Nottingham Credit Union Launches New Loan Product for Families

 

Nottingham Credit Union has launched a new loan account for young families.

 

Jason Eaves, The Manager at Nottingham Credit Union said: “We know many families face unexpected bills or have to buy furniture or domestic appliances”

“Many families will take on loans that cost more than they should.  I want to ensure young families in Nottingham and Nottinghamshire avoid the loan sharks, the high cost lenders and payday loans.”

 

Credit Unions are not-for-profit cooperatives owned and controlled by their members.

The Nottingham Credit Union started in 1992 and has offices on Maid Marian Way, Nottingham and Clumber Street, Mansfield.

 

“Nottingham Credit Union exists to provide an alternative to high cost lenders. We aim to lend responsibly at reasonable rates and in a way that doesn’t exploit our members (and in particular members who are financially vulnerable)”

 

  • Family Loans can be for any purpose.
  • Loans from £100 to £600.
  • Term from 3 to 12 months.
  • Interest rate 3% per month (APR 42.6%).
  • No arrangement fee, no early repayment fee.
  • Applications can be made online at www.nottinghamcu.co.uk or in branch at Maid Marian Way, Nottingham or Clumber Street, Mansfield
  • Applicants must be in receipt of child benefit for the duration of the loan and agree that this is deposited into their Credit Union account.
  • Applications will be assessed and credit scored.
  • People who are not currently members of the Credit Union can apply; they will need to become members before they draw the loan if agreed.

Nottingham Credit Union offer a range of loans for any purpose.

 

Nottingham Branch
69 Maid Marian Way
Nottingham
NG1 6AJ
Mansfield Branch
3 Clumber Street
Mansfield Town Centre
NG18 1NU

 

Categories: LATEST NEWS and PRESS RELEASE.

Volunteering Opportunities at Nottingham Credit Union

 

We are looking for volunteers to join us and help develop the Credit Union so we can help more people across Nottingham and Nottinghamshire

Nottingham Credit Union is a community owned provider of simple savings and affordable loans. Many people are not able to obtain affordable credit from the high street banks and may resort to either high cost lenders, doorstep lenders, rent to buy retailers or illegal loans sharks.  The Credit Union provides alternative, simple affordable loans for people who may not have a perfect credit record.  Many Nottinghamshire people save with us as they know we will look to lend their money to people in their communities who may otherwise struggle to obtain affordable credit.

The Credit Union is owned by its members and any profits made are either reinvested or distributed to members by way of a dividend. It has been helping people in Nottinghamshire for over 25 years and has offices on Maid Marian Way, Nottingham and Clumber Street, Mansfield.  The Credit Union has expanded steadily and currently has 7,500 members.

The Credit Union is authorised by The Prudential Regulation Authority (PRA) and regulated by the PRA and The Financial Conduct Authority (FCA).

We have a number of voluntary roles available:

 

Board Director

We are seeking a Director to join the board, who can bring his/her own experience and voice to help us make further progress in serving our current and future members as we move forward. The Board is entirely voluntary and made up of people from the private, public and voluntary sectors.

If you are interested in becoming a Board Director please email the Chair, Liz Blackman at lizzieb26@hotmail.co.uk 

 

Member Services Assistant

Based either at Nottingham or Mansfield.  Working agreed days/times.  Providing face-to-face or telephony service to members.  Using our systems to update member records, completing membership opening, loan processing and handling cash.  The role may suit people who have had previous experience of dealing with the general public in retail or finance.

 

Credit Union Ambassador

Working with the General Manager, The Credit Union Ambassadors would help promote the Credit Union in our local communities.  They would maintain contact with a group of local partners for example local community groups, charities, churches, schools, debt advice organisations, local companies etc. and identify opportunities for promoting the Credit Union.  They would be comfortable talking to small groups of people about what The Credit Union does, answering queries and signing up new members.  These roles wouldn’t necessarily work fixed days, rather they would be available as and when an opportunity arises. As such they can be home based although there would be a need to visit the Nottingham office from time to time. This role may be ideal for someone who wants to volunteer but isn’t able to commit to working fixed days/dates. We are particularly interested in talking to people who could assist promoting the Credit Union in Newark, Mansfield and across Nottingham city.

