RSS Feed

Churches urged to support Credit Unions

Archive content
This is a text-only version of an article first published on Tuesday, 7 July 2020. Information shown on this page may no longer be current.

CREDIT Unions in Oxfordshire, Berkshire and Buckinghamshire are appealing for help and support from churches.

Archbishop Justin launches the Clergy Mutual Credit Union.

Keith Blundy/Aegies PR The unions, set up to offer low interest loans, savings schemes and other financial services, were featured in the national media this summer when the Archbishop of Canterbury, the Most Reverend Justin Welby, praised them for their role in deprived areas.

Archbishop Justin also launched the Clergy Mutual Credit Union for clergy and church staff. Speaking on the wider financial crises that has hit the UK, he said: "Historically, the great failures in banking have led to very, very long periods of recession at best.

I would argue that what we are in at the moment is not a recession but essentially some kind of depression.

Problems were created when banks became distant from the communities they served.

At least part of the banking system should be local. " Archbishop Justin has pledged to form a taskforce looking at how the Church can grow the credit union sector.

The Church of England website has a page filled with advice on how churches can support credit unions, stating that while only 13 per cent of people know about their services, up to 60 per cent could benefit from them.

The loans offered by Credit Unions are a viable alternative to pay day loans and can prevent people from spiralling into a cycle of debilitating debt. Archbishop Justin's comments were echoed by bishops in the Oxford Diocese.

The Rt Revd Colin Fletcher, the Bishop of Dorchester, said: "Churches, and individual Christians have a strong record of involvement with Credit Unions over many years. I'm delighted that the Archbishop has drawn attention to the need to grow this provision that so many need and I look forward to seeing that happening here in Oxfordshire over the coming years. "The Rt Revd Andrew Proud, the Bishop of Reading, said: "Credit Unions are something I would like to commit to.

They are a no brainer compared to pay day loans.

I saw similar schemes work really effectively in Ethiopia.

People would save the equivalent of 20p, but they would be saving every week.

I would love to hear stories of how credit unions are impacting and bringing relief to people who may have otherwise taken out payday loans. " Bishop Andrew said he is considering becoming a member of the Reading based Community Savings and Loans Credit Union (CSL).

Beth Rowland, Director of CSL, said she would welcome volunteers from churches, not just those with financial expertise, but others who can help on reception desks and offer marketing and publicity skills.

"Our main office is in Reading but we have 10 or 11 branches in places like Newbury, Slough, Wokingham and Bracknell. " She said the union was preparing to launch a new product - a prepay debit card CredECard which works just like a normal debit card but does not allow a user to go overdrawn.

Retailers offer cashback rewards for use of the cards. "We are also going into primary schools, running savings clubs and introducing children to the idea of saving in a simple way and working with parents, helping them with budgeting and financial intelligence," said Beth, who was planning to meet Bishop Andrew to discuss how the Diocese could work together with CSL. In Oxford two credit unions are planning to merge - the Oxford Credit Union which covers the whole of Oxfordshire and the Blackbird Leys Credit Union , that was set up in the 1990s to serve the community on the Blackbird Leys estate.

Historically the Blackbird Leys Credit Union has had a link with both the CofE Church of the Holy Family and the Sacred Heart Roman Catholic Church, at one time using the Holy Family's premises as a base. Graham Tomlin, of M For Money Credit Union Solutions provides support for credit unions in the Buckinghamshire area.

He said: "The directors of the Milton Keynes Credit Union are already making contact with churches. " Graham said the MK Credit Union was expanding to cover a wider geographical area.

He was also working with the Revd Paul Willis, on a credit union in High Wycombe. The Chair of the Oxford Credit Union, Mark Luntley, will be among guest speakers at a Citizens Advice Bureau forum on September 12.

Oxford CAB is running at the Trading Standards Office, off Ferry Hinksey Road, in Oxford. Click for Church of England advice on supporting credit unions. Click here for Citizens Advice Bureau advice on pay day lenders. Useful phone numbers:Milton Keynes Credit Union: 03030 300147Community Savings and Loans (CSL in Berkshire): 0118 958 5803Oxford Credit Union: 01865 777757 ;

Page last updated: Tuesday 7th July 2020 12:00 AM
Powered by Church Edit