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

FM Hard Services and Accommodations Officer

London Borough of Richmond upon Thames and London Borough of Wandsworth
£43,545 - £59,220 per annum
Join a progressive and results-driven Corporate Facilities Management (FM) team, delivering high-quality services across approximately 300 buildings within Richmond and Wandsworth. Our remit encompasses a broad range of critical functions, including
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Marketing and Events Assistant

London Borough of Richmond upon Thames and London Borough of Wandsworth
£27,781 - £31,134
Marketing and Events Assistant... Richmond, Greater London
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Part Time Residential Workers x2

Essex County Council
£25395.00 - £32131.00 per annum + + 26 Days Leave + Local Gov Pension
Part Time Residential Workers x2Permanent, Part Time£25,395 to £32,131 per annum, plus 10% allowance, full time equivalentLocation
Recuriter: Essex County Council

Principal Ruling Group Support Officer

Liverpool City Council
£51356 - £56673
Liverpool is home to vibrant, energetic, and engaged communities... Liverpool, Merseyside
Recuriter: Liverpool City Council

Educational Psychologist - Main Grade

Essex County Council
£43483.0000 - £63394.0000 per annum
Educational Psychologist - Main GradePermanent, Full TimeSoulbury Psychologists Scale A from 3 to 8 plus SPA opportunityLocation
Recuriter: Essex County Council
Linkedin Banner