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Tel: 0141 445 0022 Fax: 0141 440 2294
We aim to please
Our members have reacted favourably to the changes made to our loan policy at the start of the month, with applications flooding in.
But as this email to the credit union staff from member Marilyn King confirms, they are just as happy to see our levels of customer service haven't altered at all.
Marilyn wrote: Would just like to take the opportunity to thank you for all your help
Really appreciate all the help and assistance and common sense approach I received. I have experience in banking myself, so I know what it can be like at times and there is no-one more demanding than the public.
Please keep up the good work.
Thanks Mariliyn, we do aim to please.
All change ... as we cut the cost of loans
The first step in a major overhaul of your credit unionís operations swings into gear today - 2nd April 2013
We have SLASHED the cost of larger loans for our members; made it easier for new members to obtain their first loan and relaxed the restrictions regarding loans for existing members.
The changes mark the first visible results of a major project to boost our product range to satisfy the needs of a growing membership.
As Chairman Hugh Sweeney explained in his address to the recent Annual General Meeting, the credit union generates its best rates for savers by lending to members, and loans generate income to help the CU run and to pay out to savers.
All members are savers - and so all members benefit from this income. Thatís why weíve acted to re-energise our loan products and reduce loan rates to make them even more attractive to members.
The major changes which come into effect today include:
- The interest rate for loans in excess of £5,000 reduced from 11% to 9% (9.4% APR). This would cut the interest paid over five years on a £6,000 loan by more than £354.
- Eligibility for loan applications for new members will kick in after one monthly deduction or four weekly deductions. The limit before today was two monthly or eight weekly deductions.
- Minimum criteria for loan application eligibility reduced from 20% shares to twice the value of loan repayments. This means you could now apply for a £6,000 loan over 60 months with just £250 in your shares. Up to today, you would have had to have £1,200 in shares to apply for the same loan.
- Risk limits increased on fast-track loans. Members who have been with us for between one and two years can now apply for loans with a risk level of £1,500 alongside our streamlined underwriting process. Before today, the limit was £1,000.
These changes make it easier and cheaper for you, our members, to get the financial help you need from your credit union.
However, one thing that hasnít changed is the basis on which loan applications are considered. We will never encourage you to take out a loan that you canít afford to repay. The credit union prides itself on being a responsible lender and this will always be our focus.
Weíre here to help - why not check out our loan products HERE - or give us a call today on 0141-445-0022.
Support grows for Credit Unions
The vital role played by Credit Unions has received backing from a leading church figure. In the wake of a growing row over payday lenders, the Archbishop of Canterbury said that further development of credit unions was essential. Read his full comments HERE
Building for a brighter future
A message from NHS Credit Union Chairman Hugh Sweeney
Itís my pleasure to update you on our plans to make your Credit Union even more successful during 2013 and to share with you the report of our recent Annual General Meeting setting out the performance and achievements during the previous 12 months.
A link is attached at the foot of this email that will take you directly to the 2012 Annual Report document. However, I would like to take this opportunity to personally outline some of the highlights of the credit union's year - and to thank everyone of you for your continued support.
Despite tough times, the organisation has recorded some notable successes. with membership growing to more than 8,000. Savings also hit new highs, topping £10million for the first time - and loans issued to help our members also reached record levels during the year. When you add in the fact that we also won a prestigious national award, you can see why all the credit union directors believe the future of our credit union is very bright.
However, we can't afford to rest on our laurels, and have launched a major project to boost our product range to satisfy the needs of a growing membership. Staffing has also been increased to allow us to meet members' requirements.
Our plans to grow the credit union require additional resources - and we believe that calls for exceptional action. That is why - for this year - your directors recommended that rather than offer a small dividend to our savers, it would be in the best interests of all members' to invest that money in the business. That motion was unanimously approved by the members at the recent Annual General Meeting.
The Credit Union generates its best rates for savers by lending to members, and loans generate income to help the CU run and to pay out to savers. All members are savers - and so all members - including borrowers - benefit from this income.
All these reasons explain why it's in all our interests to invest in re-energising our loan products and reducing loan rates to make them even more attractive to members.
The NHS CU is building for a stronger future with better dividends for savers and lower rates for borrowers. We need to invest profits from this year into the business to spark the new activity that will give us a better chance of growing our ongoing success story for the CU and all its members.
