Ipswich and Suffolk Credit Union

Please reply to John Bosley [mailto:john.bosley@talktalk.net]

You may be aware that the Ipswich and Suffolk Credit Union are in the process of working towards providing their services in Sudbury.

When the Ipswich and Suffolk Credit Union come to a new area, the first task is to establish a local, volunteer steering group, or management committee. We find that given the purpose and objectives of a Credit Union, we are well supported by Churches and faith groups.

I am hoping to gather together a meeting of potentially interested persons in the next few weeks with a view to establishing a steering group in Sudbury, to enable us to take things forward. Just in case you are not familiar with the purpose and objectives of a Credit Union, I have provided a brief summary below.

Perhaps you would be kind enough to circulate this via the Churches Together network and pass my contact details to any interested parties and ask them to drop me an email.

John Bosley
Development Officer
Ipswich and Suffolk Credit Union

Credit Unions are member owned financial co-operatives set up with the aims of promoting savings and responsible borrowing. They are run, largely by volunteers as a ‘not for profit’ organisation, where any surplus is used to run the services and reward the members, and NOT to pay shareholders like most other financial institutions.

Credit Unions provide a range of community banking facilities,  offering loans, savings and budgeting accounts and prepaid debit card to their members, and can be a particular benefit to those who are otherwise financially excluded and cannot access ‘high street’ banking facilities for a variety of reasons. Opening a Credit Union account is much easier than opening a bank account.

They also work closely with partner organisations such as the Citizens Advice Bureau and Christians against Poverty to encourage responsible borrowing, providing an affordable and safe alternative to payday loans, doorstep lenders and loan sharks.

Credit Unions are protected by the government deposit protection scheme and regulated by the FSA.

The Ipswich and Suffolk Credit Union has now been established for around 8 years and has close to 5000 members in Suffolk