HI-Scot Credit Union Can Help Savers and Borrowers in 2013
12th December 2012
As we approach 2013, nearly five years on from the start of the “Credit Crunch” of 2008, households in the Highlands and Islands Region continue to face many financial challenges.
There are challenges for both borrowers and savers in equal measure; whether it is the saver who has seen interest paid on savings being slashed, or the borrower who can no longer access credit from their Bank.
The slow down in the housing market provides yet another challenge for many of us. Where once we may have looked at moving home, more of us are now looking to repair, or extend our existing properties.
One organisation offering a real answer to these challenges is HI-Scot Credit Union. HI –Scot is the largest Credit Union serving the Highlands and Islands Region.
HI-Scot can provide Home improvement loans of up to £10,000. Like all our loans they are flexible and affordable, and of course being a Credit Union means there are no set up fees, no charges for admin, just simple straightforward borrowing the way you want it.
If you are a saver looking for a good return on your hard earned savings, want to save with someone you can trust, then HI-Scot may be the answer for you.
So why not see if HI-Scot can help you face some of your challenges.
E mail: info[AT]hi-scot.com
Hi-Scot Credit Union has been in business for over 10 years and initially started in the Western Isles expanding into the other areas of Highlands and Islands a few years ago. With an increasing membership now standing at over 2500 the group headed up by a small team of staff and a volunteer board of directors Hi-Scot Credit Union is going from strength to strength.
You don't want to save so you won't want to read this item about credit unions. It is easy to do now in Highland and Islands now that Hi-Scot credit union is online with its services for savers and borrowers.
In a report by Scottish Government published earlier in 2016 entitled "Scotland's Credit Unions - Investing in Our Future" The First Minister Nicola Sturgeon wrote a letter to employers as follows - Dear As First Minister of Scotland I am delighted to be able to offer this letter in support of the work of credit unions and at the same time encourage the uptake of payroll deduction schemes for employees with credit union accounts. Credit unions make an invaluable contribution to providing financial services and products to a wide range of customers.
Hi-Scot - A Credit Union for YOU. HI-Scot has been in existence since 2006, though up until 2010 was under the name of Western Isles Credit Union.
The Economic Secretary to the Treasury, Andrea Leadsom, today encouraged employers and voluntary sector organisations to engage with credit unions to help them provide affordable credit and responsible financial services in their communities. Following the launch of the government's call for evidence on credit unions in June, the Economic Secretary today visited London Mutual Credit Union to hear first-hand how credit unions are providing a payday loan product at a fraction of the costs charged by payday lenders.
The Highland Council is to write to the UK Government, the Scottish Government and the Convention of Scottish Local Authorities to highlight its total opposition to the high-cost short-term credit offered by pay day lending companies and the misery that spiralling debt brings to the poorest in society. A priority, they say, is to cap the level of interest on the repayment of loans, which can be as high as 4,000 per cent, at no more than 60 per cent.
HI-SCOT Credit Union is now operating across the Highland area and provides an opportunity for people in the community to come together to save, and borrow money at low rates. Credit Unions are not-for-profit co-operatives, with surpluses being returned to members.
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