 

Digital & Social Media Marketing / Website Design & Maintenance 

This role would help us develop our digital/social media presence. Ensuring content is relevant to our members/potential members and clearly articulates why we are different. Need to ensure any online promotional activity is legal, relevant and effective.  This role would suit someone who already works in a similar role and has some spare time they are willing to commit to support their community or may suit a Marketing Student who has some skills and is looking to develop their work experience to support further employment applications.

 

Marketing Assistant

Assisting in creating Marketing and Promotional material that is engaging and relevant. 

 

Arrears Assistant  

Based in our Nottingham Office and working agreed days/times the role would support the Arrears Manager, speaking with members who are struggling to repay their loans and trying to agree a repayment plan that takes into account their circumstances and is consistent with our policies and legislation.

 

General Maintenance

Based in our Nottingham Office this person would help us with basic maintenance, repairs and decoration.

 

Please note:-

  • All of these roles are voluntary roles.
  • Expenses for travel and lunch allowance (when working more than 5 hours) would be paid.
  • We would need a completed application and we would undertake referencing.
  • Hours can be discussed/agreed to suit you.

 

If you are interested, or would just like an initial discussion please email: JasonEaves@nottinghamcu.co.uk

Jason Eaves

General Manager

Tel: 0115 8283120

Categories: BLOG and LATEST NEWS.

Christmas Opening Times 2019


 

Merry Christmas from Everyone at NCU!

 

Please find our Nottingham Office opening hours over the holidays below:

Our Mansfield Branch will follow the same schedule as above, but will close at 2:30pm instead of 4:30pm where listed and on Mondays.

 

Please also note:

  • Where our offices close before 4pm, our phone lines will also close at the same time.
  • The last bank transfers on 24th December and 31st December will be sent at 12pm – any requests made later than this will be sent the following working day.  Bank transfers will be sent as usual all other days that we are open.
Categories: LATEST NEWS.

How to Avoid a Christmas £££££ Hangover

Christmas can be a great time to relax and enjoy some downtime; but for some, Christmas can create a New Year Debt Hangover that lingers for far longer than the left-over Turkey.

 

1/ Make a list.  Yes, it sounds boring but planning ahead and setting yourself a budget can work.

2/ Amongst your family and friends, set a limit of how much you will spend on each other.

Most people prefer to receive a small gift and know it has not caused you financial hardship rather than lots of big gifts that soon end up in landfill!

3/ Think about “Secret Santa” – many people do this for work colleagues but why not for friends and family?

4/ Consider “second hand”, there may be bargains in your local charity shop or online. Children can soon grow out of toys/gifts so why spend top dollar!  How many sheds are full of bikes that are hardly ever ridden?

5/ Can you use your supermarket vouchers or reward points to reduce the cost of the big Xmas shop?

6/ Remember Xmas only last a few days. Don’t buy perishable food that you will not eat & throw away.

And finally:-

7/ Only spend if you have the cash to pay but if you need to borrow money this Christmas:-

Make sure you can repay within the next 12 months.  Christmas only comes once a year but it comes every year – so you don’t want to go into Xmas 2019 with debt round your neck from Xmas 2018.

 

Borrowing money on your credit card can seem easy – but if you are only making minimum repayments it can take you many years to repay.

Make sure you understand how much in total you will repay and make sure you can afford the repayments – there can be a big difference in how much you pay back.

 

For example: –Borrowing £500 from the Provident and repaying over 52 weeks would cost £936. A similar loan with the Nottingham Credit Union would save you £339!!

(source: www.providentpersonalcredit.com, 25/10/2018)

If you buy an iPad costing £368.31 from Brighthouse, you can pay £6.50 per week which sounds like a great deal. However you would be making payments for 104 weeks and would pay back £676 in total. (source: www.brighthouse.co.uk, 25/10/2018)

If you had a loan from your local Credit Union and paid back at £6.50 per week, you would repay the loan in 73 weeks and would save £206!!

 

If you are not already member of Nottingham Credit Union you can apply here: https://www.nottinghamcu.co.uk/ or visit the Branch on Maid Marian Way, Nottingham or Clumber Street, Mansfield.

