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Co-operative Electrical Community Scheme. Presented by David Sanderson – B2B Manager. Why offer this service?. Sub prime lenders increase their market share daily Weekly payment stores & pay day lenders represent a large percentage of high street bricks & mortar growth

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Co-operative Electrical

Community Scheme

Presented by David Sanderson – B2B Manager

Why offer this service
Why offer this service?

  • Sub prime lenders increase their market share daily

  • Weekly payment stores & pay day lenders represent a large percentage of high street bricks & mortar growth

  • More & more families are falling into the sub prime category due to cost of living and personal circumstances

  • Supporting Credit Unions and Housing providers

  • To provide access to affordable electrical products to communities regardless of financial status

Progress to date
Progress to date

  • Working with ABCUL, UKCU, ACE & SLCU members

  • Over 160 Credit Unions nationally with access to the service

  • Over 1,400 Credit Union members benefited from savings on their purchase is 2011

  • Actively working with Credit Unions & Housing providers to build awareness

  • Worked closely with ABCUL & the OFT to obtain clarity, guidance and legal documentation around the CCA issue

Current misconception
Current misconception

  • Quote: “The Co-operative Electrical Scheme is to be cancelled due to CCA issues”

  • This is wrong on two levels

  • Firstly, this is not an issue which is exclusive to The Co-operative Electrical. It is a requirement for all relationships where a supplier or service provider is promoted

  • The scheme is not cancelled and our commitment is stronger than ever

Challenges to sustainability
Challenges to sustainability

  • CCA compliance – Credit Unions need to hold a CAT A license to ensure loans for products or services are correctly issued and enforceable

  • Credit Union participation - More Credit Unions need to promote the scheme to ensure long term success across the UK

  • Fear factor – Obtaining a CAT A license and ensuring compliancy is not an onerous task. Shared best practise knowledge will help remove trepidation for Credit Unions in acquiring this licence

Driving sustainability
Driving sustainability

  • The Co-operative electrical are committed to supporting this sector as part of our wider community activities

  • Social & community motivation from us is not enough – Credit Unions need to utilise the scheme more on a wider scale for it to be commercially viable long term

  • Now that confusion around the CAT A licence has been removed Credit Union participation is expected to increase

  • Marketing support / advice is available

  • Best practice will be shared across the Credit Union community