Kingston Voluntary Action Newsletter April 2011

Page 1

April 2011

Newsletter The Newsletter for Kingston’s Voluntary & Community Sector

Kingston Savers: making a credit union for Kingston a reality There is a new kid on the block in the voluntary and community sector. Starting from scratch - a volunteers run project - Kingston Savers is the officially recognised vehicle to secure the services of a credit union for the people of the Royal Borough of Kingston. The need for one locally has always existed; the recent economic downturn has simply heightened the requirement to get the process rolling. With the help of Kingston Voluntary Action and the encouragement of Kingston Council, we are up and running.

Incorporating the KVC Newsletter Pages 7-10

What makes a credit union?

In this Edition

There are over 600 credit unions in the UK, serving over 500,000 members. As co-operatives, they operate differently to banks; they do not have outside shareholders and do not pay large bonuses to directors. As part of their local community, credit unions harness their members’ savings to provide affordable loans to other members of the co-operative.

News

2-3

Health & Social Care

4-5

Child Poverty

6

KVC News

7-10

Funding

11

Training

12-13

Kingston-i

14

Focus on: kiaa

15

A credit union makes loan decisions purely on ability to repay, not on previous credit history or banking industry-wide credit ratings. This means that its loans are accessible to all people, including those on low incomes or who may have had financial problems in the past. They also provide support and advice to people facing debt problems, and budgeting advice on how to escape from problem debt. As a not-for-profit co-operative, it has a different set of values and principles to most of the financial services industry. (Continued on page 2)

Kingston Voluntary Action, Siddeley House, 50 Canbury Park Road, Kingston KT2 6LX Tel: 020 8255 3335 Fax: 020 8255 8804 Email: info@kva.org.uk Website: www.kva.org.uk Registered Charity No. 257551


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