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

Deputy Income Maximisation Manager

London Borough of Richmond upon Thames and London Borough of Wandsworth
£47,730 - 57,837 per annum
Salary Range
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Strategic Lead - Highway Project Delivery

Solihull Metropolitan Borough Council
Salary
Solihull Metropolitan Borough Council
Recuriter: Solihull Metropolitan Borough Council

Emergency Duty Service Coordinator - Part time

Essex County Council
£25959.0000 - £28621.0000 per annum
Emergency Duty Service Coordinator - Part timePermanent, Part Time£25,959 to £28,621 per annum (full time equivalent)Location
Recuriter: Essex County Council

Employment Specialist – Connect to Work

London Borough of Richmond upon Thames and London Borough of Wandsworth
£38,841 - £47,067
Employment Specialist – Trailblazer
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Finance Officer - Debt Collection

Essex County Council
£25959.00 - £28621.00 per annum + + 26 Days Leave & Local Gov Pension
Finance Officer - Debt CollectionPermanent, Full Time£25,959 to £28,621 Per AnnumLocation
Recuriter: Essex County Council
Linkedin Banner