Lynne Featherstone MP today visited the London Capital Credit Union (LCCU) – a not-for-profit co-operative helping to tackle debt and promote money saving in Haringey and six other London Boroughs.
The Credit Union provides low-cost ‘saver loans’ to those in need of short-term financial support. It also offers a ‘credEcard’, an interest free and fee free alternative to traditional bank and credit cards.
The MP for Hornsey and Wood Green, along with Haringey Liberal Democrat leader and Stroud Green Councillor Richard Wilson, was given a tour of the Credit Union and met with staff and volunteers.
After the tour, the Liberal Democrat MP met with manager Martin Groombridge to discuss the LCCU’s activity in her constituency. Since opening in Haringey 18 months ago, the Union now has 1,700 members in the borough (including Ms Featherstone) and has lent £500,000 to Haringey residents in the last year alone.
Following the visit, Lynne Featherstone MP said:
“It’s fantastic to have the LCCU operating in Haringey. The LCCU is an example of the benefit of co-operatives, providing financial assistance to those in need whilst helping them to escape the cycle of debt.
“Vulnerable people should not be taken advantage of by unscrupulous payday lenders – and the Credit Union offers a very sensible alternative for those in short-term financial need and transitional poverty.
“That’s why the Liberal Democrats in Government have long supported the co-operative movement, and have invested £38 million in credit unions.
“I will certainly keep in touch with Martin, and look forward to working with the London Capital Credit Union in the future.”
I did not even know of this organisation’s existence. Anything to curtail the excesses of Wonga.com has to be a good thing.