LEEDS CREDIT UNION CONTINUES GROWTH PLAN WITH NEW CEO

13th March 2023 2:26 pm Comments Off

LEEDS CREDIT UNION CONTINUES GROWTH PLAN WITH NEW CEO

Press release 13/03/2023

Financial services provider Leeds Credit Union (LCU) has made a key appointment to its senior management team as it continues to pursue its ambitious growth plans.

Mark Fleet has joined the company as CEO, where he will continue to grow the credit union, strengthen support for the communities in which it operates and attempt to reach – and help – as many financially vulnerable people as possible.

Mr Fleet has more than 35 years’ experience in the financial services industry, having previously worked for banks, building societies, and financial and mortgage advisors, including Skipton and Lloyds Banking Group.

Mark Fleet said: “I am honoured to have the opportunity to lead LCU forward and I look forward to working with my colleagues and understanding the issues facing our members and the ways in which we can help.

“I am passionate about providing our members with the right products and services they need to help them navigate the ongoing cost of living crisis and beyond. I believe that credit unions should play a significant role in helping people better understand the complicated financial services landscape and, as a North Yorkshire resident myself, I can assure our members that I will work tirelessly for them and their communities from day one.”

Mr Fleet replaces the outgoing Paul Kaye, who served as LCU CEO for two years, from 2021 to 2023.

Mr Fleet added: “I’d like to thank my predecessor at LCU, Paul Kaye. I will continue the hard work and lead our credit union through some of the most turbulent economic times the UK has experienced for several generations. We must continue to prioritise society’s most financially vulnerable and we will do everything within our power to reach out to them and provide them with access to savings accounts and financial advice, as well as affordable loans.

“We must also continue to keep as many people as possible from Leeds, Wakefield and Barking & Dagenham – as well as all our members – from turning to unscrupulous and high-cost lenders, in order to carry on saving them tens of millions of pounds in high interest repayments over the coming years.”

Jane Toole, President of LCU, said: “I am delighted to welcome Mark to the team. He is an experienced financial services professional who shares the board’s commitment to both the credit union, social purpose and its modernising agenda.

“I look forward to working with him to continue the progress that was made under Paul’s leadership.”

MAYOR OF WEST YORKSHIRE OPENS OUR NEW HQ

17th February 2023 12:06 pm Comments Off

MAYOR OF WEST YORKSHIRE OPENS OUR NEW HQ

PRESS RELEASE 17/2/23

Financial services provider Leeds Credit Union (LCU) has officially opened its new company headquarters in Leeds.

Tracy Brabin, the Mayor of West Yorkshire, cut the ribbon on Leeds Credit Union’s new site at Carlton Tower, 34 St Pauls Street, which sees the organisation moving into larger, more modern offices that will enable it to improve its energy and IT efficiencies, and continue to pursue its ambitious growth plans.

Mayor Brabin was greeted by LCU’s senior management team, before Chair of LCU Jane Toole gave a speech highlighting the positive impact the organisation has on the communities in which it operates by helping financially vulnerable households access a range of savings accounts and affordable loans, helping to keep their money out of the hands of loan sharks and high-cost lenders.

The morning culminated in a walk around the new offices, introductions to team members and the opportunity to witness the work LCU does firsthand.

Stephen Porter, Head of Member Experience at LCU, said: “It was a pleasure to welcome Mayor Brabin to the new offices. She was supportive, took the time to engage with and talk to members of the team and showed a real interest in what we do.

“It was great to have an audience with her and we can’t thank her enough for taking the time to pay us a visit and officially open the new offices. We can’t wait to continue safeguarding the financial wellbeing of our 37,000+ members from our new premises.”

Commenting on social media, Mayor Brabin said: “Companies like Leeds Credit Union are more important than ever in supporting thousands of members in our region through the cost-of-living crisis, so I was honoured to help open their new headquarters in Leeds and meet some of the team doing such fantastic work.”

LCU Makes £1m Available to Help its Members’ Finances

11th January 2023 10:38 am Comments Off

Leeds Credit Union Makes £1m Available to Help its Members’ Finances

Here at Leeds Credit Union we have begun 2023 by launching a new initiative to help our members consolidate their debts and lower their monthly outgoings.

By making £1 million available to our 37,000+ members across Leeds, Wakefield, Harrogate Craven and Barking & Dagenham, plus residents of associated housing associations and select employers, we hope to help them tackle the cost of living crisis by stopping them overpaying on interest for store cards, overdrafts, credit cards and high interest loans.

We have taken the decision in response to feedback from our members in the run-up to the recent festive period, who revealed that 48% of them were unsure how they would afford Christmas, raising concerns many would turn to high interest loans or rack up credit card debt.

Stephen Porter, our Head of Member Experience, said: “With the cost of living crisis continuing to affect communities across the region, many households are falling into debt, often to multiple lenders.

“Making a significant amount of money available to our members so they can consolidate their debts makes it easier for them to pay off their existing debts in one easy, monthly payment. Because we offer lower interest rates than most other lenders, our debt consolidation package also helps members reduce their interest payments, further improving their financial situation.

“To try and make 2023 less financially stressful for our members, we’ve also launched this year’s Christmas Club saving account. This means they can start saving for Christmas 2023 today, gradually building up a pot throughout the year rather than having to try and find money in a mad rush come December. Savings will be available from November 1st.”

Here are two key examples of how we’ve already helped some of our members:

A member came to us wanting to bring all of their debts into one affordable monthly repayment. They were spending £417 in monthly repayments across a loan, a credit card and a catalogue. Through a consolidation loan using our payroll scheme, the member has now simplified this all into one monthly repayment of just £225/month. It’s also worth nothing that the credit card alone was almost £7,000 at 23.9% APR whereas our loan is at 6.1% APR.
Another member wanted to consolidate an overdraft and a loan that they had with their primary bank. We provided a loan at 7.1% APR versus the 13.9% they had, this will end up saving out member around £4,000 in interest over the next five years on their £23K loan.

To apply for a debt consolidation loan, members can visit one of our highstreet branches or head to our website here.

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