Council to block payday loan sites in favour of local Credit Union

Merton Council called for a block on high interest payday loan sites on all council run computers at the full council meeting last week (11 September 2013).

Councillors Russell Makin, Laxmi Attawar and Agatha Akyigina submitted a motion to council encouraging all councillors to back the motion. They are also calling on all councillors and council employees to actively endorse membership of the Croydon, Merton and Sutton Credit Union and become members of the scheme themselves.

Following cross-party support, the council will now take steps to ensure its IT systems block high interest money lender sites.

It was also agreed that the council will work with the borough’s schools to deliver improved financial literacy education in line with the government’s recent proposals to make financial literacy a statutory part of the National Curriculum.

Credit Unions are not-for-profit co-operatives which aim to provide affordable financial services for members of the local community. Membership of the Croydon, Merton and Sutton Credit Union is open to anyone who lives or works in those boroughs and is regulated by the Financial Conduct Authority and the Prudential Regulating Authority.

Fully supportive of the push to encourage responsible borrowing through the reputable Credit Union, Leader of the Council Councillor Stephen Alambritis said: “These are tough times for many people and we want to play our part in encouraging membership of the Croydon, Merton and Sutton Credit Union which enables people to invest for the benefit of their community and allows responsible borrowing at affordable rates for those who need a loan to see them through lean periods. Credit Unions offer a range of financial products. The good thing about the Credit Union is that it is banking by the people for the people.”

Croydon, Merton and Sutton Credit Union has a customer service desk at the civic centre every Wednesday 10am – 3pm.

More information on the Croydon, Merton and Sutton Credit Union can be found at: http://cmscu.co.uk/aboutus.htm

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