Basingstoke Office opening times

The Basingstoke office will be closed for one week from Wednesday 15th February until Wednesday 22nd February.

Members can email enquiries and requests to info@usal.org.uk

The text service will operate as normal.

Isle of Wight Credit Union Merged With United Savings & Loans

The merger between The Isle of Wight Credit Union and United Savings & Loans (Hampshire Credit Union) presents a real opportunity for Islanders to boost their finances and contribute to the Island economy.

The need for this merger has never been greater. With an adult population of over 1 million Hampshire & the Isle of Wight have the lowest business density in the region. Parts of Hampshire and the island have disposable household income significantly below the national average. All 7 areas in the region with employment below the national average are along the Solent.

With a combined membership of over 8,000 the new Credit Union will expand it's range of services including Saving Accounts, Affordable Loans, Payroll Deductions and access to Current Accounts on the Island.

The Isle of Wight Credit Union will retain their branding and local identity (under the wider United Savings & Loans umbrella) and opening hours at the Newport office will be extended.

Geoff Brown the credit union General manager said, I'm really looking forward to forming strong partnerships with organisations across the island and making a positive contribution to the Island economy.

For further details contact

Alastair.webb@usal.org.uk

Marketing & Communications

Cashback Facilities

Using the Credit Union Current Account our members are able to get cashback facilities from a wide range of stores including the Co-op, major supermarkets and even Weatherspoons.  For further details on our current account please refer to the section on the website.

Extended Hours For Our Southampton Members

Hampshire Credit Union is continuing to expand its services across Hampshire. In reviewing how we deliver these services to our members we are extending our service in the Southampton area. Due to the high level of demand the credit union will offer services from the following locations effective Monday 30th January:-

Monday 9.30am - 3.00pm

Central Local Housing Office, 100F St Mary Street, SO14 7FL

Tuesday 9.30am – 2.30pm (Appointment only basis)

You can still contact us via email, text and phone. For information about credit union accounts during opening hours please email the head office on info@usal.org.uk. We are also able to offer a text based balance service by texting BALANCE (your membership number & account password) to 07537404480.

Barnardo’s calls for credit union services to be made available through the Post Office

A report from the respected children’s charity, Barnardo’s, has highlighted the plight of low income families forced to take out high cost credit agreements and calls for credit union services to be made available through the Post Office network.

The report, A Vicious Cycle: The heavy burden of credit on low income families, analyses the impact of high cost credit on low income families and provides shocking examples of how the poorest often pay most with one high-profile weekly-payment, rent-to-own store charging in excess of £1704 for a standard fridge-freezer compared with £430 for the same item at a well-known highstreet electrical retailer if paid for in cash.

The report identifies credit unions as key to ensuring a fair deal for those on a low income, stating: “Barnardo’s believes that now is a critical time for the future of the credit union movement. The DWP is due to announce its intentions on the modernisation programme for credit unions [...] and has already stated that it would ideally like to provide access to credit unions over Post Office counters.

“Making credit union services available through Post Offices could dramatically increase access to affordable credit, safe savings and other financial services for millions more people. This would mean that customers could walk into any of the 11,500 UK Post Office branches and join their credit union. [...] This should now be translated into a firm policy commitment with detailed timescales for implementation. The Post Office is one of the few organisations with the geographic coverage to be able to reach low income customers and offer a credible alternative to expensive, doorstep credit.”

Online Balance Enquiries are back

We have now resolved the problems with our online balance updates.  

Should you require up to date balance information for your current account please email us at

info@usal.org.uk

Or use our text balance service from your phone

Simply text BALANCE, your membership number and your account password to 07537404480

e.g. BALANCE13088 Password555......... then send to 07537404480

We will then text you back balances of all your accounts.

Remember if you have any specific account requests or need extra help you can always email usinfo@usal.org.uk

*Please note that the text balance service is only available during office hours from Monday to Friday. This service is text only, calls made to this number can not be made but you may be charged by your service provider for making them.

Review of Paypoint Charges

The credit union is charged 44 pence each time members use their Paypoint Card. Obviously this is not cost effective for small transactions and some members are regularly paying £5 or less. To reduce the charges paid by the credit union we will no longer be able to pay the cost of transactions for deposits of less than £50. Should you wish to continue making payments into your account using the Paypoint Card please be aware that from Monday 9^th January 2012 all deposits of less than £50 will have the 44 pence transaction charge deducted from the deposit.

Alternatively you can make payments into your membership account as follows: -

· Set up a standing order to your account using your membership number as a reference number.

Sort Code: 08-92-50 Account Number: 67008249

· Come into your nearest branch to pay money into your account by cash or cheque (Please note that as we are not a clearing bank it takes 10 days to clear a cheque with the credit union).

Should you have any questions in relation to this please feel free to email (info@usal.org.uk).

International Year of Credit Unions 2012

United Nations General Assembly has declared 2012 the International Year of Cooperatives (IYC). The designation serves to highlight the contribution cooperatives have had in reducing poverty, creating jobs and promoting social integration. The theme for the International Year of Cooperatives 2012 is Cooperative Enterprises Build a Better World.

