24pete, Author at Northern Community Bank

Take Out a Car Loan to Buy Your Next Car

March 30, 2017 9:07 am Leave a Comment

While it’s still, just about, possible to live your life without access to a car, it is probably more difficult than it’s ever been. Whether you need it for travelling to and from work, ferrying the kids around or simply bringing the shopping home from the supermarket, the chances are you’d find it pretty difficult to get by using only public transport.

Above and beyond the practicalities, owning and running a car offers a huge degree of freedom, allowing people to travel when and where they like. If you’ve got family in other parts of the country or perhaps employment opportunities which are scattered far and wide, a car can make all the difference to your life.

The issue facing many people, of course, is exactly how you set about affording a car. In between paying bills and keeping a family fed it can be extremely difficult to put aside the funds needed to purchase a vehicle. That’s where being a member of a Community Bank can come to the rescue. In the long financial hangover that follows Christmas, the idea of spending several thousand pounds on a car might seem somewhat far-fetched, but the car loan that we offer have terms which could compare favourably with anything you’re likely to find elsewhere.

Of course, dealers will often offer finance deals on their vehicles and while we can’t guarantee that our terms will be better 100% of the time, what we can say is that it’s worth taking the time to find out. That’s the challenge we throw down; if you want to spend more than £3000 on a car, compare the terms offered elsewhere to the terms at our Community Bank, and we’re pretty confident that what we provide will prove highly competitive.

As well as the headline interest rate we offer, you can relax in the knowledge that you’re borrowing money from a not for profit organisation. Our ethos is all about helping people to save and borrow and a part of that means keeping interest rates as low as possible and being completely upfront about what borrowers will have to pay back. As a responsible lender we assess each loan application individually, tailoring repayments which ensure a borrower can afford to repay a loan.

Many garages and dealers, for example, offer finance which starts at 12.9% Representative APR, which is more than we’ll charge for a loan of over £3000. The word ‘representative’, what’s more, means that the rate in question only has to be offered to 51% of applicants. With us, on the other hand, the rate we quote is the rate you pay, every time.

Other benefits of taking your car loan out with Northern Community Bank include the fact that you’ll be saving as you make your repayments, that the monthly interest will decrease as the balance does and that there is no penalty for early payments. Above all, we keep things simple; when you take out a car loan with us, you pay for the car and you own it outright from day one.

If you do apply for a loan we’ll turn the application round as quickly as we can. That means a maximum wait of just two days, although we try to reach a decision in just 1 day, providing all the information we need has been provided. If your application is successful, we can make a same day BACS payment directly to the lender, or to the person or business selling the car.

Our AGM

March 23, 2017 11:06 am Leave a Comment

We know it’s not the ‘done thing’ to be caught blowing your own trumpet, but here at Northern Community Bank we’re rightly proud of the positive role we play in the lives of our account holders, and in the local community as a whole. That’s why we celebrate the achievements of the last twelve months at an annual general meeting (AGM). The 2017 AGM was the 35th of its kind and celebrated another year of providing ethical savings and affordable loans to people in the Northern area.

The AGM took place at the 1882 Lounge Turf Moor and, despite the typically terrible weather, was well attended by account holders and guests alike. The event was an opportunity for account holders to find out exactly how the previous year had gone and the direction being mapped out for the future. It was also a celebration of the work which Northern Community Bank has done in helping to foster improvements in the Boroughs of Burnley & Pendle, and of our commitment to making a donation to a specially chosen local organisation which benefits the community.

Northern Community Bank President Gerard Spain set out the financial details of the year just gone, and the hugely positive outlook for Northern Community Bank. Perhaps the most significant fact of all was that Northern Community Bank is still entirely self-sufficient and that, far from needing funding from external sources, had a 2016 surplus of £105k, up from £100k the year before. Shares had grown by an impressive 17%, whilst the loan book had remained stable and the Bank balance rose to a figure of £3.1m. What this meant was that, for the first time ever, the bank held more assets than it had out on loan. President Spain, whilst welcoming the steady growth in assets, set out the need for there to be more people accessing lending. His vision for the future was for continued financial stability combined with a deeper and more effective reach into the community.

It was announced that the organisation in receipt of the annual donation of £400 was Spacious Place Engage, which is based in Trafalgar Street in Burnley and engages in a range of activities aimed at helping the most vulnerable local people. As Managing Director Mark Hirst explained, this means offering services such as a food bank with home delivery, a re-paint scheme which sells surplus paint to local people at bargain prices, rather than see it being ignored or disposed of, and a football project which reaches out to the unemployed and those recently released from prison. Details of the latest Spacious Place Engage initiative were also set out. This involves selling brand name furniture at affordable prices and, as Mr Hirst pointed out, offers an excellent opportunity for people to take advantage of Northern Community Bank’s affordable loans and easy saving.

