AM URGES LOCAL RESIDENTS TO JOIN A CREDIT UNION IN THE RUN UP TO CHRISTMAS

Aberavon AM, David Rees, is urging local residents to join a Credit Union to celebrate International Credit Union Day.

Thursday (Oct 18th) marks International Credit Union Day, a global celebration to raise awareness of the credit union movement. At present, there are 22 credit unions covering the whole of Wales providing services to more than 55,000 adults and young savers.

Neath Port Talbot Credit Union opened on April 1st 2005 at Grandfield House in Neath. Since then they have gained over 6400 members, with more than 1800 being junior members, and helped members to save in excess of £ 1.4 million. It is recognised as one of the fastest growing credit unions in Wales.

David Rees AM said:
“I am very impressed with the remarkable work done by Neath Port Talbot Credit Union and in the current economic climate their work is more important than ever. Not only have they helped members to save in excess of £1,400,000, they have also enabled local people to borrow money with safety and integrity with no hidden charges.
I would like to make everyone aware that any person, even children, living or working in Neath Port Talbot County Borough can join this Credit Union There are already 37 saving clubs operating within schools and allowing children to start saving at an early age can help future generations face difficult times.”
“At a time where families are saving for Christmas it is important that families do not feel forced to turn to unscrupulous loan sharks.”

Brian Warlow, NPT Credit Union Development Manager, said:

“Neath Port Talbot Credit Union would like to thank David Rees AM for his continued support. We are the fastest growing credit union in Wales and this year have joined an average of more than 200 members a month, we now have 6600 members which makes NPTCU the largest credit union in South Wales.

We are also the top credit union in the UK for school saving with 37 schools operating saving clubs and 1920 junior members, the junior accounts now hold £160,000.
Such is the scale of our operation that we receive more than £150,000 per month in payroll saving and standing orders, and our total member’s savings are well over £1.5 million.

Having such a successful credit union in our area means that we can be lending to people at less than one tenth of the interest rate of door collected loan companies, this year we will be lending more than £1 million. Please don’t fund this Christmas with a loan from high interest lenders, because your £20 Christmas Turkey is liable to be costing you £35. Come and speak to your credit union at 50-54 Station Road, Port Talbot, tel 01639 632100.”

For further information, contact the credit unions in Wales Helpline on 0808 129 4050 or email [email protected].