Martin’s Story

“I first joined South Manchester Credit Union after leaving university 25 years ago. At that time I had student loans, an overdraft, and several credit cards. I had heard about credit unions from Ireland where they were already very popular. What I really wanted to do was get rid of the credit cards, because it seemed so difficult to pay them off – if I tried to pay back a little extra one month, I would end that month skint, and needing to use the cards again. Something unexpected always seemed to come along which required money to sort out. As long as I couldn’t make progress paying the credit cards off, I couldn’t really tackle the other debts. I felt stuck.

After joining the credit union I quickly realised how clever their saving and borrowing model is. You save a small amount into your locked savings even while you borrow, which may seem counter-intuitive at first, but you end up with a nice little sum in your account once your loan is repaid. Money which you have saved up and which is steadily increasing! That little sum can stop you falling into debt again. You can withdraw it if you wish, or you can leave it there. If you leave it there, you know you can always borrow a multiple of that amount if you need to, which is a very handy back-up to have. I have used it many times over the years, long after those credit cards were paid off.

I have never regretted joining the credit union; I still use them to this day. Over the years things have got better, but like everyone else, there have been struggles and setbacks along the way. The credit union is a very good place to save a few quid in the good times, and it is the best place to turn in the bad times or when unexpected outgoings crop up. I always recommend it to people.

Sometimes people tell me they can get a better rate elsewhere, but that is missing the point I think. Credit cards and other companies are there to make a profit, and they know all the tricks to maximise their returns from you. The credit union knows all the tricks to help get you out of debt; there are no hidden charges or unexpected fees. They do not lure you into spending more, and they are much nicer to deal with! There are no aggressive letters or scripted call centre calls. They don’t exist purely to squeeze every last penny from you – they exist to help you get on your feet and stay there.

Everyone should join a credit union; there is no reason not to. They give you a financial safety net for when the unexpected comes along. You may realise your car is on its last legs, your work situation may change, or a few things can come at once. With a few bob saved in the credit union you’ll get through it OK. You won’t have to turn to credit cards or bank loans with their charges and penalties. But that is not the only reason to join… you also have to consider the help they give to other people.

The credit union is a genuine community organisation. They work to lift people in our area out of poverty and debt. The more people who join, the more people they can help and unlike credit unions in other areas they get virtually no help from the council. Even if you think you won’t need them, joining won’t cost you anything. They are fully regulated and you always have access to your funds. By joining, you make the union bigger and stronger and better able to help more people.

So there is no downside, you can join either for your own benefit or for the benefit of the wider community, or both. You can join because you care about the area we live in and the people who live here. You can join because the office is conveniently located and you can simply walk in when you need to speak to them. You can join because viewing your account online is simple and easy. You can join because their newsletter is also community focussed or you could join because the staff are lovely and helpful and a pleasure to deal with.

You won’t regret it, and you might just be glad of it. Why not call in next time you’re passing? After 25 years I don’t have the slightest hesitation in recommending SMCU to people, whatever their income or financial circumstances. I can’t say that about any other lender or account provider.

Just join!”