A Credit Union is a community owned bank, run on a not for profit basis.

 

 

Categories: BLOG and LATEST NEWS.

Blog: Universal Credit

Question: – What is Universal Credit?

 Universal Credit is a new benefit that replaces most existing benefits and tax credits for people of working age – wrapping up all these kinds of payments into one benefit.

The benefits being replaced include:

  • Working Tax Credit
  • Child Tax Credit
  • Housing Benefit
  • Income Support
  • Income-based Jobseeker’s Allowance (JSA)
  • Income-related Employment and Support Allowance (ESA)

The Universal Credit will be ‘means-tested’ which means that anyone who applies will have their income and savings assessed, and if they, or a partner, earn over a certain amount or have a certain amount of savings they will be unable to get the Universal Credit.

There will be a basic rate called the ‘standard allowance’ and extra amounts for people in different circumstances – for example, if they have children, a disability or need help with housing costs.

 

Question: – I already receive one of these benefits what will happen to me?

Between 2017 and 2021 all existing claimants are being moved to Universal Credit.

 

The program for switching existing claimants to Universal Credit is as follows;-

Date Council Job Centre
May 2018 Newark and Sherwood District Council Newark JCP
September 2018 Mansfield District Council Mansfield JCP
October 2018 Nottingham City Council Bulwell JCP

Nottingham Loxley House JCP

Nottingham Central JCP

Rushcliffe Borough Council Nottingham Central JCP
November 2018 Ashfield District Council Ashfield JCP
Broxtowe Borough Council Beeston JCP
Gedling Borough Council Arnold JCP

 

Question:- I am about to be moved to Universal Credit, what does it mean for me?

  • You will receive one single monthly payment, paid into your bank account.
  • If you get help with your rent, the rent money you get will be included in your monthly payment – and you must then put it aside to pay the landlord/council/housing association
  • If you live with your partner and you’re both eligible for Universal Credit, you’ll get one monthly payment between you.

 

Question: – What do I need to do?

1/  If you are due to be moved to Universal Credit you will receive a letter from the DWP – it is vital you make sure you understand the content of this letter and are clear on how much you will receive each month and when

2/ As you will receive one payment per month, you need to quickly understand what this mean for your monthly budget.  The overall amount you receive should not change but you do need to ensure you have enough money to meet your financial responsibilities as they fall due.  If you are going to be late paying your loan, gas bill or similar, it is important you speak to your lender/utility company etc. before the payment is due and do not leave them to chase you for repayment.  They will be more able to help if you speak to them before missing a payment.

Categories: BLOG and LATEST NEWS.

The Wonga Story

Everything you need to know now that Wonga has gone into administration:-

 

Q: I have a loan with Wonga, do I need to repay?

YES – it is important that if you have a Wonga loan you continue to make repayments in line with your agreement.

Even though Wonga has entered administration, your loan with them remains subject to the terms you agreed – failure to make payments could result in Wonga’s administrators taking action to recover the money you have borrowed.

 

Q: I had a loan with Wonga and have made a claim for compensation, will I receive any money?

We don’t know as yet.  The administrators have said they will review the claims in due course.  However, even if your claim is accepted, there may not be enough money to make a payment to you.

 

Q: I had a loan with Wonga or a loan with another Payday lender, am I entitled to compensation?

Some people have successfully raised complaints against Wonga and other Payday lenders and have received compensation/refunds.

You may be entitled to compensation if you can show that the lender did not treat you fairly when agreeing to lend you money, for example;-

  • the lender did not tell you that a payday loan should not be used for long term borrowing or if you are in financial difficulty.

Also, if you’ve had problems repaying the loan, you can complain if your payday lender did not deal with you sympathetically, for example;-

  • did not offer to freeze interest and charges
  • pressurised you to extend the loan & did not explain how much this would cost

More information is available here:-

https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/types-of-borrowing/loans/payday-loans/payday-loans-reasons-to-complain-about-your-lender/

Categories: LATEST NEWS.

Don’t be Fooled by Fraud!

