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

Highways and Traffic Engineer

Hull City Council
£46,579 - £49,817
You will work as part of the Design and Commissioning team Kingston upon Hull, East Riding of Yorkshire
Recuriter: Hull City Council

Highways Group Manager

Pembrokeshire County Council
Grade 12 - £57,386 - £59,639
This is a senior leadership role requiring a visible, innovative and collaborative leader Pembrokeshire (Sir Benfro)
Recuriter: Pembrokeshire County Council

Head of Health Determinants Research Collaboration

Torfaen and Blaenau Gwent Councils
£69,151 - £73,937
Across Torfaen and Blaenau Gwent in South Wales, our councils are doing something genuinely different Pontypool & Ebbw Vale
Recuriter: Torfaen and Blaenau Gwent Councils

Lawyer

Mansfield District Council
£35,570 - £45,529 per annum (career graded post)
You will join a friendly and supportive legal team, where everyone works together Mansfield, Nottinghamshire
Recuriter: Mansfield District Council

Financial Inclusion Officer

Mansfield District Council
£17,964 - £21,168 per annum
You will be part of a bustling and supportive team to complete financial assessment for prospective tenants Mansfield, Nottinghamshire
Recuriter: Mansfield District Council
Linkedin Banner