Rainbow Savers credit union has saved people in Fenland £27,645 in interest payments, its director claims

14:18 04 September 2014

March Rainbow Savers Launch .Customers John Farrow (left) and Richard and Jean Conway with volunteers Sue Thornton, Susanna Martins and Karin Hewitt and FDC’s Ross McGivern (far left)

March Rainbow Savers Launch .Customers John Farrow (left) and Richard and Jean Conway with volunteers Sue Thornton, Susanna Martins and Karin Hewitt and FDC’s Ross McGivern (far left)

Archant

People who borrowed money from a Fenland credit union forked out £27,645 less in interest payments than they would have done if they had used payday or doorstep lenders, it is claimed.

Sally Chicken, director of Rainbow Anglia Savers, revealed the figure at a get-together of volunteers held to celebrate their first year’s achievements.

It was reached using a Department of Work and Pensions formula which enables credit unions to show the extra benefits of becoming a member.

Ms Chicken said that those who borrowed £300 from Rainbow Savers and repaid it at £9 per week would spend £30-£50 in interest. By contrast, those using a doorstep lender for the same amount would incur interest costs of about £250.

Rainbow Savers’ membership in Fenland rose by 145 per cent in the 15 months after it had opened branches in Wisbech and March.

Rainbow Savers collection points in Wisbech are at the Rosmini Centre (open Tuesdays, 2-4pm), the Oasis Centre (Thursdays, 12 noon-2pm) and Barclays Bank (by appointment, usually on the third or fourth Thursday in the month).

The one in March is at the Fenland @ your service shop each Wednesday (10am-2pm).

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other Wisbech Standard visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by Wisbech Standard staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique Wisbech Standard account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

More news stories

12:06
Marshland High School, West Walton

A group of Fenland school students returned home late last night after being trapped in France for an extra 24 hours following a strike by French ferry workers which closed the port of Calais.

15:55
Flooded Showfields.

Pressure is mounting for a Fenland planning meeting set to discuss controversial housing plans for a Whittlesey flood plain to be held in the town.

14:00
Wetland centre at Welney

Fenland Poet Laureate Jonathan Totman has organised an afternoon of poetry as part of Ouse Fest, a celebration of the landscape and heritage of the Ouse Washes.

Most read stories

Digital Edition

Image
Read the Wisbech Standard e-edition today E-edition