Fraudsters have been targeting customers of different banking organisations for a long time trying to scam people out of their money – Credit Union members are just as vulnerable to these phishing and scam attempts.  Now is a good time to remind you to stay vigilant about fraud and your personal details:

  • We may call to contact you about your account for a number of reasons but if we call we will never ask for your account details, PINs or online passwords. If you receive a call claiming to be from NCU and are in any doubt, simply hang up and call us back on 0115 828 3121 to confirm.
  • We will never ask our members for any personal or banking information by email or text. You should not respond to any email/text asking you to divulge personal or banking information. It’s also important that you don’t click on any of the links or attachments it contains.
  • We will never ask you to put your password into any website that isn’t our own, or download any apps other than the NCU app linked on our Mobile Banking page. We will never ask to allow remote control of your PC or contact you to make payments or test transactions from your account.

For more information on how to avoid being a victim of fraud, don’t forget to use the resources over at the Take Five website or the Money Advice Service’s Beginner’s Guide to Scams.

Think you’re too smart to get scammed?  Take the Take Five test here to find out.

 

If you have responded to any suspicious contact, and/or you suspect that any of your accounts with us have been accessed by someone other than yourself, please contact us as soon as possible.

You can also report any believed fraudulent activity to Action Fraud, the National Fraud & Cyber Crime Reporting Centre at actionfraud.police.uk/report_fraud.

Categories: LATEST NEWS.

Engage Accounts 1st-3rd May 2018

We are aware that there have been problems crediting money directly to Engage accounts.  Engage is not part of Nottingham Credit Union but we’ve been working with them to find a solution to the problem.

Here is the guidance we’ve been given by Engage – the banking transactions submitted between 9.45am on Tuesday 1st May and 6pm on Thursday 3rd May, have been affected in the following manner:

 

Credits into accounts

Any incoming payments that were expected over the last few days (between Tuesday morning at 9:45am and Thursday evening at 6pm) have unfortunately been returned to the sender.  If any payment that you were expecting is not yet showing in your account, you are advised to contact the sender to arrange for it to be resent.

Customers who have not received child tax credits are requested to contact HMRC Customer Services on 0345 300 3900. HMRC staff have been informed of the issue and will be able to assist in making the necessary arrangements for a faster payment to be sent to them.

Any credits to Engage accounts, received from 6pm Thursday 3rd May will be processed as normal.

 

Payments out of accounts

Any outgoing payments that were scheduled to leave your account on Tuesday, Wednesday or Thursday up until 6pm will not be paid, although they may have shown as having left the account.  These payments have been returned to accounts as of 12 Noon on 4th April.

Any outgoing payment scheduled after Thursday 3rd May from 6pm will be processed as normal.

 

We appreciate the disruption these technical issues have caused you over the past few days and we thank you for your patience.

 

We are sorry for the disruption caused by Engage payment errors in the past week, we can only offer the guidance we have available to us at the moment.  If you are still experiencing problems with your payments for any reason then you must contact Engage with your enquiry either at info@engageaccount.com or on 0333 202 3642.

Categories: LATEST NEWS.

Changes to Maximum Cash Limits

From 1st March 2018 there will be some changes to maximum cash limits at our branches. We want to improve safety and reduce the risk of carrying cash around by encouraging you to use card accounts.

From 1st March:

  • The maximum deposit will be £500 in cash per day.
  • The maximum withdrawal will be £50 in cash per day.

 

How can I make deposits over this amount?

  • You can pay in cash over a number of days.
  • You can pay in by cheque. Cheque deposits will be cleared and available to withdraw after 10 working days.
  • You can pay money into your account electronically using your NCU Sort Code and Account Number – please ask us for your details!

The maximum you can hold in your account has not changed and remains £30,000.

 

How can I make withdrawals over this amount?

See the box below for 3 easy ways to request free transfers…

changes to maximum cash limits

Categories: LATEST NEWS.

Christmas Opening Times 2017

Please find our office opening times over the Christmas period below.

 

Please note that our phone lines will also be closed at these times during the holidays.

Withdrawal requests made online or using the mobile app after 12pm on 22nd and 29th of December will be processed the following open morning, according to the schedule below.

Xmas Opening Hours17

Categories: LATEST NEWS.