Northumberland Credit Union Ltd

incorporating MorCred

(Morpeth & District Credit Union)

 

and Prudhoe Branch

(formerly Prudhoe Access to Credit for Everyone)

(First registered as MorCred - Oct '03)

FSA Reg No: 219785

News What is a credit Union? About Us Contact Who can join? Forms  

Board Minutes

 

As at end of December 2011 - we have:

478 Members

Total £98,200 in savings

Total £67,200 out on loan

 

Annual General Meeting: Our next AGM is Weds 15th Feb 7 for 7:15pm start at the Morpeth Methodist Church, Howard Road, Morpeth. All members welcome to attend! The papers can be downloaded from the 'Board Minutes' page, including the audited Annual Accounts2010-11 (phew!).

New Paying-In Point in Glendale

From Thursday 19th January - a new paying-in point is operating at the Cheviot Centre in Wooler every Thursday 10:30am-12:30am. The local group who have adopted the name "Glendale Community Savings & Loans" are hoping to cover the whole of Glendale - so give them your support.


Loan Structure

Since we don't do external credit checks but depend on members' savings patterns and loan repayments to establish an 'internal credit rating', the Board has adopted a new loan structure linked more closely to regular savings.

1st loan: up to £100 plus savings repayable in 39 weeks or less - and you need to demonstrate your ability to repay by saving at least £4 a week for eight weeks

2nd loan: up to twice total savings - so it helps to continue saving while you are repaying your first loan.

3rd loan: up to three times total savings

4th loan: up to four times total savings

with the maximum loan now £3000 (up from £2500)


Volunteering Opportunities:

We are looking to set up new paying-in points in Alnwick and Haltwhistle as soon as possible - we've got the locations ready lined up - so and we need a create rota of volunteers to staff them.

We also need more volunteers to help run our existing paying-in points in Allendale, Hadston, Hexham, Morpeth-Stobhill, Pegswood, Prudhoe and Seahouses. We're happy to establish further paying-in points, but need a core of local volunteers to do so. Get in touch if you'd like one set up near you.

 

The Credit Committee decide on loan applications.  They meet 2-3 times a month and work according to strict rules.  At least three people must be present when deciding a loan. 

They also over­see the local loans officers.  Loans officers have the power to make loans up to £1000.

We depend on grant funding at present, but we have just one person working on fundraising. Ideally a small team is needed to look for opportunities, complete applications, monitor grant-spending and write reports for the funders.

 

 

Would you like to become involved in running the credit union? You can offer yourself for election to the Board, or the Credit Committee or the Supervisory Committee. But there are lots of other jobs to be done as well.

The Supervisory Committee is our internal audit.  They cover every­thing from passbook checks to monthly bank reconciliations, and also oversee loans made to Board members. We need at least three people on this Committee.  If you are independent-minded and have some knowledge of audit or accountancy, this is for you.

Our Credit Control team work closely with the credit committee. They monitor overdue loans, and pursue them by telephone and with visits.  If necessary, they take legal action.

Visits are made in pairs and we need both men and women volunteers in this role.

Northumberland Credit Union Ltd is a co-operative encouraging saving and providing low cost loans to members. Membership open to anyone living or working on Common Bond area, which covers the whole county of Northumberland

Affiliated to:

ABCUL (Association of British Credit Unions Ltd)

Registered with:

FSA (Financial Services Agency)

Supported by:

 

   
 

North Eastern

Co-op

Northumberland County Council  
       

 

     
Morpeth Town Council Unity Trust Bank Prudhoe Town Council

We are also by covered by the Financial Ombudsman Service:
South Quay Plaza, 183 Marsh Wall, London E14 tel 0845 080 1800