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

Director of Social Work and Social Care

Trafford Council
£100,731 to £104,625
You will join a values-driven senior leadership team, providing visible and responsive leadership. Manchester
Recuriter: Trafford Council

Housing Ombudsman

Housing Ombudsman Service
£130,095 per annum, negotiable based on experience.
The Housing Ombudsman Service allows colleagues to choose if they wish to work in the London office, from home or a hybrid of the two London (Greater)
Recuriter: Housing Ombudsman Service

Social Worker - Assessment & Intervention, South Essex

Essex County Council
£34902.0000 - £50081.0000 per annum
Social Worker - Assessment & Intervention, South EssexPermanent, Full Time*£34,902 to £50,081 per annumLocation
Recuriter: Essex County Council

Regeneration Communications Officer

London Borough of Richmond upon Thames and London Borough of Wandsworth
£40,737 - £49,365 per annum
Job Title
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Community Support Worker - South Essex

Essex County Council
£25395.00 - £32131.00 per annum
Community Support Worker - South EssexPermanent, Full Time£25,395 to £32,131 per annumLocation
Recuriter: Essex County Council
Linkedin Banner