Kilrea & District No.5 Credit Union Ltd.
The UFCU Credit Union in Kilrea, Co. Londonderry was developed from a local savings group started in Kilrea Orange Hall in August 1988. Over twenty savers studied the rules of the National Federation of Credit Unions and passed a competence test set by the Registry of Credit Unions in Belfast. This allowed them to register as a limited company able to grant loans to their members from May, 1989.
In 1995 they joined the newly formed Ulster Federation of Credit Unions (Sandy Row, Belfast) and in 1999 they moved out of a rented office in the Kilrea Orange Hall into a newly refurbished office next door. They share a car park with the Orange Hall.
The Board of Directors - 2005/2006
Chairman - Tony McCaw
Vice Chairman - Hazel Smyth
Hon. Secretary - Jackie Kelso
Treasurer - Ruth McCaw
Ross Bloomfield
Tommy Collins
Billy Atkinson
John Adams
Joan Adams
John Junkin
Robert Campbell
Opening Hours:-
Fridays from 7.15 pm to 9.00 pm.
Saturdays from 10.00 am to 11.00 am.
Membership:-
Open to members of Kilrea District L.O.L. No.5 and their families and friends. All applications for membership will be processed by the Board of Directors at their monthly meeting.
Savings:-
Members buy 'shares' costing £1 each up to a legal maximum of £10,000. Shares can be withdrawn at 7 day's notice. However, shares invested in the Credit Union have earned a dividend right from the first year of operation ranging up to 5%.
Members under 18 years of age can not use the credit facilities but can save up to £1,000.00 (under review by government) in a special account until they come of age.
Loans:-
Click here to see just what a Credit Union loan will cost you
Loans to members will be granted if members are in good standing and will be presently up to 5 times their share capital over up to four years. There is a ceiling on loan sizes imposed by the Government of £10,000 above the shareholding. Interest rates have been slashed from 12.68% down to 9.9% APR from the 5th October, 2001. Members who appear to deliberately abuse the loans system are not tolerated for very long and some have faced court action but the Board will normally be sympathetic to members in difficulty in the appropriate circumstances.
Loans are given for provident and productive purposes such as the purchase of furniture, cars, holidays, clothes, weddings, tools and appliances.
The interest generated from loans is used to pay for heat and light, telephone, accountancy fees and various other normal office expenses. So far, Kilrea and District No.5 Credit Union has been able not only to cover these expenses but also to make a profit. Most of that profit is returned to the shareholders in a direct ratio to their shareholding as an annual dividend.Free loan insurance
Free loan insurance is part of the package for all loans granted by Kilrea & District No.5 Credit Union Ltd.
Young Members:-
Applications from people too young to use credit are invited. Their money is kept in a separate account and has always earned attractive rates of interest. Most young members go to join the main group of shareholders at sixteen years of age.
Board:-
Once a year, all of the members are notified by a poster displayed in the office about the Annual General Meeting. Every single shareholder is entitled to attend and if nominated, to stand for election to the Board of Directors (management committee). The Board consists of 12 members of which three must stand down from office each year. They are eligible for re-election but their seat can of course be competed for by any other member who can get nominated.
After the A.G.M. the new Board meets and elects its own main officers as set out at the top of this page. They meet at least monthly to oversee the financial development of the business.Address:-
19 - 21 New Row, Kilrea, COLERAINE
Co. Londonderry. BT51 5TA
Telephone / Fax / E-mail:-
(028) 29541990 (during opening hours)
junkinjohn@hotmail.com - (Temporary e-mail address)