Woodbridge now has two credit union outlets:
The Fred Reynolds Centre, nr Peterhouse Crescent open 11.30am-12.30pm on Mondays.
The Salvation Army Hall, nr Woodbridge library, open 11am-12 noon on Thursdays .

When Suffolk County Council Trading Standards investigated a loanshark case at Ipswich Hospital, a criminal prosecution resulted, with the guilty verdict followed by sentencing in January 2008. Trading Standards discovered that workers at Ipswich Hospital were falling victim to a colleague’s illegal lending, with rates of interest of up to 150 %. Migrant workers were often unable to get mainstream credit, and were turning to the loanshark instead.

But long before that stage had been reached, Trading Standards decided to call in Ipswich and Suffolk Credit Union. Previous experience showed that removing one loanshark just creates a vacancy for another loanshark if no viable alternative is provided to victims.

So ISCU attended the premises with Trading Standards, advised staff that legal loans were available from ISCU, and made a number of loans in the following months. With permission from the Hospital HR department, ISCU can visit the staff restaurant, and staff and contractors can use the credit union services.

Reg Ruffles, Assistant County Trading Standards Officer said, “This is one of the most worthwhile informal partnerships we have ever been involved in. Working with the ISCU has enabled us to help staff at Ipswich Hospital get reliable financial advice and manageable loans. We have successfully filled the void left by the loan-shark. ”

Simon Pain, ISCU Manager said: “We exist to offer a fair alternative to extortionate or illegal lending. Without Trading Standards information, we would not have known about this problem. We are ready to step into local areas and offer immediate loans where we become aware of loansharks, so the relationship with Trading Standards is very important”

Matt Thubron, Rural Development Officer for ISCU said: “Woodbridge and Melton ‘Churches Together’ group asked us to provide the credit union as they became aware of extortionate lending in their area.”

FACTFILE:
Over 2,000 people use Ipswich and Suffolk Credit Union Ltd (ISCU) to save and borrow, or to save up for Christmas away from the temptation of their main finances. Main offices are in Ipswich, Felixstowe, Bury St Edmunds and Leiston, with PayPoint available on request. More than 50 partner agencies such as church groups, local authorities, and community groups refer people for immediate loans.

Ipswich and Suffolk Credit Union Ltd, 63 Austin Street, Ipswich. IP2 8DF
Tel: 01473 690690
Email: ipscreditunion@tiscali.co.uk
Website: www.iscu.org.uk

YouTube: http://www.youtube.com/groups_videos?name=UKcreditunions