Follow news via the IYC Forum http://www.woccu.org/events/iyc2012/iyc_forum?p=rss&xmllang=en

Pay weekly and Replace your Carpets with Rainbow Carpet Warehouse

Rainbow Carpet Warehouse has teamed up with United Savings & Loans to help people on stretched incomes to replace their carpets. They offer a fast and friendly service bringing samples to your door.

New carpets fitted throughout the house will lead to energy efficiency savings helping to keep those heating bills down in the coming winter months, bringing some real welcome savings. To apply for finance customers can pick up an application from Rainbow Carpet Finance.

Robert said “Working together with the credit union will allow families to save money both on the installation of carpets whilst also allowing them to spread the cost over a period of months, a luxury many people don’t have as they are unable to get credit anywhere”. A £300 package would be £6.51 a week and would be paid off after a year

Alastair from United Savings & Loans said, ”The credit union is run by local people for local people, so this kind of initiative is something we really support. If we can help local business as well as our members then we will really make an economic impact in the local community”.

For further details of this scheme please take a look at the credit union website or speak to Robert Briggs on 07859 887 697

New Text Service*

Sometimes it is difficult to get through to us on the phone, so after listening to your suggestions we have set up a Text Balance Service.

Simply text BALANCE, your membership number and your account password to 07537404480

e.g. BALANCE13088 Password555......... then send to 07537404480

We will then text you back balances of all your accounts.

Remember if you have any specific account requests or need extra help you can always email us info@usal.org.uk

*Please note that the text balance service is only available during office hours from Monday to Friday. This service is text only, calls made to this number can not be made but you may be charged by your service provider for making them.

Debt Advice from CCCS

Your debt advice guide

· Are you spending more than you earn?

· Are you worried about affording your bills?

· Are you often well into your overdraft?

Increasing numbers of people are finding themselves in difficulty with debt. If you feel that you are losing control of your finances, it is imperative that you seek free debt advice straight away.

A debt help charity such as Consumer Credit Counselling Service (CCCS) will provide you with advice that is totally confidential and free.

Start managing your money

Making sure you know where your money is going is so important to regaining control of your finances. Keep a note of everything you purchase for a month to work out exactly where your money is going. You will quickly identify those areas where you are spending more money than you need to.

Use cash rather than cards and you will find that you are better able to limit what you spend.

Can you earn more?
Earning just a little extra each month can make a big difference to your financial situation. Here are a few suggestions:

· Get a second job

· Take on some overtime

· Get a lodger or charge adult children some board if they are living at home

Solutions with more structure
If your debt situation is more serious, you will need a more structured approach. We strongly recommend that you seek professional debt advice before proceeding with a structured debt solution. Make sure you consult a professional, free debt help provider to find out more about the options available to you. There is no need to pay for debt advice when charities like CCCS can give you the help you need for free.

Here follow short summaries of just some of the debt solutions available:

Bankruptcy
Bankruptcy is for those people who will never be able to repay their debts within a reasonable time. To qualify, you must be insolvent - this means that you owe more in unsecured debt than you own in assets. You will also have to pay fees of £600. Bankruptcy writes off all your unsecured debts. However, you will be subject to many restrictions and may have to give up your assets. Make sure you get professional advice before deciding on this route.

IVA
An individual voluntary arrangement, or IVA, is for those owing more than £15,000. It is organised through an Insolvency Practitioner. An IVA allows you to pay affordable payments towards your debts for a five-year period; you may also have to pay a lump sum. After these five years, the remainder of the debt will be erased. Creditors owning at least 75% of your debt must agree to the IVA for it to go ahead.

Debt management plan
A debt management plan (DMP) is arranged and managed by a third party. Debt charities like CCCS can arrange your DMP for free, but many debt management companies will charge you for the same service. With a DMP, you will pay an affordable, monthly amount to the third party who will distribute it amongst your creditors.

Start today
There are some positive actions that you can take immediately to prevent your situation from getting worse. Make sure you stop using your credit cards and don’t extend your overdraft limit. Also, avoid taking out any loans secured against your home and do not consolidate your debts.

Get professional debt advice
Get debt counselling today and start working your way towards a debt free future. CCCS has a free online debt counselling service, Debt Remedy, which will give you instant advice tailored to your circumstances and a personal budget to help you start to take control of your money. Visit www.cccs.co.uk for more free debt advice.

Financial Services Compensation Scheme

Important information about compensation arrangements.

We are covered by the Financial Services Compensation Scheme (FSCS).The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations.

Most depositors – including most individuals and small businesses – are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000).

The £50,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.FSCS.org.uk or call 020 7892 7300 or 0800 678 1100.

Now on Facebook and Twitter

Our Facebook page continues to grow.  If you are not a friend already, join us today and keep up with events at the credit union.  You can also follow our Twitter Feed @USALCU for information and advice for all our members.