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: nick.marshall@nycu.org.uk