"Open letter in response to the Star’s letter
-Levy on credit unions is unfair-
Contrary to the letter written by Councillor Lorna Spencely, the compensation payment, which Harlowsave is due to pay the FSA in September, will not adversely affect us. The amount due (of approximately £450) is well within our budgeted contribution which we regularly make to the FSA to protect our members (like all other credit unions). Therefore, this will not affect the services offered to our members and the wider community."
This is great news. Harlowsave does such tremendous work and is deeply rooted in the community. So many people depend on it for good value and fair loans, which means that they don't have to depend on loan sharks, or so called financial institutions offering loan interest rates of 160%.
What is brilliant about this Harlow Credit Union is that it is not owned by big business, or by shareholders, or even one or two wealthy individuals. It is an institution entirely owned by its members, all of whom are local to Harlow. Members' savings are pooled to form a sum of money, in which members can borrow when they need extra cash. Savers also get healthy dividends. when s many people are suffering becuase of the recession and unemployment, Harlowsave Credit Union represents an essential lifeline, that gives people a lifeline during difficult times.
I was struck by my visit just how passionate, all the staff members were, and also by the volunteer staff member, whose efficiency and organisation in signing me up could not have been better. In fact, I certainly wouldn't have got such service if I had queued up at a bank. I am very pleased now to be a member of Harlowsave and have now agreed to put aside a small sum every month to try and save some money.
P.S. The picture shows me at Harlowsave with staff and volunteers, as well as Emi, the youngest member of the Credit Union! Emi is the daughter of Jackie, who works as Membership Secretary in a professional capacity.
