A Steering Group was formed in 1999 to promote and establish a Credit Union serving the Dartmoor area and some communities on the northern fringe. For those readers who have not heard of a Credit Union - they are financial co-operatives owned and controlled by members. They exist to encourage regular saving (from as little as £1 per week) and to provide low cost loans with interest limited by law to a maximum of 1% per month. Other benefits are also provided e.g. free life insurance and free loan protection in the event of death.
Credit Unions operate under the Credit Union Act of 1979. and are regulated and supervised by the Financial Services Authority. They are run by trained volunteers from the community and training (which also provides useful work skills) is provided free.
Since it was formed the Steering Group has held public meetings and consulted with local community groups and established that there is definitely a need and that a Credit Union would be supported. The group has had financial support from West Devon Borough Council and from Midland Bank Okehampton and is currently applying to the European Key Fund for a grant towards set up costs. The next Presentation and Public Meeting will be held in the Okement Centre Okehampton at 7.30 pm on Wednesday 31 May. If you miss this meeting but would be interested in becoming a volunteer worker, a member or would just like some more information please contact Carol Yardley 01647 231201 or Eric Hodges 01647 432616.