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

Educational Psychologist

North Yorkshire Council
£49,215 - £65,423
This is an exciting time within North Yorkshire Council’s Educational Psychology service. Harrogate, North Yorkshire
Recuriter: North Yorkshire Council

Educational Psychologist

North Yorkshire Council
£49,215 - £65,423
This is an exciting time within North Yorkshire Council’s Educational Psychology service. Selby, North Yorkshire
Recuriter: North Yorkshire Council

Dredger Chief Mate

North Yorkshire Council
£29,064 – £31,537 per annum
The vessel operates in the ports of Whitby and Scarborough and occasionally operates on contract to dredge other ports around the UK coast. Whitby, North Yorkshire
Recuriter: North Yorkshire Council

Social Worker Disabled Children's Team

North Yorkshire Council
£38,220 - £42,839 per annum
Do you want to be part of a service that is passionate about improving the lives of disabled children and their families? Northallerton, North Yorkshire
Recuriter: North Yorkshire Council

Democratic Services and Civic Officer

Ribble Valley Borough Council
£33,143 to £35,412 per annum
We are excited to advertise the position of Democratic Services and Civic Officer in our Chief Executive’s Department. Clitheroe, Lancashire
Recuriter: Ribble Valley Borough Council
Linkedin Banner