LCCU Newsletter - Winter 2024

The Board, Officers and Volunteers hope this Newsletter finds you well and looking forward to the Festive season, which will soon be upon us. 

Are you feeling the strain of rising costs?

The latest budget which was introduced by the new Chancellor Rachel Reeves, brings significant changes that many families are struggling to understand.

The freeze on income tax thresholds will now remain until 2028. With inflation-driven wage increases many households may shift into higher tax brackets, effectively increasing their tax burden. Adjusting your finances to anticipate this change can help minimise its impact.

To support lower income households, the government announced that the National Living Wage and Minimum Wage will rise starting from April 2025. The new rates will apply across all age groups, which means that families relying on minimum wage income can expect a boost in their earnings.

The Household Support Fund and Discretionary Housing Payments have been extended until March 2026. These grants assist families in England and Wales with housing costs and managing the rising cost of living.

If you are on low income, looking for benefit advice or searching for a new job, contact Leicester.gov.uk/betteroff

Effective April 2025, the budget will raise Child Benefit by 1.7%, providing additional financial assistance to eligible families. Although this increase is modest, it offers crucial support to families navigating higher costs in other areas. Families can use this extra benefit to cover essentials, invest in savings for their children, or balance out other rising expenses.

The earnings threshold for Carer’s Allowance will increase to £195 per week from April 2025, up from £151. This change offers greater flexibility for carers to earn additional income without losing access to the benefit.

Remember YOUR Credit Union is owned by you and it’s here to help support you to manage your finances, so in order for LCCU to thrive and grow, it needs you to continue to save and borrow.

High street banks may be able to lend with a lower APR than a Credit Union, but banks require a strict credit history which some people may find difficult to be accepted, but as a Credit Union we consider all circumstances and credit history.  LCCU encourages responsible borrowing, Loans are subject to status with no application or early repayment fees applied.

DO YOU NEED A LITTLE HELP OVER THE FESTIVE SEASON?

We know the cost of Christmas can mount up, presents, a new tree, and of course food, it all adds up!   You can spread the cost over the year and if you want, you can start saving for next Christmas too…

The advantages of taking a loan with LCCU can offer:

·      Quick decisions

·      Lower interest rates

·      Flexible repayment options

·      No penalties for early repayment

·      All applications considered

If you want to consider taking out a loan this year, please contact the office on 0116 2983225, 07903 866483 or you can email enquries@lccu.org.uk to arrange an appointment with either Charmaine Blake, Patsy Richards or Coral Wilson the Loan Officers. 

Have you let the Credit Union know if your personal contact details and/or next of kin details have changed?

Do you want to set up a Junior account for a child under 18 years of age?

Loan Protection and Life Savings limits for Members has changed, the new rates are;

·      Loan cover is up to £7500.00

·      Share cover is up to £1000.00

Forthcoming Events

The Annual General Meeting for 2023/24 will take place 28 March 2025 @ 7.00 PM at the African Caribbean Centre.

Celebrating 50 Years of LCCU…

LCCU celebrated its 50th Anniversary in September and to mark the occasion and the pioneers of the Credit Union, namely, Eric Hudson, Lee Morris, George Wilson, Earl Robinson, Roy Rowe,

There was a Dinner and Dance at the City Rooms which was well attended by guests of honour and members alike.  A big thank you to all who attended and made the evening a success! 

Photographs taken on the night can be viewed here.