Church leaders have pledged to work closely with one of the West’s leading credit unions to help support communities and keep vulnerable people out of the clutches of payday lenders.
The Archdeacon of Bath the Venerable Andy Piggott dropped in at the Information Station in Weston-super-Mare to meet directors, staff and members of the Somerset Savings and Loans credit union.
The fact finding visit on International Credit Union Day was part of a countrywide programme which saw high ranking churchmen heading out into their communities as part of the Archbishop of Canterbury’s high profile campaign against payday loan culture.
Following Thursday’s visit the Archdeacon was so impressed with the work being carried out at the centre that he agreed to sign on as a member.
Somerset Savings and Loans runs an office four afternoons a week at the Information Station – which is based in the middle of the town’s Bournville estate.
The Archdeacon met members of the public and saw for himself the high level of demand for the credit union’s services in one of the most deprived areas in the South West.
He said: “The Archbishop of Canterbury has given a lead and this has acted as a catalyst in the church and the community to promote the credit union movement.
“People are worried about payday loans and credit unions represent a positive and realistic alternative.”
During the day no fewer than 41 bishops across 30 dioceses were involved in some kind of activity to support the network of more than 30 credit unions across the country.
Archdeacon Andy Piggott went on: “We have 16,000 churches across the country and that gives all credit unions a great opportunity in terms of access to the public. The church has a presence in every community and working alongside the local credit unions will benefit local people.”
The Archdeacon’s visit followed unusually outspoken comments made by the Archbishop of Canterbury earlier this summer regarding loan sharks and pay day loan companies – and the positive role credit unions can play in keeping struggling families out of their clutches.
In a personal letter to be sent out to members of the clergy next month, the Archbishop of Canterbury the Most Reverend Justin Welby urges them to support their local credit union and be actively involved in supporting the development of real lending alternatives.
Credit union volunteers showed the Archdeacon around the credit union’s office at the Information Station – which also serves as a base of operations to a number of other social care agencies. The Archdeacon also visited the Healthy Living centre across the road.
Somerset Savings and Loans Treasurer Paul Urch said: “We will be holding further discussions with the Archdeacon to consider joint initiatives to help build our profile and membership. By working together we can certainly have an impact on promoting the concepts and benefits of credit unions and the communities they serve.”
He went on: “The meeting with the Archdeacon of Bath will hopefully be the first step in a significant programme in which the church takes a prime role in bringing in a large numbers of new supporters and savers.”
Further high profile meetings between the church and representatives from South West credit unions are expected to follow in November.
Somerset Savings and Loans will be holding its 10th anniversary annual meeting in February. The not-for-profit co-operative invests all funds locally, keeping money circulating within the local economy.
People can join online at www.somersetsavingsandloans.org.uk and learn more about the loans, savings accounts and other credit union services. Or they can contact someone about their savings or borrowing needs on 01275 390649.
As a Credit Union Somerset Savings and Loans is regulated by the Financial Conduct Authority. All savings are also covered under FSCS – Financial Services Compensation Scheme up to £85,000 for any individual saver.