benefit from their services. You can help by publicising the credit union among your congregation and the wider community. Credit unions are particularly keen to encourage more payroll saving, so use the churchs networks in the local community to get the word around to local employers. Explain why it is important for church members and others to support their credit union both the practical and theological reasons. If you can encourage your Bishop to sign up and invite the local media along, this can provide excellent (and free) publicity for the credit union, as well as setting an example for the rest of the Church. Credit unions need to be able to attract a broader cross-section of members including those with money to invest and those who wish to borrow larger, longer term loans - so publicise the benefits as widely as possible. It is important that credit unions are not seen as the poor mans bank if they are to thrive. For those on higher incomes, the local, ethical focus of credit unions can make them an attractive investment at least for part of their savings. Many credit unions will match bank rates for larger loans and they have been indentified by Experian as the best in the UK market for loans up to 2,000. Returns on savings can often exceed what is available on the high street. For those on lower incomes or who are struggling financially, credit unions provide a much cheaper, more sustainable alternative to doorstep lenders, payday loans, and other sources of high-cost credit. Invest in your local credit union Most credit unions can now accept corporate members, so you could ask your PCC to consider investing some of the churchs money in your local credit union. Attracting investment from local organisations adds to the credit unions credibility in the eyes of the community, as well as increasing the amount of money available for on-lending. Subordinated loans, where money is committed for at least five years, count as valuable capital and can be a good way to support the credit union. Deferred shares also count as capital, they are transferable but not repayable, so can be traded among other members. Use of church premises Although most of the larger credit unions have their own branches, many credit unions use a network of community buildings libraries, schools, community centres and churches - as access or collection points. If there is not already an access point in your neighbourhood, then think about whether you could offer your church premises. The ideal venue is a secure room in an accessible location. Some access points provide information and field membership enquiries. Others provide a full range of services, where members can deposit savings, apply for loans and make repayments. Typically, collection or access points are open for one or two mornings a week and staffed by trained volunteers. Your credit union may be able to help with set-up costs and training for your volunteers, but you may have to fund some of this as part of your churchs community work. Having a group of willing and able volunteers is also crucial (see below). Volunteers and skills One of the things that churches can offer is access to a large pool of motivated and skilled volunteers. If you are setting up as an access point, then you will need a group of committed, reliable volunteers. Look for people who are numerate, able to fill in forms, empathetic and able to listen. You may be surprised at who offers to help, including people with little connection to the church, but