Finally, I wish to thank all the directors for their hard work. I must also pay tribute to our dedicated staff team who serve our most important asset Ė our members Ė on a day-to-day basis.
A copy of the Annual Report and Accounts for the year to September 30 can be downloaded here Download 2011-12 annual report (663.3kb).
Donít get caught in Lotto scam
The Association of British Credit Unions has issued an alert about an elaborate Lottery scam. Emails have been sent to some credit union members telling them that they have won prizes in a national credit union lottery. Members replying to the emails are likely to be asked to provide bank details and risk identity fraud and theft if they respond to requests. For the full story, click HERE to go to the ABCUL site.
Itís another record breaker
Your credit union is building on the success of another record-breaking month.
In November, the second month of the new financial year, 667 members of the NHS Credit Union were allocated loans totalling more than £684,000, an increase of £156,000 on the previous record.
General Manager Robert Kelly described the increase as an ďincredible achievementĒ adding that the figures represented another milestone in what has been a remarkable year for the organisation.
He added: ďIt was a fantastic effort by the staff to deal with loans totalling £684,093 in November. This outstrips our previous best month ever - November 2011 - when £528,006 was allocated for 482 loans.
ďWith the efforts of our staff team Ė and the loyalty of our expanding family of members - itís certainly our aim to keep on growing. And the one thing you can always be sure of is that when you turn to us for help, weíll do our best to meet your needs Ė but we will never encourage you to get into debt that you canít afford to repay.Ē
The last 12 months have seen membership of your credit union top 8000 with NHS staff all over Scotland and the North of England joining the financial family. The business also increased its staff to deal with the growing demand for its services. It now employs nine people, and has given out loans totalling around £38million since beginning life in 1998.
Apart from seeing membership grow rapidly in 2012, along with levels of savings and loans issued, the credit union also picked up a prestigious national award when it was recognised for its part in a groundbreaking house-buying scheme by being named joint winner in the Innovation Category at the Unity Trust Credit Union Awards in London.
Hugh Sweeney, Chair of the credit union, added: ďThanks must go out to all our staff for their hard work. Itís also gratifying to know that at a time when money is so tight, our membership is increasing Ė and those members are trusting us with record levels of savings.
ďIn addition, itís good to know that we are helping record numbers of members when they find they need a loan for whatever reason.Ē
Read all about us
If you want to find out what's happening in the Credit Union, you can read our newsletter online - thanks to our new digital publication service.
Just click HERE to see the newsletter, which is the first of our publications to go online in this manner.
The service is simple to use, FREE - and doesn't need any new software on your computer. Just follow the link and click on the Yudu page for more information.
Ho, Ho, Ho ... hereís a thought.
Hands up if you spent too much money at Christmas.
Hands up if you've vowed to budget better for next year.
And hands up if you would like a helping hand from your Credit Union to ease the stresses and strains on your Festive finances.
It may seem ridiculously early to be thinking about next Christmas - with this year's decorations just coming down, but it really is true to say that you can't start saving soon enough.
We can't cut the cost of Christmas for you, but your NHS Credit Union can lighten the load with our Christmas Savings Club.
Saving with the Christmas Club means you can focus less on how you're going to pay for all your festive goodies and more on how much you're going to enjoy a debt-free Christmas with the people you love most. After all Christmas is all about family, and everyone wants the best for those special people in their lives.
You can either allocate a portion of your current deduction, or increase your deduction to cover the amount you want to go towards a special Christmas Saving Club. The money is safely put aside, ready for you to withdraw during the period from October- January. Any withdrawals outwith this time will incur a £5 charge to deter you from dipping into your Christmas Savings Pot.
If you are an existing member and would like to save with our Christmas Club, download the application form below.
If you would like to join the Credit Union and take advantage of all the benefits on offer - including the Christmas Club - or our affordable loans, telephone the office today on 0141 445 0022
MAs really do know best
Whatever the situation with your finances, itís good to know where you stand and that you are making the most of what you have.
Your NHS Credit Union has teamed up with the Money Advice Service and the Scottish Government to assist in rolling out the Making the Most of Your Money project across NHS Scotland Boards.
Access the unique online money health check for NHSScotland staff through this link
It's free and itís unbiased. The Money Advice Service wonít recommend a particular product or provider or try to sell you anything.