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New Lock Down

Sadly we have to close the collection points to members until lock down is over. You will still be able to contact us by email admin@svcu.org.uk or by phone on 01453 298785 Monday to Wednesday or Friday between 11am and 1pm.

Existing members with 3 months savings will still be able to apply for loans using our online form. Please submit your application by 5pm on Thursday for consideration the following week.

OUR OFFICE IS OPENING AGAIN

We are delighted to announce that from Monday 17th August you can visit us again in person. In addition to our existing service via phone, web site and email, our Old Town Hall office will be open on Mondays and Wednesdays, 11 am until 1pm. We look forward to seeing you again.

New loans

To help our members on temporary reduced income, we can now release new loans in weekly or monthly instalments to help you budget. We won’t charge you any interest on the loan until you have all of the money so weekly or monthly repayments will be lower than those shown on the loan calculator for a Starter Loan. See our Members Newsletter for more details.

Members Newsletter June 2020

SVCU Members Newsletter June 2020

I hope that you are all keeping safe and well. In our update of 20th April, we announced that we were again taking new loan applications. In addition to this, we can now release the loan money in weekly or monthly instalments to help our members on temporary reduced household income to budget. More details are in the “Open for New Loans” section below.

Members survey

Stroud Valleys Credit Union is a co-operative run by its members, for its members. We would like your input to what our products and services you would like to see when things get back to near normal. There is a link below to our Member Survey. Please take 10 minutes to have your say.

Click here for the survey

 How to contact us

We don’t yet have a date for when our Old Town Hall office will open again. Until then, we remain contactable via phone or email. There are more of you getting in touch by phone and email than normal, plus everything is being routed to Sarah at home, who is doing a marvellous job but we thank you for your patience at busy times. One thing that will help us greatly is to make sure you always quote your membership number. We have received a few payments recently where it has taken a long time to ensure we credited the right account because they were missing this important information.

Phone 01453 298785 (Mondays, Tuesdays, Wednesdays and Fridays 11am to 1pm)

Email admin@svcu.org

web site www.svcu.org.uk

Open for New Loans

In the last newsletter we said that we had re-started taking loan applications.

We can now announce that in addition to the regular Starter loans, we are able to release the loan funds in weekly or monthly instalments to members who have temporary lower household income. Loans would still be for up to £500, but the money would be released in 10 weekly, or 3 monthly sums. We are also extending the period for you to repay from the usual 12 to 18 months to keep repayments lower. Repayments start as soon as we release the first instalment, but we won’t charge you any interest on the loan until you have all of the money. This way, your weekly or monthly repayments will be lower than for a usual Starter loan over one year, but the total amount you pay us will be about the same. Here is an example below for a loan of £500.

£500 released in 10 weekly instalments of £50, with 76 weekly repayments of £8.00. The total you will pay will be £604 at an interest rate of 0% APR for the first 10 weeks and 42.6% APR thereafter. £500 released in 3 monthly instalments would cost £34 a month over an 18 month term.

Please get in touch for a quote.

How to contact us

We are working remotely at the moment. You can contact us by phone – 01453 298785 – on Monday, Tuesday, Wednesday and Friday between 11am and 1pm . Please do not phone us outside these times as we don’t have an answerphone service. You can also contact us by email – admin@svcu.org.uk – and we will respond as soon as possible.

Members Newsletter April 2020

Members Newsletter:

I hope that you are all keeping safe and well. Since our last update on 28th March we are delighted to say we are offering most of our usual services, using telephone, email and our web site. Plus, we can now process new loan applications.

Phone 01453 298785

Email admin@svcu.org

web site www.svcu.org.uk

Open for New Loans

We are accepting loan applications for up to £500, from members of three months or longer. Our Old Town Hall office is still closed, so all applications need to be submitted on-line.

Members with £250 in savings can apply for a Savers Loan of £500 at 1.25% a month (15% APR equivalent)

Members with less money saved can apply for a Starter Loan of up to £500 at 3% an month (42.6% APR equivalent)

Even in these extraordinary times, the same eligibility rules apply and you must be able to afford the repayments throughout the term of the loan. If you are not in this position then there are helpful websites offering guidance. Here are three;

Quaker Made of Money – https://quakersocialaction.org.uk/we-can-help/your-money-and-finances/made-money

Money Advice Service – https://www.moneyadviceservice.org.uk/en

Citizens Advice Service – https://www.citizensadvice.org.uk

All say consider borrowing as a last resort if you are struggling on reduced income.

Existing Borrowers with income impacted by Covid-19

If you are an existing borrower whose household income is now lower due to the impacts of Covid-19 and want to reduce your repayments, please get in touch. You can phone us on the usual number 01453 298785 during our normal opening hours our email to admin@svcu.org.uk. Please don’t adjust your repayments without discussing it with us and getting our agreement first.

