MANA

Credit Union

News

MANA Credit Union is still growing. Access to our services has improved considerably. This has been a key factor in our growth; we now have a customer service point in Cockermouth at the Methodist church on Lorton Road, Thursdays 12pm till 1:30pm.

In Wigton we have moved from the market hall, and have kindly been given space at the Home Housing office on King Street, open Mondays from 9:30am till 11am. We have a customer service point at the Ewanrigg Community Centre, Maryport, open on Tuesdays from 1pm till 2pm. Our Main office hours have been extended, and we open at Wood Street, Maryport on Tuesdays, Wednesdays, Thursdays and Fridays 1:00p – 2:30pm, and at Silloth, Town Hall, Wednesdays 12.30 – 1.30pm.

The number of MANA Credit Union loans has increased considerably over the last couple of years. These are at a 1% interest rate, on a monthly reducing balance. In order to access a Credit Union loan, members must join and save for 8 out of a 10- week period.

We offer Handy Loans; there has now been a total of more than 2000 Handy Loans made by the 7 credit unions in Cumbria, with a combined value of over £800,000. (and still growing) If people had accessed these loans through doorstep lenders, it is estimated that the money generated by way of interest and capital repayments would be in excess of £1,300,000 (£1.3million pounds), flowing out of the community This money lent through the credit Unions remains in the local economy and benefits local people in the local area.

These loans are payable at a 2% interest rate on a reducing balance, applications are processed through the Handy Loans team based at Stoneleigh, Workington. Telephone 01900 607550. Handy Loans are subject to credit checks and an interview.

Handy loans have enabled us to help combat the doorstep loan companies and loan sharks, which have hugely inflated interest rates. The table below shows the repayment schedule for a typical loan amount.

Calculation date of 17th January 2010

Credit Union Loans and Handy Loans are also a great alternative from banks loans, whose customers can only apply for quite large amounts, often more than they need, Credit Union and Handy Loans are paid back through the credit union, and members are encouraged to save at the same time.

With the aid of funding from Cumbria Community Foundation, and the leader project we now have funding to help secure our future, enabling local people to have access to our services and get a better understanding of our aims and ideals. We will attempt to establish collection points in as many locations as possible, enabling a community-led service set up and run by local volunteers, which will provide better access our services, (savings and low cost loans) without members having to go to the doorstep lender.

We are fully insured and work under strict FSA laws and guidelines, it must not be forgotten that we are a NON-PROFIT organisation; all savings are completely safe, all loans are insured, and we will not pass on any debt to your next of kin. To become a member, all you need is two forms of ID and a £1 joining fee, it does not matter about your credit rating; we want to help you with low cost loans and a secure way to save.

To improve our services further, we would like to set up a collection point in Flimby. I am looking for two volunteers to run a Flimby collection point; Full training will be given, volunteers will learn a little about basic book keeping, be a part of a growing business, and have the opportunity, to meet new people, learn new skills, and make a difference to the local community. This will give you the opportunity to extend your CV. This may make it easier to obtain employment if that is your aim. We need more volunteers for our Maryport office, so if you feel you have something to give and a couple of hours spare, please contact our office on 01900 816111, or come in and speak to our Development officer, Justine Lewis or our Secretary/training officer Mary Beaumont. Or email manacredit@hotmail.co.uk.