AGM Meeting ‘SWITCH-AND-MATCH’ LOANS – …...Amigo Loans 49.9% £14.13 £134.32 £734.32 £58.10 Provident 272.2% £21.00 £492.00 £1092.00 £415.78 Pounds to Pocket 279.3%

NEWS FROM OXFORDSHIRE CREDIT UNION 1Authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Reg. No 433137

Issue #3 May 2015

News from Oxfordshire Credit Union

Email: [email protected]: 01865 777 757 www.oxfordshirecreditunion.co.uk

The Annual General Meeting has been set for Thursday 28th May at 6.30pm at Oxford Town Hall. All members are welcome to attend. The agenda and minutes will be posted on the website nearer the time.

AGM Meeting

‘SWITCH-AND-MATCH’ LOANS – transfer a loan and let us offer you a better rate

Short-term lenders such as payday lenders are quick and flexible - but very expensive. We compared what a £600 loan taken over 12 months would cost. You could save up to £445.18 with Oxfordshire Credit Union compared with Pounds to Pocket for example.

Information was collected from lenders' own sites and was correct at the time of printing.

Compare our low loan rates

Company Typical APRRepayments

Per Week Over 52 Weeks

Interest Charged Total Payable Interest Saved

by Member

OxfordshireCredit Union 26.8% £13.01 £76.22 £676.22

Amigo Loans 49.9% £14.13 £134.32 £734.32 £58.10

Provident 272.2% £21.00 £492.00 £1092.00 £415.78

Pounds to Pocket 279.3% £21.58 £521.40 £1121.14 £445.18

We exist to provide affordable, ethical loans to our members. We think many members with a good credit record are actually borrowing from high street lenders (or worse) at rates of interest far higher than ours. Why not allow us to match your current or

proposed loan agreement and then switch it to OCU? You switch – we’ll match! As well as saving money you'll actually be supporting your credit union.

Send us written details of a loan you are being offered, or

of an existing loan (include details of any redemption penalties) and we will see if we can match it, or even better it.

Remember: we never charge more than 3% per month (42.6% APR) - and sometimes as little as 1% (12.7% APR).

00000-CUS-Oxfordshire-Newsletter.indd 1 06/05/2015 13:28:29

2 NEWS FROM OXFORDSHIRE CREDIT UNIONAuthorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Reg. No 433137

Telephone: 01865 777 757Email: info@oxfordshirecreditunion.co.ukwww.oxfordshirecreditunion.co.uk

If you are in receipt of Child Benefit and arrange to pay it into your OCU account, you can qualify for an immediate loan to supplement your family budget, for instance to purchase essentials for your family or specifically to benefit your child. We have a form which enables you to direct the Child Benefit directly to your OCU account. You can then apply for a loan in the normal way.

‘Family Loans’ from Oxfordshire Credit Union

All the forms are available on the website. Or call us on 01865 777 757 for help.

All in the family

Payroll Deductions

Face to face in Oxford, Didcot, Witney and Wallingford

Volunteers Needed

Lending Criteria

The Website

Opening Hours

Your family members can be Credit Union members too. Join today!

Call: 01865 777 757Email: [email protected] Visit: www.oxfordshirecreditunion.co.uk

Our Board recently agreed that our rule for maximum lending would follow the convention in many other credit unions. We are limiting the amount we lend to three times a member’s regular savings. There is always some flexibility and each case will be looked at individually but the rule will act as a guideline for general lending policy.

We are in the process of rolling out more opportunities for members to join and pay into their OCU account by a straightforward deduction from their salary. Many employers are happy to set up these direct deductions and they are a useful way of qualifying immediately for a loan, if one is needed.

We have already set up agreements to make payroll deductions at Oxford City Council and Oxford South & Vale and are in talks with several other local employers, including Witney hospital and West Oxfordshire District Council.

We also hope to have the support of local unions who represent staff across the public sector in Oxfordshire. Would your employer be interested? Why not suggest it to us or even directly to them?