The wider picture of the impact which Northern Community Bank is capable of having was then presented by the CEO of Burnley Borough Council Pam Smith and local MP Julie Cooper. Speaking as members of Northern Community Bank, both were upbeat about the prospects for Burnley whilst being realistic about the challenges which the town and its inhabitants still face. They were also both extremely keen to applaud the work done by Northern Community Bank and highlight the role it would have to play in the future, particularly when it comes to helping local people facing financial hardship.

All in all the AGM was the perfect combination of a celebration of the year gone by and a rallying call for an even better year in 2017. We even found time to launch our new ‘Like and Share’ competition. This is a monthly social media competition, and the first winner was Jennifer Hillary, who took home a stunning bouquet created by Going Dutch Florist, Manchester Road, Nelson. If you’d like to take part in the next competition, and win a prize purchased from a local company, then keep a careful eye on our Facebook page @NCBlancashire.

Holiday Savings Account made easy with Northern Community Bank

February 21, 2017 3:03 pm Leave a Comment

It’s that time of year when, with Christmas over and the winter still biting, lots of people start to think about their summer holiday. Whether you’re going to jet overseas for a fortnight in the sun, or just take a quick break in the UK, the chance to enjoy a change of scenery and recharge the batteries is something which many families treasure.

There’s no getting away from the fact, however, that many people experience difficulties finding the money to pay for a holiday. Once the bills have been paid and the necessities purchased there’s often very little left over, and the idea of being able to raise the larger sums needed to cover all the costs involved in a holiday can seem like a distant dream. After all, a holiday of any kind will involve the costs of transport, accommodation and spending money with the last of these, especially, being even higher if you’re planning on taking children with you. What people on slightly lower incomes need is a safe place to save any money which they do manage to set aside, enabling just a small amount each week or month to build to enough to spend on a holiday.

A community bank is just such a safe place. Unlike an ordinary bank, a community bank is a not for profit organisation run for the benefit of its’ account holders and the wider community. Initially run by volunteers, many community banks are now run by full time members of staff which offer many of the products and services of a standard bank. As such, an easy access account within a community bank is the perfect place to put money aside in order to pay for your summer holiday. Unlike some organisations, community banks don’t hit account holders with expensive charges and they are also on hand to offer help on building savings, paying bills, organising finances and even borrowing money.

The key to the appeal of an holiday savings account is that it keeps your money safe on a day to day basis and allows you to save while still making sure that you can get hold of funds should you need them. An emergency such as a broken washing machine or an MOT bill might mean you have to dip into your holiday savings, for example, and an easy access account will make sure this is a simple thing to do. Not only that, but the community bank will also be able to offer help on building your savings up again, and this might even involve taking out a small loan.

A community bank loan will be offered at interest rates which are more attractive than some available elsewhere, because the rates are calculated on a not for profit basis, in order to give the best possible deal to the account holders. By looking at your easy access account and other financial details, the community bank will be able to work out exactly how much you can afford to borrow and repay, and will only lend an amount which you can comfortably handle.

If you’re looking for a holiday savings account designed to make saving for your summer break as simple as possible, then look no further than a community bank easy access account. Your money will be there if you need it, and the account itself will be backed up with the support offered by the rest of the community bank . Open your easy access account today and, before you know it, you’ll be buying a bucket and spade and packing your cases.

Loans for poor credit

January 24, 2017 12:01 pm Leave a Comment

Having a poor credit rating can have a massive negative impact upon a person’s life. The first side effect is bound to be that you can’t borrow money when you need it, but the problems go far beyond this. A poor credit rating could stop you being able to rent property, take out a contract on a mobile phone, agree a finance arrangement for a car and a huge number of other things which form a basic part of modern life.

The most unfair part of this is that it is extremely easy to damage your credit rating in the first place. A couple of weeks between jobs, a mix up with benefit payment, a couple of repayments missed, and the damage is done. Even a handful of payments which are slightly late because your wage didn’t quite stretch one month can damage your credit rating. Perhaps most unfairly, people who’ve decided to save up and buy things rather than taking out credit can find their credit rating damaged, just because they haven’t taken out credit.

One way to get round this situation is to join a community bank A community bank is a not-for-profit financial cooperative which acts like the old-fashioned idea of a local bank or building society. It looks after its account holders money, it helps them to save and manage their funds and it offers loans for poor credit.

