In a rural area like ours transport is often vital to enable people to go to work, school or medical appointments.
Volunteers for Mendip Community Credit Union know of many cases where the Credit Union has been able to help with affordable loans to help with car purchase or repair. One example was of a teacher needing her car repaired quickly, so she could get to work, and a volunteer helped her to make an urgent loan application. The amount of loan needed was reduced because the volunteer suggested a cheaper source of a suitable car battery.
This is one account, given at the recent Annual General Meeting of Mendip Community Credit Union, of how volunteers have been able to help members with loans for a whole range of needs.
During the last financial year Mendip Credit Union has increased membership to 1,200, made loans totalling half a million pounds and slightly increased members’ savings by 4% to £540.987. Run by volunteers, Mendip Credit Union seeks to meet members’ needs with affordable loans, with a reducing interest rate as the proportion of savings increases. Saving is encouraged for planned needs or for an emergency.
Further accounts of members being helped over the past year were given at the AGM. A new member had moved to the area with next to nothing. She was desperate to furnish her new home, originally asking for a £1,500 loan. An MCCU volunteer helped prioritise what she needed to buy new and what she could buy second hand. With a smaller loan the member was able to set up her home. Having paid off some of the loan and increased her savings a further loan for some more items could be considered.
Another member, who had been saving, mentioned when she came to an MCCU Service Point that she had a bad back as her mattress was very old. The member didn’t want to take out savings as she wanted some money for Xmas and she thought a loan would be expensive. However, a volunteer found that as the member had more than half of the amount needed for a loan to cover a new bed and Xmas the interest would be much less than the member expected. Paying just £2.50 a week extra to her savings amount she had a loan so with her new bed the bad back is history.
MCCU encourages saving for a rainy day and volunteers seek to help people when something unexpected happens. MCCU would welcome a few more volunteers. Volunteering for MCCU is an opportunity to help others in your local community.
A Service Point is held on Saturdays in Frome Library between 10:00 and 12:00 and starting on 20th March also a Wednesday with the same opening hours. There are also Service Points in Shepton Mallet, Wells, Glastonbury and Street. Please call into a Service Point, visit www.mendipcommunitycu.org.uk or email info@mendipcommunitycu.org.uk for more information.