We would always like to provide more face-to-face opportunities for members to seek help and have organised several venues already where appointments can be made (website link). We would also like to get out and share the benefits of our credit union with many more people across Oxfordshire – as we did with shoppers in Witney before Christmas.

However, we need people to offer their help – whether for a regular slot each week or month, or just on an occasional basis or a one-off for a marketing drive, for instance. Please come forward to offer yourself at a time to suit you – and maybe also to suggest local places or groups near you where people would be glad to know more about us. Anyone with experience of making grant applications would also be most welcome.


NEWS FROM OXFORDSHIRE CREDIT UNION 3Authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Reg. No 433137

Email: [email protected]: 01865 777 757 www.oxfordshirecreditunion.co.uk

‘Family Loans’ from Oxfordshire Credit Union

All in the family

Face to face in Oxford, Didcot, Witney and Wallingford

Volunteers Needed

Lending Criteria

The Website

Opening Hours

Our Finances

Members' share capital has continued to rise steadily and at September 2014 totalled £426,000.

We can always do with new members and would like more people to take up our low-cost loans rather than the costly and inflexible alternatives.

There will be full reports at the AGM and discussions around our accounts and financial prospects for the year ahead.

We are planning further outlets in Witney and Wallingford. So far the take-up of face-to-face appointments in Oxford (Old Music Hall, Rose Hill & Donnington Advice Centre, Oxford CAB, Soha at Didcot) has been low. If you want to talk to us you can call and book an appointment. Have a look at the website (under the News tab) for details about times of appointments and how to book.

It was good to hear that one member took advantage of a CAP money course which she was grateful to see advertised on the website.

Do you have any suggestions or requests for the website?

It is still less than a year old and can always be improved! If you have news, or photos, which others might be interested in - let us know.

Other credit unions are envious of our website: please use it yourself (all the forms are available and lots of information) and show it to your friends and neighbours and invite them to join. Email: [email protected]

You can contact us by phone five days a week:Monday, Tuesday, Thursday and Friday, 8:00am to 4:00pm and 8:00am to 12:00pm on Wednesdays.

You can always email us outside these hours and we'll come back to you.


4 NEWS FROM OXFORDSHIRE CREDIT UNIONAuthorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Reg. No 433137

LET’S GET SOCIAL! Remember

to ‘like’ our Facebook Page and

follow us on Twitter. Working in partnership with:

Telephone: 01865 777 757Email: info@oxfordshirecreditunion.co.ukwww.oxfordshirecreditunion.co.uk

Some images in this design have been sourced from www.canstockphoto.com

If you need to withdraw funds we'll aim to do this as quickly as we can, but it’s always best if you give us as much notice as you can please.

Share withdrawals can take up to 5 working days to be processed.

If you have a pre-paid card we can pay amounts onto this, or we can organise a bank transfer to your account - or even send a cheque.

Share WithdrawalsPaying in cash to your account

A smart shopping tip

All members can pay in cash to their account. We offer this service through PayPoint. Members can request a card and it will enable you to make payments for free at any PayPoint agent in the UK. Show them your card, give them the cash. It’s that simple! You can pay off your loan & save this way.

How do you know that the money has gone into your account?The payment process is fully automated and payment is guaranteed to you. You will be provided with a receipt. This is your proof of payment so please keep it for your records. Payments will go into your account within 7 working days.

Everyone wants to save money when they shop. The best way to save money is to plan ahead. When you plan before you shop, you can save money and get the foods your family needs for good health.

Before you shop:

Think about some of the meals you will make.

Look at what you have on hand.

Write a list of what you need to buy.

At the store:

Compare prices of different sizes and brands of the food you’re buying.

Use coupons only for the things you usually buy.

Try to buy just the amount you need or have space to store.

Use the store locater at www.paypoint.co.uk to find your nearest PayPoint outlet.


Documents

AGM Meeting ‘SWITCH-AND-MATCH’ LOANS – …...Amigo Loans 49.9% £14.13 £134.32 £734.32 £58.10 Provident 272.2% £21.00 £492.00 £1092.00 £415.78 Pounds to Pocket 279.3%