kICC call w law on US-style redit plan
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E government sponsored .ional Consumer Council oes that Parliament will .oduce legislation during current session to make rowing easier and cheaper. uch legislation would 'oduce the "credit union tem" to Britain. Already ■ ular in North America, it ws people with a common rest to get together and their savings into a joint d.
'here are more than 400 it unions in Northern Ireand the Irish Republic, their membership exceeds ,000.
Lit accounts
Britain it could apply to .t accounts being operated )ehalf of groups of hauliers he same area or carrying same goods — tipping ups, for example.
"though the credit union yement first came to Bri in 1964, legal problems 'e restricted its growth. !y have become limited npanies, registered as ndly societies or remained ncorporated.
he National Consumer mcil advises Parliament t there is a need to give lit unions an identity of ir own and permit them to ke unsecured loans under Lain circumstances.
rrow cash
he Council argues that pie who would use the it unions are no more eliable borrowers than r groups.
embers of the group ld be able to borrow from joint fund and make ayments at an annual rest rate of no more than r cent.