who share your vision. You will also need someone to lead and coordinate the project, ideally someone who understands the bigger picture and can help to develop the project. In addition to this, there may be people in your congregation with professional skills that could be very useful to the credit union: in IT, marketing & communications, fundraising, volunteer management, as well as banking and finance. Helping to strengthen the governance of credit unions, through becoming an elected director, is crucial to the future development of the sector if it is to compete effectively with commercial service providers. Clergy Mutual Credit Union There are also advanced plans to establish a credit union for Anglican clergy and staff. Case study: Team Parish of Louth, Lincolnshire Runs a collection point or sub-branch of Lincolnshire Credit Union. Open one morning a week in the Trinity Centre a modern building with a worship space at one end of the building and a community centre at the other. Plans to open for a second morning session, in partnership with a local furniture recycling project, which is run by another local church. They have between 130-150 members and 10 volunteers. In one of the poorest neighbourhoods in the country (among the 25% most deprived on the governments IMD scale) About 2 years ago, Peta Hill, the churchs community worker became aware that lots of people in the community were making use of doorstep lenders and payday loan companies and wanted to help people to escape the cycle of debt: Its about the community helping itself, facilitated by the local church. She started by publicising the credit union in the local community, using the churchs connections with the local housing association, the district council, and the local industrial estate. Four months later, they opened a sub-branch in the church building, where people could join the credit union. Very quickly, this became a full access point, where members can now deposit savings, apply for a loan, and make repayments. The centre also hosts a multi-agency drop-in for housing and debt advice, who are able to cross-refer people to the credit union. Peta runs the access point with the help of 10 fantastic volunteers, drawn both from the congregation and the wider community. New volunteers are given a three-hour training session, which she delivers herself: Its not just about money. Our volunteers listen to peoples stories, recognising the humanity behind the problem, and signpost them to other local services if appropriate. They operate a rota system, where volunteers work in pairs, and one of each pair is on duty for two weeks, allowing continuity. One of the volunteers has recently joined the credit unions steering group at her encouragement: churches should be part of the vision-making process. Support from the church is very important, too. For example, one of the churchs paid administrators handles all the finances. The church also provides the building free-of-charge and pays for the community workers time. In their case, one of the challenges has been the finances. They dont receive any financial support from the credit union, and have had to cover all the costs themselves out of small local grants, such as from the local Rotary club. Tips: Research it thoroughly beforehand Think carefully about the best credit union to link up with if there is a choice one that is well-resourced and well-governed. Partner with other organisations. Involve the wider community.  