Coastal Credit Union
Information about the different ways we're involved with the Credit Union.
The Coastal Credit Union is a savings and loans service run for its members, by its members. Adults and Children living or working in the BH postcode area can join the Coastal Credit Union. As a member you can save regularly and safely, and any profit is returned to you as a dividend. Loans and budgeting advice is also available to savers.
On this page you can find information about:
- What a Credit Union is.
- How the Credit Union works
- What the benefits of the Coastal Credit Union are.
- Partnership working - Poole Housing Partnership and Coastal Credit Union working together. Includes some simple budgeting tips.
- Where and When - Coastal Credit Union branch addresses and opening hours.
- Volunteering for the Coastal Credit Union.
On the link on the right, you can find articles about the Coastal Credit Union that have been in the news recently.
What is a Credit Union?
A Credit Union is a democratic, non-profit making financial co-operative. It is owned and controlled by its' members and every member (no matter how much they save) has an equal vote in the running of their Credit Union. The Directors and Officers of the Credit Union are all voluntary and are elected by the members. Paid staff and volunteers run the offices.
The aims of the Credit Union are to encourage savings, provide loans to members at low rates of interest (starting at 1% to 2% per month equivalent of 12.68% to 26.82% APR) and provide members with help and advise about money management.
The Credit Union for people in the BH postcode area is called Coastal Credit Union.
How does the Credit Union work?
Members save regularly into a common fund. This fund is used to finance loans to members. members are encouraged to save. Each loan application is considered on its' merits and the credit record of the member. Interest received on loans is used to cover running costs and any surplus is repaid to members as a dividend on their savings.
Coastal Credit Union is open to anyone who lives or works in the BH postcode area.
What are the benefits of the Coastal Credit Union?
- Local and Friendly service. The Coastal Credit Union is run by its' members, for its' members. The Volunteers and staff really care about their local community and the work they do at the Coastal Credit Union. Any re-investment is kept in the local community.
- Low Cost Loans. Cheaper than most credit cards, banks and doorstep lenders for small loans.
- Free Life Insurance. Free life insurance potentially doubles your savings on death and repays any outstanding loans.
- It is a convenient way to save. Savings can be made in a number of ways; by cash or cheque at a Member Service Point, by standing order, by payroll deduction, by PayPoint, or by direct payment of salary, wages or benefits.
Coastal Credit Union have helped many of their customers to turn their lives around. See the link on the right hand side of this page to read one of their many success stories.
Partnership Working
Poole Housing Partnership are working in partnership with the Coastal Credit Union. We believe that the Coastal Credit Union are a better alternative for some of our residents who often use doorstep lenders or even illegal money lenders to borrow money. Some of our residents also have problems with opening bank accounts due to their credit history, and this is where the Coastal Credit Union can come in as a safe and reliable alternative to a bank or building society.
Shaun Robson, the Head of Environmental and Consumer Protection Services at Poole Borough Council says:
"Trading standards departments in Bournemouth, Poole and Dorset are experiencing a significant increase in complaints about high-interest lending and unethical promotional practices which prey on the vulnerable.
With the appropriate level of support, Coastal Credit Union can help to eradicate these practices by making basic banking accessable to all, providing financial education, and more affordable loans to members. They can also help to prevent unmanageable debt in future generations.
I believe it is essential that we take this opportunity to support our local Credit Union, both for our own sakes and for future generations to come."
PHP and the Coastal Credit Union have the following simple budgeting steps for you to consider:
Income
Make sure you know how much you are earning each month, and don't take overtime and tips for granted. If appropriate, make sure you are receiving all the benefits you are entitled to. You can book a Financial Health Check to find this out, or contact the local Citizens Advice Bureau or Budget Coach for help, see the contact details at the bottom of this page.
Saving and Budgeting
Think about the expenses coming up in the future, and adopt a "jar on the mantelpiece" approach. Coastal Credit Union can help you put small amounts of money by, to help you afford larger expenses, like car insurance or Christmas.
Have a realistic view of your expenses
For a month or 6 weeks, keep your receipts for everything you spend, including incidentals like mobile phone top-ups, petrol or shop bought sandwiches. Don't forget to budget for Christmas and birthdays, these expenses often get put on the credit card and are forgotten about. A free Budget Coach from your local area could help you with this and many other issues.
Keep the costs of borrowing down
Find out how much interest you are going to pay over the whole term of any proposed loan. If you are borrowing from a doorstep lender, a £300 loan could cost you £150 in interest over one year! With Coastal a loan for £300 would cost you £30 for the same period. Unpaid credit card balances are also an expensive financial burden as the interest drags on over years if you only make the minimum repayments. A low interest loan could reduce the interest you are paying, and provide a tangible end to your repayments.
Coastal Credit Union is working in partnership with FREE Budget Coaches in your area who can make sure you are able to make the most of your money and help you reduce your expenses. CCU are a not-for-profit organisation aiming to help everyone in the community. The CCU is open at the back of the Co-op in Ashley Road 11am-1pm on Tuesdays, Thursdays and Saturdays.
Contacts
Coastal Credit Union 01202 718018 or 01202 566878 (Head Office)
Citizens Advice Bureau 08707 510937
Where and When?
Bournemouth
531-533 Christchurch Road, Boscombe, Bournemouth, BH1 4AG. Tel: 01202 566878. Fax: 01202 465000. Opening Hours - Monday, Tuesday, Wednesday, Friday and Saturday 10am to 12.30pm. Thursdays 10am to 3pm.
Poole
The Co-op, 346 Ashley Road, Parkstone, Poole, BH14 9DF. Tel: 01202 718018. Opening Hours - Tuesday and Saturday 11am to 1pm. Thursdays 10am to 3pm.
There is also a Service Point at St Gabriel's Church in Turlin Moor. This is available on Tuesdays between 9.30am and 10.30am.
Volunteering for the Coastal Credit Union
These are the types of people who can help make a difference in their local community: Could this be you?
- People willing to pass on information about what the Credit Union do and how they can help change lives, either in their local community or in their workplace.
- People who would like to run a "Service Point" (drop in session) in their local area, or to run workshops so local people can be more informed about the financial choices they make
- People who would like to have a say about how the Credit Union is run and how it caters for members like them – you could even become a Director if you wish!
- People who would like to be part of a "focus group" so the Credit Union can find out how they can best serve the needs of local people and how they can improve the Credit Union.
Those who volunteer for the Credit Union (or find a way to support them in their working roles) find that they enjoy working with others for a worthwhile cause. It's an opportunity to gain new skills, meet new people, or make good use of existing skills if you are now retired.
If you are interested in volunteering or would like more information please contact Coastal Credit Union's Head Office on 01202 566878 or visit their website (see the link opposite).