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Avoid loan sharks says West Cornwall MP George

By CG_Oscar  |  Posted: August 03, 2013

George

MP Andrew George says credit unions are better

Comments (6)

West Cornwall MP Andrew George is urging people to take advantage of credit unions instead of borrowing money from loan sharks.

Mr George, who first brought community banking to Cornwall in the 1990s, is supporting the opening of the new Penzance service of Kernow Credit Union (KCU) at The Giving Shop, Wharfside Shopping Centre, Penzance on Monday at 12 noon.

The Penzance branch will become the 16th service point across Cornwall.

Mr George hopes people in the community will support it by becoming a member and save with the credit union bank. Apart from the standard savings and loan accounts, KCU offers junior savers accounts for under 16s.

Mr George, who was instrumental in setting up the Cornwall Credit Union Development Project in 1996, said: “I was privileged to become a member of the Penwith Credit Union in July 1999 and subsequently a member of Cornwall Community Banking.

“ Credit unions are a "not for profit" company and can make a strong contribution to communities badly affected by extortionate loan sharks, expensive credit and pay day lenders.

“ I look forward to maintaining this link by becoming a member of Kernow Credit Union.’’

Jon Hayworth, secretary of Kernow Credit Union, said: "Kernow Credit Union is pleased to be opening a service point in Penzance because it was in Penzance in 1999 that the first community based credit union in Cornwall opened its doors for business.

“ We are pleased to welcome Andrew George as a member as he has been a long term credit union enthusiast. We are sure he will feel at home with the enthusiasts associated with KCU.’’

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6 comments

  • break  |  August 04 2013, 6:53PM

    Sounds like one type of shark complaining about another type of shark to me.

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  • BobToronto  |  August 04 2013, 4:11AM

    Jane You and I are in agreement. I was a member of a Canadian Credit Union which was affiliated to my employer. This was in the 70's. The MP apparently was suggesting that payday loan customers should get loans from the Kernow credit union. You and I are in agreement that WONGA customers are not the same type as responsible CU members. There is an obvious analogy comparing irresponsible spending forcing a person to borrow from the likes of WONGA and two decades of irresponsible government spending not covered by taxation but by borrowing. The MP has been part of the government for the last few years. It might be hypocritical for him to suggest that people live within their means and put money away for a 'rainy day' thereby putting payday loan companies out of business but this is what he should do. Instead he is suggesting that credit unions should be asked to finance customers currently clients of WONGA type companies and worse. No wonder the UK is in a bad financial posItion with this type of MP giving bad advice. The only good thing is the typical pay day loan customer will not be reading the advice

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  • Doitdreckley  |  August 03 2013, 8:44PM

    If it wasn't for Andrew Georges Government many people would not be in the mess they are in. He should become an independent or MK MP by deflecting.

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  • Crow_Jane  |  August 03 2013, 7:49PM

    I think that Andrew George knows exactly how credit unions work in Cornwall, as he has supported them for years. All the credit unions I have worked with do a full financial assessment where both income and expenditure are looked at before making a loan - which is more than the high street banks, or pay day loan companies do. If the person can't afford the loan, then they aren't given one. A lot of credit unions will only offer loans to members who have saved with them first. So to insinuate that they will loan irresponsibly is way off the mark. However what they will do is lend to customers that high street banks won't lend to (often because of a lack of credit history etc), and they will also lend small amounts, which the high street banks also won't do. Much better to borrow from a CU than a loan shark, or a payday lender or a doorstep lender.

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  • BobToronto  |  August 03 2013, 5:53PM

    The MP should be urging the public to become members of credit unions and deposit their savings with them. Perhaps the newspaper should explain how they work. In Canada CUs are frequently affiliated with Churches and ethnic organizations. Kernow in Cornwall is hardly such a body! The loans made are to responsible borrowers, not payday loan customers. Maybe he knows that Canada has a responsible well regulated banking system while the UK has not. Likewise he may think UK credit unions will make irresponsible loans to would be WONGA customers unlike Canadian CUs. The MP is a member of a government running irresponsible deficits just like a WONGA customer. May be the UK needs responsible fiscal management modelled after the Swiss. This MP is not giving any leadership. It is sad, my father was a Cornish Liberal all his life, and this MP would have sickened him Perhaps he should practice what he is preaching!

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  • emurfitt  |  August 03 2013, 4:54PM

    I would like to see Andrew George as Prime Minister. He seems to have his finger on all the buttons that affect Cornish people. Pity he's a LibDem.

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