A significant milestone is reached in the St Wilfrid and Mother of God parish this year. Members of St Wilfrid and Mother of God Credit Union have just held their 39th annual general meeting (AGM) and are proud to celebrate their achievements. The Credit Union has been providing financial help to people of the parish of St Wilfrid and Mother of God, centred on Abbeydale Road in Sheffield, for 40 years. It started life as a Savings Club in 1980 after Mgr Kilgannon and three parishioners visited a Credit Union in St Columba’s parish, Bradford.
Bob Lyons was one of those three parishioners and is now the treasurer. He commented, “We started operating as a Credit Union in 1981, and since then, we have given out over 1,800 loans worth over £1,300,000. In addition, we have paid out over £60,000 in dividends.”
Irvin Peacock, the Credit Union Chair said, “The Credit Union is entirely owned and run by its members and is registered with UK financial authorities. The management committee are all unpaid volunteers. Members put money into savings (shares) with the Credit Union which then earns annual dividend as agreed by members at the AGM. This money is then available as loans to members as and when needed. Our members have used loans for many varied reasons including household goods, for example fridges and washing machines. They have used the Credit Union to pay off more expensive loans and to reduce dependence on credit. The Credit Union has helped people to buy cars, to start businesses and pay holiday expenses, including pilgrimages.
“Loans are available at 3/4% per month on a decreasing balance, and it is difficult for anybody to get a small loan at that rate. Indeed, many people – especially people with low credit ratings – pay much, much more to loan sharks.
“The Credit Union now has 210 members who have around £230,000 in shares. New members are continually joining the Credit Union and, with an active and engaged management committee, we are confident that we will continue to provide financial support to Mother of God parishioners into the future.”
If you want to know more about Credit Unions, ring Bob on 0114 236 9334 or look up St Wilfrid and Mother of God Credit Union on Facebook.