April 2013

We have lent over £2.23 Million in 3,350 loans in 6 years

As economic uncertainty continues, few can be confident of their future finances, so it is prudent for us all to "squirrel away" some money as savings.

Too many people come to Essex Savers in crisis, wanting substantial loans, though they are not yet our members. This limits the help we can offer. If only they had joined us before! In contrast our members are able to come to us repeatedly to borrow when they need to, while saving regularly with us.

We need a good portion of the population of Essex to save with us (as happens in other countries and in UK: Northern England, Scotland, Ireland and Wales) so that we can meet the increasing demand for credit. The majority of our loans help the least well off, those faced with redundancy and struggling families, whose only option otherwise would be the growing array of predatory lenders on our High Streets, doorsteps, TV or accessed on line, charging interest rates between 200% -15,000% APR. Business is booming for these lenders - people are increasingly desperate whether in work or not.

Essex Savers lends members small amounts so that they do not have to resort to high interest lenders, so avoiding the associated problems. Using Essex Savers, they pay less for credit, leaving them more "money in their pockets".

Essex Savers services are increasingly needed as an alternative to: our High Street banks, who are reducing services and charging more; Building Societies, who are now "few and far between"; Post Offices (whose "plastic card" has less functionality than Essex Savers' debit card); and the high interest lenders, including an upsurge in Pay Day lenders, who are "having a field day"!

Essex Savers must scale up its business to meet the growing demand and become sustainable, providing its services indefinitely without resort to external funding. To achieve this, we need members who can save with us, so please do consider joining us. Save what you can, even if you are still a happy High Street bank customer. You will then be assisting us in providing for those without access to banking services: the vulnerable, those in rural isolated areas or on irregular incomes while reducing the costs to the community and yourself of the social problems and crime that result from predatory lending. You will also have access to an affordable loan should you need one.

We look forward to welcoming you as a new member of Essex Savers

If you are passionate about economic justice, a "level playing field" for all, then join us and become a volunteer. There are opportunities to:

help run a local service point in your locality – a few hours each week
manage a branch (a group of Service Points in your area)
offer yourself as Board member, sharing your skills and experience.

For more information please contact our head office any Monday, Tuesday, Wednesday, Thursday, (late night Wednesday).

2013 AGM

Our AGM was held at the Chelmsford Diocesan Office on the evening of Friday, 27 March. It was preceded by short talks by Steve Webb about "Project 250", a project of the Catholic Diocese of Brentwood to encourage at least 250 church members to deposit £1,000 each with Essex Savers, and by Dr Peter Fenwick on Essex Savers' future marketing.

At the AGM the members:

approved the reports and accounts for the year ended 30 September 2012;
re-elected the Board members retiring by rotation or appointed during the year;
appointed Dr Peter Fenwick to the Board; and
approved an increase of the joining fee from £4 to £5.

You can read or download the Board Report by clicking here. Members who would like a copy of the audited accounts should contact our Head Office.

Membership for companies and other organisations

Following a change of legislation, we are now able to offer membership to both incorporated bodies, such as limited companies, and unincorporated bodies, such as social clubs and scout troops. The body concerned must have a place of business in Essex or a significant connection with Essex. Unincorporated bodies must have a written constitution and a governing committee. (Incorporated bodies have these as a matter of course.)

All companies and other organisations that deposit with us will have the satisfaction of knowing that their savings are held in an institution dedicated to applying ethical principles when utilising that money. Local clubs and groups will be able to open accounts with us even though the sums they hold may be too small to justify the use of an account with a high street bank.