Hi-scot Credit Union Taking Part In Worldwide Celebrations
1st October 2019
In October HI-Scot, the credit union for the Highlands and Islands, will take part in a worldwide celebration of credit unions.
Thursday 17th October is International Credit Union Day 2019, a day which highlights the history and achievements of the movement, as well as raising the profile of the work of credit unions in local communities, reflected in this year's theme: 'Local Service, Global Reach.'
"HI-Scot has been working across the Highlands and Islands for thirteen years and, in 2019, we have over three thousand members," said HI-Scot General Manager, David Mackay, "In that time we have approved over four thousand loans. That's a lot of money benefiting people in our communities."
From their base in Stornoway, HI-Scot serves one of the largest geographical areas of any credit union in the UK. Membership is open to anyone living or working within the area. New members can join by visiting one of the network of local Access Points across the Highlands and Islands or using the secure online system at: Hi-Scot.com
As high street banks close branches throughout the Highlands and Islands, HI-Scot has seen steady growth in its membership. David Mackay explains the ways in which the credit union differs from traditional banks.
"HI-Scot - like credit unions across the world - is not run for profit," said David, “There are no sky-high charges or 'fat cat' bonuses. HI-Scot operates to benefit its members, whether you're saving for special occasion or borrowing with one of our competitively priced loans. We won't try to 'upsell' our products and don't have any hidden extras.”
HI-Scot operates under the Financial Services Compensation Scheme, which means that members' accounts are protected in the same way as at any high street bank.
On this year's International Credit Union Day, HI-Scot will join credit unions in 117 different countries (with a global membership over 260 million) in raising the profile of the unique way in which credit unions operate: established with a co-operative ethos, owned by their members and committed to providing accessible savings and loans to the communities they serve.
David Mackay said that International Credit Union Day this October offered people throughout the Highlands and Islands a unique opportunity. “It's a good chance to get in touch or look us up online and see for yourself what HI-Scot, your local credit union, can do for you.”
Employers can help their staff to save very easily by offering payroll deductions each month with a credit union. Credit unions are financial co-operatives owned and controlled by their members.
HI-Scot has been in existence since 2006, though up until 2010 was under the name of Western Isles Credit Union. The name was changed to HI-Scot to reflect that fact that we'd moved to a position of serving all of the Highlands & Islands, and indeed anyone who lives or works in this area can apply to join us.
Hi-Scot Credit Union has its Annual General Meeting on Wednesday 12th December 2018 at 4.00pm. The office of the credit union is based in Stornoway and due to the geography of Highland and Islands has moved more and more online.
Scottish Government Launches ‘people, Not Profit' Campaign To Support The Scottish Credit Unions Sector. The ‘People, Not Profit' credit unions campaign has been launched by Aileen Campbell, Cabinet Secretary for Communities and Local Government today (Wednesday 14 November 2018), as results of a new survey reveal that one in five (20%) people in Scotland have not heard of a credit union.
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.
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