affordable warmth in rural communities? 1.15 pm financial help available – nick marshall of north...
Post on 18-Dec-2015
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Affordable Warmth in Rural Communities?
1.15 pm Financial help available – Nick Marshall of North Yorkshire Credit Union.
Who runs the credit union?
• Owned and controlled by the members – AGM elect Director members
• Volunteer board of directors– Individually vetted by the Financial Services
Authority– Trained in specific areas of credit union
management• Staff employed to manage the credit union
177,000,000 Members 49,000 Credit Unions
96 Countries
• Expansion Funded by Partnership lead by NYCC
• 8 Local Authorities and 4 Housing Associations
• Partnerships offer in-kind and financial support
Volunteer Board of Directors in Eastfield
• York Credit Union Ltd. May 2006
• North Yorkshire Credit Union. May 2009
• Membership ,May 2009 was 1000 in York.
• Membership May 2010 now 3000
PAY POINT CARD @ 20p/transaction
• WHAT WE OFFER• Flexible small loans• No set up charge or early redemption fees• Payroll deduction and services for staff• Christmas and Holiday saving clubs• Consolidation loans to escape high % debt• Loans accessed on ability to pay• Ethical and safe savings
ACCESS POINTS• Website• ID verification• Online Banking• Withdrawals • Cheque & cash deposits• Loans Applications
Customer Access Centres• Information• Deposits
North Yorkshire
Back Office
LibraryCustomer
AccessCentre
Community Savings
Point
Pay PointPost Offices
FUEL APPLIANCE COMPARISONCost per hour
GAS: Cheaper than Electricity
Gas Fire .
On full 11p
Normal gas central heating.
In very cold weather 44pWarm-air gas central heating.
In very cold weather 16pWall mounted gas flue heater
On Full 6pBottled Gas:Is expensive and causes condensation
Calor gas heater
On full 66p
Electric: Bar Fire
3 Bar – 3kW 33pOil Filled radiator- 1kW 11pFan Heater – 2kW 22pConvector Heater – 2kW 22p
Cost of alternative energy
Alternative energy
Installation cost
Government grant Cash back
Annualsavings for gas
Annual savings
Forelectricity
Total annual income for gas
Total annual income for electricity
Solar PV£8,000-£14,000
£0 £725 £110 £110 £835 £835
Solar thermal£3,000-
5,000£400 £200 £60 £90 £260 £290
Ground source heat pump
£7,000-13,000
£1,200 £1,300 £130 £590 £1,430 £1,890
Air source heat pump
£5,000-9,000
£900 £1,400 £30 £490 £1,430 £1,890
Wood-fuelled heating
£9,000 £600 £1,700 £-190 £280 £1,510 £1,980
• Why do we need a Credit Union?
• Check the market and see what people pay for credit. www.lendersCompared.org.uk
Non-Bank Licensed Lenders
Loan Amount
Repayment Period
Repayment Amount/Per week
Total to Repay
Total Interest
Interest Rate
Provident Personal Credit
£300
31 weeks £15 £465 £165 365.1%APR
Shopacheck Financial Services
32 weeks £15 £480 £180 399.7%APR
North Yorkshire Credit Union (NYCU)
22 weeks £15 £315 £15 26.8%APR
Overdraft or Credit Cards. Comparison to NYCU
Loan Amount
RepaymentPeriod
Repayment Amount/
Per Month
Total to Repay
TotalInterest
Interest Rate
Typical Credit Card *
£500
12 months £45 £540 £40 16.9%A.P.R
Typical Overdraft** 12 months £49 £588 £88 18.9% E.A.R
North Yorkshire Credit Union (NYCU)
Match Loan12 months £43 £533 £33 12.7%APR
• Community Based development• Multi access , focused at target areas and
groups• Partnerships: Voluntary Sector;
Community groups; Churches; Libraries; Children's Centres; Schools; Employers
• Education: For Schools to develop money skills: For Adults to improve Financial Capability
POSSIBLE ACTION
• Special Loans or Savings schemes to allow purchase of bulk Gas/Oil fuel
• Networking to spread information about Credit Union
• CONTACT DETAILS• York Office: 01904 676633.Public• WEBSITE:
www.nycu.org.uk
Nick Marshall .Project Manager01904 676664. Email: [email protected]