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

Head of Highways & Transport

Redbridge London Borough Council
Up to £95k
We are looking for someone with the professional expertise and the strategic perspective to move effortlessly London (Greater)
Recuriter: Redbridge London Borough Council

Duty Manager, Part-Time (Active Hampton)

London Borough of Richmond upon Thames and London Borough of Wandsworth
Actual starting salary of £20,816pa for 24 hours
Duty Manager,
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Senior Highways Inspection Officer

The Royal Borough of Windsor & Maidenhead
£39,526 - £43,613 per annum
This is an excellent opportunity for an enthusiastic Senior Highways Inspection Officer join our Highways Inspection team. Windsor, Berkshire
Recuriter: The Royal Borough of Windsor & Maidenhead

School Crossing Patrol - Cathedral C of E VA Primary School

Essex County Council
Up to £13.4600 per annum
School Crossing Patrol - Cathedral C of E VA Primary SchoolPermanent, Term Time£13.46 per hourLocation
Recuriter: Essex County Council

Creative & Digital Content Officer

Wyre Borough Council
£27,709 - £29,542
This role offers an exciting opportunity to contribute to the development and delivery of high-quality visual and digital content Wyre, Orkney
Recuriter: Wyre Borough Council
Linkedin Banner