Stop Loan Sharks

The England Illegal Money Lending Team are committed to ensuring that illegal money lenders (loan sharks) do not take advantage and profit from other people’s hardship. They have reminded us that their helpline service on 0300 555 2222 remains fully open for not just victims but also their friends and family members. www.stoploansharks.co.uk

COVID-19 changes to how we provide services to our members

COVID 19 means we need to change how we work to keep our members, staff and volunteers safe.

We have decided that the Stroud Office will not be open and occupied until the current situation improves.

We are now homeworking. Please use the normal phone number or email address.

Please also delay posting anything to us until the office is re-occupied and particularly please don’t put cash or cheques in an envelope through the door as they will sit there until we re-open. If you are in doubt, please phone us.

We thank you for your patience.

Email – Admin@svcu.org.uk

Phone – Monday, Tuesday, Wednesday and Friday between 11am and 1pm on 01453 298785

Organisations everywhere have been updating their information and here is some you may find useful.

The Gloucestershire Community help hub is a useful starting point if you want, or can offer help.

https://www.gloucestershire.gov.uk/gloucestershires-community-help-hub/

The Government’s Money and Pensions advice service have published information that could help a lot of members who might experience financial difficulties in the next few months.

UPDATE 28th March 2020

Update: 28th March 2020

Sorry we are unable to open today as our volunteer is self isolating.

COVID 19 means we need to change how we work to keep our members, staff and volunteers safe.

We have decided that the Stroud Office will not be open and occupied until the current situation improves.

We will start homeworking over the coming days. Please use the normal phone number or email address and it will be redirected.

Please also delay posting anything to us until the office is re-occupied and particularly please don’t put cash or cheques in an envelope through the door as they will sit there until we re-open. If you are in doubt, please phone us.

We thank you for your patience.

Email – Admin@svcu.org.uk

Phone – Monday, Tuesday, Wednesday and Friday between 11am and 1pm on 01453 298785

Website – the information you need may be on our website. https://svcu.org.uk/ We will be working hard to keep this up to date.

Organisations everywhere have been updating their information and here is some you may find useful.

The Gloucestershire Community help hub is a useful starting point if you want, or can offer help.

https://www.gloucestershire.gov.uk/gloucestershires-community-help-hub/

The Government’s Money and Pensions advice service have published information that could help a lot of members who might experience financial difficulties in the next few months.

https://www.moneyadviceservice.org.uk/en/articles/coronavirus-and-your-money

https://www.moneyadviceservice.org.uk/en/articles/coronavirus-what-it-means-for-you

Coronavirus update 3- 25th March

Update: 28th March 2020

Sorry we are unable to open today as our volunteer is self isolating.

COVID 19 means we need to change how we work to keep our members, staff and volunteers safe.

We have decided that the Stroud Office will not be open and occupied until the current situation improves.

We will start homeworking over the coming days. Please use the normal phone number or email address and it will be redirected.

Please also delay posting anything to us until the office is re-occupied and particularly please dont put cash or cheques in an envelope through the door as they will sit there until we re-open. If you are in doubt, please phone us.

We thank you for your patience.

Email – Admin@svcu.org.uk

Phone – Monday, Tuesday, Wednesday and Friday between 11am and 1pm on 01453 298785

Website – the information you need may be on our website. https://svcu.org.uk/ We will be working hard to keep this up to date.

Organisations everywhere have been updating their information and here is some you may find useful.

The Gloucestershire Community help hub is a useful starting point if you want, or can offer help.

https://www.gloucestershire.gov.uk/gloucestershires-community-help-hub/

The Government’s Money and Pensions advice service have published information that could help a lot of members who might experience financial difficulties in the next few months.

https://www.moneyadviceservice.org.uk/en/articles/coronavirus-and-your-money

https://www.moneyadviceservice.org.uk/en/articles/coronavirus-what-it-means-for-you

Every £600 loan we issue keeps £500 in our local Stroud economy

That’s a bold claim, but £500 is a typical interest charged on some instant decision small loans advertised on the TV and Internet. This means you might borrow £600 but end up repaying £1,100!

The second Stroud Totally Locally Fiver Fest has just ended. This said that if every adult in Stroud spent just £5 a week in our independent shops and businesses it would be worth an extra £4.5m a year going into our local economy.

Many of us go to the Internet because we think its cheaper. Well, that same £600 borrowed from Stroud Valleys Credit Union would cost you £123 in interest as a “Starter Loan” or £47 in interest as a “Savers Loan” Sometimes, local is also less expensive.

So next time before you search the internet for a small loan or spend a large sum on your on your credit card, click on svcu.org.uk. It could save you money and it will benefit Stroud.