The key to a loan for poor credit given by a community bank is that the people at the community bank will deal with you like a human being, rather than a set of numbers. The staff at the community bank will look at what you can honestly afford to pay back and will agree or otherwise to a loan for poor credit on that basis. A community bank is part of the local community, rather than simply being a faceless corporation, and so they believe that lending people money they can genuinely afford to pay back will be good for everyone. The person involved will get the funds they need to help them over a temporary problem, while the community as a whole will benefit from one more person and family being able to keep their heads above water.

If you’ve been turned down for loans elsewhere due to a poor credit rating then a community bank could be the answer you’re looking for. Not only may they be willing to lend money to someone who has been told that they have a poor credit rating, but they will lend this money for a reasonable rate of interest. All too often, loans for poor credit take advantage of the people borrowing the money by charging extremely high interest rates, leading to people getting in more financial trouble by simply paying the money back. A community bank, which operates solely for the benefit of its account holders, charges a fair interest rate and sets repayments which it honestly thinks you can afford.

To put it simply, a community bank will be on your side, and will offer loans for poor credit based on what you need, rather than on what they can make out of you. By borrowing what you can afford and repaying the loan you’ll also be taking the first step toward rebuilding your poor credit rating.

Arghhh it is here – Blue Monday. Do not despair!

January 16, 2017 12:34 pm Leave a Comment

Every January we hear about the most depressing day of the year – Blue Monday. All the Christmas expenses start to catch us up, many realise we cannot continue to consume the same diet we have enjoyed over the Christmas period. Whether Blue Monday really is the most depressing day of the year we cannot prove however Northern Community Bank believe it should be marked as a positive day.

The third Monday of the January should be the day we take back control of our finances and make positive changes for the year ahead.

Northern Community Bank understand that credit and store card bills are hitting our post boxes and email inbox at the moment. Many start to see the full extent of their spending during the festive period. Whether it was food shopping, buying presents or that extra social date you had not planned for financially.

At this time of year we see an increase in enquiries about the options Northern Community Bank provide to help to consolidate high interest credit and loans that people in the local community have used to fund Christmas. If you are faced with credit card or store card bills with high APR’s, payday loans or catalogue payments then we could provide a loan to consolidate all your credit into one manageable payment – which is tailored to suit your financial circumstance.

There are a large number of people who just managed to get through the Christmas period without borrowing but know that by starting to save now they will be better prepared for the New Year.

Northern Community Bank provide a safe and easy way to save. We have a number of saving accounts that can help you save for holidays, special occasions and the expensive Christmas period we are emerging from.

If you know you need to make a positive change, contact Northern Community Bank about our great savings and affordable loan accounts today.

Community Bank loans

January 15, 2017 10:57 am Leave a Comment

When times are tough in financial terms it’s always nice to know that there are people and places you can turn to. Being short of money isn’t just a practical problem, it’s something which leaves you feeling stressed, anxious and miserable, and often leads to mental health problems and relationship difficulties. Raising a family is a tough task at the best of times, but when you’re worried about something as basic as paying the bills and keeping you and your loved ones warm and fed, it gets even harder.

The good news is that community banks are on the side of anyone who is in this position. Community banks are not-for-profit financial co-operatives set up to help people in their local communities save, manage their money and take out community bank loans when they need extra money. As a not-for-profit co-operative it means that they are only run to benefit the account holders. In the past, many community banks were set up and run by volunteers. In recent years, however, they have become more professional, as demand for their services has grown. By joining a community bank, you get to have a safe place for any wages or benefits to be paid, somewhere that offers you the option of saving money when possible and, when you need extra help, the chance to take out community bank loans.

If you need to fund a holiday, buy some extra Christmas presents or pay for an unexpected repair to a car or washing machine, for example, community bank loans represent an excellent alternative to most other forms of credit.

Community banks are an alternative to credit cards, bank overdrafts, door step lenders, pay weekly stores or the various forms of payday loan available. A community bank loan will charge the lowest rate of interest possible to cover operating cost. Your credit union is only interested in offering a fair deal to savers and borrowers, and so it doesn’t have to rip you off by charging huge amounts in return for lending you some money. In actual fact, your community bank will work with you on a one-to-one basis to figure out exactly how much you can afford to borrow and how you’ll be able to pay it back. Even if you’ve been refused credit elsewhere, a community bank loan may be an option, especially if you’ve been an account holder of the community bank for a period of time and shown them that you’re determined to bring your finances under control.

