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A BRIGHTER FINANCIAL FUTURE FOR ALL

A PARTNERSHIP APPROACH. A BRIGHTER FINANCIAL FUTURE FOR ALL. Christine Heesom Halton Credit Union. Credit Sources Available in Halton. Weekly Payment Store Buy as you view Buy back stores Pawnbrokers Home Credit Companies/Doorstep lender Loan shark Payday loans

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A BRIGHTER FINANCIAL FUTURE FOR ALL

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  1. A PARTNERSHIP APPROACH A BRIGHTER FINANCIAL FUTURE FOR ALL Christine HeesomHalton Credit Union

  2. Credit Sources Available in Halton • Weekly Payment Store • Buy as you view • Buy back stores • Pawnbrokers • Home Credit Companies/Doorstep lender • Loan shark • Payday loans • Mail Order – credit checks? • Currys, Comet – credit payment plans/store finance • Argos Store Card – interest free if paid within 3 months The most popular sources for members in the past was the doorstep lenders, mail order (catalogues) and the weekly payment store option

  3. Offering Affordable Alternatives “Many people know they are receiving a poor deal from alternative lenders. Training... [with reference to financial literacy]that simply highlights a bad deal without being able to offer an alternative can be counterproductive. It may make people realise how much they are being “ripped off” but it will do nothing for their self-esteem if, by force of circumstances, they still remain trapped and vulnerable to high interest lenders”. Would you credit it? 2005 Paul A Jones and Tina Barnes from LJMU

  4. The Comparisons A DIFFERENCE IN INTEREST OF £272.69 * Credit Union Interest charged is on the reducing balanceDoorstep lender calculations taken from providentpersonalcredit.com 08/10/2012

  5. ABCUL depicted the real cost of a fridge freezer, a typical and essential purchase for a family. Credit Union News ,Vol. 14 No. 2, July 2012

  6. The Co-op & HCU Initiative The partnership offers Halton Credit Union members (including those on low income) the ability to purchase competitively priced, up to the minute appliances from Co-operative Electricals, coupled with an affordable credit union loan

  7. Why we use Co-op Electricals Free & Speedy delivery:often within 48hrs • New Quality Items:not returned or refurbished goods • Fit for purpose:says what it does on the tin • Price match: with Argos/Comet/Currys (item must be in stock) • No pick up charge:old appliances removed for free • Minimum 12mths guarantee: extended warranty available

  8. Compliance Issues Debtor/Creditor/Supplier In line with compliance regulations the process of ordering/payment is: • Interview member and agree loan • Items are paid for at the point of sale • Receipt is sent direct to the member Comply or die ...But for the good of the people your honour HCU will continue to provide this service to members... Whatever it takes!

  9. Halton Credit Union is committed to investing in OUR members future... because OUR members are an investment in the future of Halton Credit Union

  10. What Our Members Say... We will not be using Provident again after joining credit union and I have reduced Brighthouse considerably and we wont be getting anything off them again I find credit union helpful, supportive and honest. I am glad and proud to be a member and thank all the good people in there for their 100% understanding/help Co-op man text me to say what delivery time was so I would be in – delivery man was on time, friendly and nice I shopped around and they [ the Co-op] were the cheapest by far and the stuff looks ace in my new kitchen from Halton Housing WHAT...?They can deliver it tomorrow for me WOW! Credit Union has helped me get things without people knocking on my door

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