London’s Mayor, Ken Livingstone signed up to become a member of Southwark Credit Union at the launch of the credit union’s financial services to the Greater London Authority’s 640 staff at their City Hall office on 21st July.

The Greater London Authority is the latest Southwark employer to offer their staff the opportunity to join Southwark Credit Union. Other Southwark employers offering Credit Union membership to their staff include Southwark Council, the Immigration Advisory Service, Kings College Hospital, Guy’s & St Thomas’ Hospitals and the London Ambulance Service, amongst others.

Other well known credit union members, Harriet Harman, MP, has been a member of Southwark Credit Union since 2002. In addition, cabinet colleagues such as Tony Blair, John Prescott, Charles Clarke and Patricia Hewitt are members of their own local credit union.

Simon told local residents:
“I am keen to see local co-operatives such as credit unions thriving and am happy to sign up as a member today.”

He urged the residents to talk to Southwark Credit Union about how the Credit Union could help them escape from the clutches of extortionate lenders:
“If you are on benefits and tied into expensive loans with door-to-door lenders, why not talk to Southwark Credit Union? Why pay £650 in interest on a £1,000 loan when the same loan will cost just £66 with the Credit Union?”

If you live or work in Southwark and would like to become a member of Southwark Credit Union you can visit one of the Credit Union’s branches at Denmark Hill, Rye Lane or Borough.

As you know, your Credit Union is continuing to provide vital community financial services in Southwark.

In January 2004 we introduced a new 'Benefit Direct' account where members can pay their State benefits directly into their Credit Union account.

One year on, we now have 145 members who are paying their benefits into the Credit Union and they have borrowed £158,279 and saved £6927. These are the most vulnerable
section of our community, who would otherwise borrow from door-to-door lenders.

A £1000 loan over 12 months from a door-to-door lender would cost £650.00 in interest, whilst the same loan from the Credit Union would cost £66.19.

So far we have make those 145 member to keep £92,404.86 in their pockets and no doubts that they have spent this money in Southwark contributing towards its regeneration.

Southwark Credit Union shows its social responsibility - 2nd France Trip

On Saturday the 20th November 2004 Southwark Credit Union (SCU) organised the Christmas shopping trip to France. Despite the early departure from in front of the office at 79 Denmark Hill members their relatives joined SCU staff on the trip.

Local MP Simon Hughes helped Crampton Primary School launch their new Southwark Credit Union (SCU) Young Savers Account (YSA) scheme. 49 pupils came along early before school to open their savings accounts.

Simon Hughes said “It’s wonderful that children have the opportunity in school to develop the habit of saving.”

“We hope the children of today will learn about managing their money in the hope that they will be less likely to get in the cycle of debt suffered by so many adults.” said Lakshman Chandrasekera, General Manager of the SCU.

Crampton is the fourth school in just 2 months to start the scheme, which is spreading quickly through out Elephant & Castle schools. A further 6 schools are in the process of starting. The project is part funded by Elephant Links.

Southwark Credit Union is a not-for-profit community co-operative providing financial services to any one living or working in Southwark. Their services include: flexible saving, very low cost loans, and free money advice. Telephone SCU: 207 787 0770.

Southwark Credit Union (SCU) aims to serve the whole community including
children and young people.

Beginning of September 2004, thanks to Elephant Links Single Regeneration Budget
Programme, SCU have set up the YSA scheme in selected schools in the borough
of Southwark. SCU will open the collection points at the schools where
children will be able to open their own accounts and save money every week.

The school project gives children the experience of money matters -budgeting, saving and handling cash. They are actively involved and can gain experience
in Mathematics and I.T in conjunction with the National Curriculum.