Mark Whitehead 10 October 2018

Kensington and Chelsea credit union ‘goes bust’

A credit union in Kensington and Chelsea which included several former residents of Grenfell Tower has gone bust.

K&C Credit Union, trading as Your Credit Union, was launched in 2012 and targeted the wealthier residents in the borough.

Reportedly the richest credit union in the UK, they argued their savings could be 'reinvested and recycled within the community'.

The latest figures issued in August showed that membership of the UK’s credit unions - often seen as a community-based alternative to payday loan companies – had exceeded 2 million for the first time.

But they are currently collapsing at about one per month.

Members of the Kensington and Chelsea scheme are protected by the Financial Services Compensation Scheme and will not lose any money.

Although Kensington and Chelsea is one of the most expensive places to live in Britain, the borough also includes some of the poorest areas and there are fears the collapse of the credit union may drive some back into the arms of payday loan outfits.

A spokesperson for the Association of British Credit Unions told LocalGov: 'Occasionally credit unions fail, usually smaller organisations that have faced local issues.

'All depositors are protected by the compensation scheme so there is no reason for anyone to be concerned.'

SIGN UP
For your free daily news bulletin
Highways jobs

Vocational Trainer - ESOL

Essex County Council
Up to £34668.00 per annum + Pro Rata
Vocational Trainer - ESOLPermanent, Part Time£34,688 Per Annum, Full Time EquivalentLocation
Recuriter: Essex County Council

Head of Democratic Services / Pennaeth Gwasanaethau Democrataidd

Cardiff Council
Salary £69,268 - £83,936 / Cyflog £69,268 - £83,936
We are keen to recruit an outstanding individual with proven track record... Cardiff (Caerdydd)
Recuriter: Cardiff Council

Targeted Youth Advisor

Essex County Council
£29512.00 - £34720.00 per annum + + 26 Days Leave & Local Gov Pension
Targeted Youth AdvisorPermanent, Full Time£29,512 to £34,720 Per AnnumLocation
Recuriter: Essex County Council

Youth Support Worker

Essex County Council
£29512.00 - £34720.00 per annum + + 26 Days Leave & Local Gov Pension
Targeted Youth AdvisorPermanent, Full Time£29,512 to £34,720 Per AnnumLocation
Recuriter: Essex County Council

School Crossing Patrol Officer - Mersea Island School

Essex County Council
Up to £13.46 per hour
School Crossing Patrol Officer - Mersea Island SchoolPermanent, Term Time£13.46 per hourLocation
Recuriter: Essex County Council
Linkedin Banner