Facts and statistics There are nearly 400 credit unions in the UK with assets of nearly 1 billion. Over 1 million people are members of credit unions. The aim is to double this by 2017 as a result of the Credit Union Expansion Project. The sector is growing fast, but is still relatively small by comparison with some other countries, such as Ireland where 70% of the population are members of credit unions, compared with less than 2% in the UK. More than 90% of the British population is able to join a credit union because of where they live. Others are eligible through their employer. Credit unions have been shown to be best value in the UK market up to about 2,000, and many will match bank rates for higher value loans as well. Around the world there are 56,000 credit unions serving 200 million members in 101 countries Further resources You can search by town or postcode at HYPERLINK "http://www.findyourcreditunion.co.uk"www.findyourcreditunion.co.uk to locate your local credit union. If you need assistance, you can phone the Association of British Credit Unions Ltd (ABCUL) on 0161 832 3694. The ABCUL website at HYPERLINK "http://www.abcul.coop"www.abcul.coop providers more information on credit unions. JRF research summary on credit and debt in low-income families HYPERLINK "http://www.jrf.org.uk/sites/files/jrf/credit-debt-low-incomes-summary.pdf"http://www.jrf.org.uk/sites/files/jrf/credit-debt-low-incomes-summary.pdf Seeing Change: A course for Churches on Faith and the Financial Crisis (Contextual Theology Centre/ Church Urban Fund) HYPERLINK "http://www.theology-centre.org.uk/wp-content/uploads/2013/04/Guide.pdf"http://www.theology-centre.org.uk/wp-content/uploads/2013/04/Guide.pdf Seeing Change: Guide to holding a Money Talk (Contextual Theology Centre) HYPERLINK "http://www.theology-centre.org.uk/wp-content/uploads/2013/04/062_Seeing-Change-Money-Talk.pdf"http://www.theology-centre.org.uk/wp-content/uploads/2013/04/062_Seeing-Change-Money-Talk.pdf Collection of essays on usury and other issues highlighted by the financial crisis (Credit Crunch: A Call to Action) HYPERLINK "http://www.theology-centre.org.uk/wp-content/uploads/2013/04/01_merged.pdf"http://www.theology-centre.org.uk/wp-content/uploads/2013/04/01_merged.pdf Guardian article on the Archbishop of Canterburys challenge to payday lenders HYPERLINK "http://www.guardian.co.uk/money/2013/jul/25/church-england-wonga"http://www.guardian.co.uk/money/2013/jul/25/church-england-wonga #$%067=  =?esHefgijrz{EHQWY!ŽŹŵŹŵɠɘhgh9hPhphn%~5hph5 h./5hhhphhh{rhn%~hphp5h[h[>*h./h[h./>* h./>* h>*hhZ5hh57$%=! [ T / ghi{R+,N & Fgd./gd./!S/4;UYpsy=@QU_cqxz` *+,N 5 !B̼̤hK\hDhe+he+5h'Ohhhh:Rhh5hphh} he+hPhhghh_hh9h96h9h~T?S~rs!!!!!-"q"r" # #####=$>$d$IfgdP=l gd1gdl*BCDOXy|RSf6}deqrs}/DFN3 !!!!!#!*!G!L!!!!ûïïïóóóÿ h15h~h_hh hl*h hre h 5hb~Uhb~U5hhhe+h~Th9hb~UhhLkhD^hK\hDhT#@!!!!!!! ","-"###=$?$S$^$$$$$$%!%#%$%M%N%n%o%|%%%%%-&1&&&&&&øøxjxhVhV56B*phhB^hVB*phhVB*phh8tB*phhhB*phhB*phhB^hB*ph hP=hhP=h:B*phhP=hB*phh./hz8>*h./h[>* h1>* h7h1h1B*ph h15h7h15)>$?$o%'<*,, , ,/,ppU & Fd$IfgdP=l d$IfgdP=l gd?gdgdVhkd$$Ifl## t0644 lalytP= &&&&''d't'z'''''(>(G(q(r(s(y((((()!)&).))))*;*<*W*\*e*k*l****++L+T+V+\+a+h+y+++++++++,,ƾƾƾܳܨh:B*phh?B*phhB^h?B*phhB^h8tB*phhVB*phhB^hVB*phhB^h./B*phh./B*phh8tB*phhB^hB*phhB*ph<,, ,,,,,,,,,,,---<-]-_----./I/J////;0<0ŽŒ~sksgc[P[Ph1h~B*phh~B*phh1h_h'`QB*phhHMh'`QB*phh~h'`Qhbh_h[>*h_h_>*B*phhB*phhB^h?B*phhB^hVB*phh8tB*phh?B*ph hP=h?hP=h./B*phhP=h?B*phhP=h?5B*phh./B*ph/,0,,,,,,,,Lhkd$$Ifl## t0644 lalytP=d$IfgdP=l  & Fd$IfgdP=l d$IfgdP=l ,,,,,-_--.J//<0=0O0Y1122(3344M55@66gdgd1gd'`Qgdbgdgd?