Community bank loans can be an attractive alternative to other forms of credit. Most community banks will reach a decision and get the cash to you extremely quickly, and many take a small percentage of the repayments and save them on your behalf, so that your savings pot has been built up again once you finish paying back the loan. If you need to borrow money and have been turned down by other lenders, or just want to borrow from someone who has your best interests at heart, then a community bank loan could be the perfect answer. Not only will it help you in the short-term, but it will be the first step toward re-building your credit rating for the future.

BBC documentary on the war on loan sharks

January 9, 2017 3:22 pm Leave a Comment

All at Northern Community Bank will be tuning into a new documentary highlighting the clampdown on illegal money lenders that is due to air on BBC One at 22:45pm on 10th January.

‘The War on Loan Sharks’ is a 50-minute perceptive documentary which follows the work of the England Illegal Money Lending Team (IMLT), a dedicated team who work to combat loan sharks across the country.

As many households struggle to make ends meet, the programme reveals how illegal money lenders are preying on the vulnerable by charging huge interest rates and using bullying tactics such as intimidation and in some cases, violence to enforce repayments from their victims. The programme hears from the victims who are still living with the worrying consequences as a result of borrowing from a loan shark.

The BBC follow IMLT from the moment a call comes through to the report a loan shark hotline, through to intelligence gathering, dawn raids, arrests and convictions in their fight to stop loan sharks in their tracks.

Tony Quigley, Head of the England Illegal Money Lending Team said:

“This documentary sends a clear message to viewers that loan sharks will not be tolerated in our society and will be brought to justice.

We would urge anyone who has been affected by a loan shark to call our 24-hour, confidential hotline on 0300 555 2222. Your call will be dealt with confidentially by one of our trained Officers and you will receive a dedicated liaise officers who will support you the process”

Loan sharking is an illegal activity which makes victims lives a misery. Borrowers are trapped into spiralling debt by loan sharks who often resort to the most extreme methods such as violence, threats or intimidation to pressure them into paying loans back.

There are an estimated 310,000 households borrowing from illegal money lenders. Loan sharks hardly ever issue paperwork on their loans, resulting in victims oblivious to how much they owe and the exorbitant interest rates the lender is charging. IMLT have previously seen a loan shark charge his victims in excess of 4 million per cent APR.

Nationally, Illegal Money Lending Teams have secured more than 368 prosecutions for illegal money lending and related activity, leading to nearly 318 years’ worth of custodial sentences. They have written off £71.75 million worth of illegal debt and helped nearly 26,000 people.

To report a loan shark:

Call the 24/7 confidential hotline 0300 555 2222

Text ‘loan shark + your message’ to 078600 22116

E-mail reportaloanshark@stoploansharks.gov.uk

Private message us on www.facebook.com/stoploansharksproject

The only way to stop this is for everyone to pull together.

Fake bank letters from fraudsters

December 20, 2016 10:57 am Leave a Comment

We often hear about fraudsters attempting to gain access to people’s bank accounts to steal money. Some the techniques are simple and then some are so genuine that anyone can understand how people are conned.

Firstly we should start by saying if you ever have any suspicions that your Northern Community Bank account, bank or building society account may have been accessed by unauthorised people then contact them on a telephone number you know to be correct. This may mean looking at old correspondence, on your debit/credit card, visiting the official website or better still visiting your local branch to speak to a member of staff.

The fraudsters latest scam we have been alerted to is on Lloyds bank customers but could have been targeted at any bank, building society or credit union account holders.

Action Fraud described

“Letters being sent are a replica template from Lloyds and include their logo, address and signature from a customer service representative.
The letter tells recipients that there have been some “unusual transactions” on their personal account and asks them to call a number highlighted in bold to confirm they are genuine.
When victims call the number, an automated welcome message is played and the caller is asked to enter their card number, account number and sort code followed by their date of birth. Victims are then instructed to enter the first and last digit of their security number.”

Fortunately for Lloyds customers and the wider financial circle it was spotted by the Daily Telegraph who was alerted to it by a reader.

To report a fraud and cyber crime you contact Action Fraud on 0300 123 2040 or visit their website www.actionfraud.police.uk/report_fraud.

If you ever feel you receive a letter or telephone request from Northern Community Bank that you are unsure about please do not hesitate to contact us on 01282 691333, or by popping into one of our branches in Nelson, Colne or Burnley. Northern Community Bank would like to assure you that we operate solely for the benefit of you the account holders – responding and dealing with your enquiries is not a burden on our staff.

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