The Cooperative Credit Union introduces protected lending.
I was very fortunate to spend time recently at the Cooperative Credit Union, located in the magnificent 1 Angel Square.
The purpose of my visit was to spend time with Linda Edwards, CEO, and her dedicated staff to discuss the introduction of new loan protection, arranged by CUNA Mutual Group Ltd, and tailored for the Cooperative Credit Union.
Members of the Credit Union will know all about the welcoming staff and committed volunteers that are the beating heart of the financial cooperative, dedicated to providing a range of services to employees and retirees from a wide range of cooperative organisations.
They may not know that the ethical, member-led organisation also makes sure that when bad things happen to good people, the Credit Union is there to help.
From 1st February 2015, the Credit Union has taken further steps to protect the loans issued to members, by purchasing a unique-for-Credit Unions insurance policy, arranged by CUNA Mutual Group Ltd. The policy protects the first £5000 of any loan against the risk of non-payment following the death of a member.
For members, this means they can borrow with the confidence that should the unthinkable happen, their family won’t be burdened with settling the outstanding balance.
At a time when costs associated with bereavement continue to rise, the Credit Union can’t take away the pain of losing a loved one, but they can help with easing the financial burden.
CUNA Mutual Group Ltd is delighted to partner with the Cooperative Credit Union and I would like to personally thank all the team for their hospitality during my visit.