[Norfolk Newby]

If you need some financial help you might try your local credit union.

The are run on the same basis as the old style of Co-op shop. No profit and a share of anything in the black at the end of the year (divvy - dividend).

They are established for particular groups like people living in one area or employed in the same industry (e.g. nurses, firemen, police etc.)

I work as a volunteer for the local credit union here in Norfolk.

http://www.norfolkcu.co.uk/

We take savings and recently have given a 3% annual dividend. There are loans available for local people at 1 or 2% per month. There is also a current account for anyone unable to get an account at one of the major banks. There are other benefits.

The attraction to me is that we help the local community by providing a reasonable return on savings, affordable loans and current accounts to people unable to get them elsewhere. All this is covered by the Financial Services Authority so no-one loses money (unlike Christmas saving schemes and similar) and it helps people avoid loan sharks when in difficulties.

Different credit unions work slightly differently but the local one charges £1 admin fee to join and you need to save £1 to be a member. Then you can take a loan and open a current account (whichever or both).

You will probably be eligible to join several credit unions and the terms of one may suit you more than another.

Sorry if this sounds like a promotion but credit unions aren't well known in the UK and offer real help to their members. If you have a few hours free you could even volunteer to help. It's a good experience all round.

 

[gavo]

They are really popular in N.I almost every village has one or one very nearby people of all walks of life use them here not just those struggling to find a bank to take them on.They provide a great service half my family use them. Didn't know they were over there i thought they were just here and a sort of Irish thing;as they are even bigger down south.

[Hilarysmum]

Wish they had the same thing here, I must ask around it may be they do and we havent heard of them.  Sound really good especially in these difficult financial times.