<0=0N0O0u0v00000X1Y1n1o11111122e2f222(3)3{3|33344x4y444M5N55555@6A666666 h'`Qh'`Q h10Jh1h'`Qh-Nh~0JhN>_jhN>_Uh~ h[>*h[h[>*h[121h:p;8. A!"#$% $$Ifl!vh5##v#:V l t065#alytP=$$Ifl!vh5##v#:V l t065#alytP=j 666666666vvvvvvvvv666666>6666666666666666666666666666666666666666666666666hH6666666666666666666666666666666666666666666666666666666666666666662 0@P`p2( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XV~ OJPJQJ_HmH nH sH tH J`J ?gINormal dCJ_HaJmH sH tH DA`D Default Paragraph FontRi@R 0 Table Normal4 l4a (k ( 0No List @@@  List Paragraph ^m$t`t  Table Grid7:V0 dRR 0 Balloon Text dCJOJQJ^JaJN!N 0Balloon Text CharCJOJQJ^JaJ6U@16 ~0 Hyperlink >*B*phPK![Content_Types].xmlj0Eжr(΢Iw},-j4 wP-t#bΙ{UTU^hd}㨫)*1P' ^W0)T9<l#$yi};~@(Hu* Dנz/0ǰ $ X3aZ,D0j~3߶b~i>3\`?/[G\!-Rk.sԻ..a濭?PK!֧6 _rels/.relsj0 }Q%v/C/}(h"O = C?hv=Ʌ%[xp{۵_Pѣ<1H0ORBdJE4b$q_6LR7`0̞O,En7Lib/SeеPK!kytheme/theme/themeManager.xml M @}w7c(EbˮCAǠҟ7՛K Y, e.|,H,lxɴIsQ}#Ր ֵ+!,^$j=GW)E+& 8PK!0C)theme/theme/theme1.xmlYOo6w toc'vuر-MniP@I}úama[إ4:lЯGRX^6؊>$ !)O^rC$y@/yH*񄴽)޵߻UDb`}"qۋJחX^)I`nEp)liV[]1M<OP6r=zgbIguSebORD۫qu gZo~ٺlAplxpT0+[}`jzAV2Fi@qv֬5\|ʜ̭NleXdsjcs7f W+Ն7`g ȘJj|h(KD- dXiJ؇(x$( :;˹! I_TS 1?E??ZBΪmU/?~xY'y5g&΋/ɋ>GMGeD3Vq%'#q$8K)fw9:ĵ x}rxwr:\TZaG*y8IjbRc|XŻǿI u3KGnD1NIBs RuK>V.EL+M2#'fi ~V vl{u8zH *:(W☕ ~JTe\O*tHGHY}KNP*ݾ˦TѼ9/#A7qZ$*c?qUnwN%Oi4 =3N)cbJ uV4(Tn 7_?m-ٛ{UBwznʜ"Z xJZp; {/<P;,)''KQk5qpN8KGbe Sd̛\17 pa>SR! 3K4'+rzQ TTIIvt]Kc⫲K#v5+|D~O@%\w_nN[L9KqgVhn R!y+Un;*&/HrT >>\ t=.Tġ S; Z~!P9giCڧ!# B,;X=ۻ,I2UWV9$lk=Aj;{AP79|s*Y;̠[MCۿhf]o{oY=1kyVV5E8Vk+֜\80X4D)!!?*|fv u"xA@T_q64)kڬuV7 t '%;i9s9x,ڎ-45xd8?ǘd/Y|t &LILJ`& -Gt/PK! ѐ'theme/theme/_rels/themeManager.xml.relsM 0wooӺ&݈Э5 6?$Q ,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-![Content_Types].xmlPK-!֧6 +_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-!0C)theme/theme/theme1.xmlPK-! ѐ' theme/theme/_rels/themeManager.xml.relsPK] . P!B!&,<06 !#$'>$/,,6"%&u(((n)))*e**(+{++,x,,M---@....XXXXXXXL# AA@0(  B S  ?_GoBack..SW.| ""Y)).3333`Xֱ-z"7gu^`OJPJQJ^Jo(-^`OJQJ^Jo(o p^p`OJQJo( @ ^@ `OJQJo(^`OJQJ^Jo(o ^`OJQJo( ^`OJQJo(^`OJQJ^Jo(o P^P`OJQJo(^`OJPJQJ^Jo(-^`OJQJ^Jo(o p^p`OJQJo( @ ^@ `OJQJo(^`OJQJ^Jo(o ^`OJQJo( ^`OJQJo(^`OJQJ^Jo(o P^P`OJQJo( ^`OJQJo(^`.pp^p`.@ @ ^@ `.^`.^`.^`.^`.PP^P`.`X-7g`) 7        @ʅ                 @?V9} T#j#R(l*e+./T/6z8kK;??gIb$J'`Qb~UXD^N>_reghLki`pqrEwn%~l ~T~D :R_8thK\p;8['O{r{>Z~PbP=:1..@.`@UnknownG* Times New Roman5Symbol3. * Arial7.{ @Calibri5" Tahoma?= * Courier New;WingdingsACambria Math"qhm'm'L'T'T20..:HX  $P2!xx Tom SeftonRosey_2   Oh+'00x   ( Tom SeftonNormalRosey_22Microsoft Office Word@F#@T@@'՜.+,D՜.+,, hp|  T.  Title P,\t _PID_HLINKS_AdHocReviewCycleID_NewReviewCycle_EmailSubject _AuthorEmail_AuthorEmailDisplayName_ReviewingToolsShownOnceA*^Ahttp://www.guardian.co.uk/money/2013/jul/25/church-england-wongaznZKhttp://www.theology-centre.org.uk/wp-content/uploads/2013/04/01_merged.pdfzxY ^http://www.theology-centre.org.uk/wp-content/uploads/2013/04/062_Seeing-Change-Money-Talk.pdfz48 Ghttp://www.theology-centre.org.uk/wp-content/uploads/2013/04/Guide.pdfzJJhttp://www.jrf.org.uk/sites/files/jrf/credit-debt-low-incomes-summary.pdfzvfhttp://www.abcul.coop/z&http://www.findyourcreditunion.co.uk/zmCredit unions(terry.drummond@southwark.anglican.orgTerry Drummond  !"#$%&'(*+,-./023456789:;<=>?@ABCEFGHIJKMNOPQRSVRoot Entry FPl/ XData )1Table1>%WordDocument4PSummaryInformation(DDocumentSummaryInformation8LCompObjy  F'Microsoft Office Word 97-2003 Document MSWordDocWord.Document.89q