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WHAT IS A CREDIT UNION
What Is A Credit Union?
Who can join a credit union and how?
Is it democratic? Can it be bought out or taken over? Is it ‘Regulated’ in any way?
Can the people running it be trusted with the money of others?
Is there an investment return on my savings?

How does a Credit Union trade?

How are loans applied for and how much can be borrowed?
How much can be borrowed?
Are those with previous poor credit records able apply for a loan?
Complaints - how are these dealt with?
What makes credit unions work the 5 Ps
Whats in it for the owner-members?
  Complaints - how are these dealt with? 

Complaints by owner-members are governed by firm regulatory procedures, to which the credit union and owner-members must comply.  These are set by the UK Financial Ombudsman Service.  These give the right to all owner-members to register a complaint. The credit union must have internal procedures in place to deal with complaints within a set timescale for resolution, with the final arbiter being the UK Financial Ombudsman Service and/or the UK Courts.

 

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