Welcome to the April edition
We hope that you had a lovely Easter.
In this month’s edition, we give you the latest update on the Provident’s Scheme of Arrangement which is now in operation.
As inflation continues to rise, we’ve put together some tips on how you can reduce your cost of living.
Our referral scheme is coming to an end on 30 April 2022. If you haven’t submitted your claim form yet, you only have a few more days to do so. Get more details in our Members Noticeboard section.
Finally, a big thank you to everyone who attended our AGM. We look forward to growing Thamesbank over the coming months and years with you all.
With kind regards,
Thamesbank editorial team
Latest update on Provident’s Scheme of Arrangement
Provident’s Scheme of Arrangement is now in operation.
The Scheme was proposed because Provident could not afford to carry on paying full refunds to customers winning affordability complaints. The Financial Ombudsman was upholding 75% of complaints against Provident.
The FCA, Provident’s regulator, said it did not approve of the Scheme. But as Provident has stopped providing doorstep loans, the FCA did not object to the Scheme in court.
It started officially on 05 August 2021 after it was approved in court. The deadline for claims was the end of February 2022.
Provident is now assessing the claims and has started contacting customers. Get all the information from our website for what you should do if yours has been rejected or they have only upheld some loans apparently at random.
How to reduce the cost of living
Inflation was 6.2% in February and over 7% in April. One of the ways to combat the rising costs that could cause a dent in your finances is by reducing your cost of living.
Get tips on how you can reduce your cost of living from our website.
Salary Saving Scheme
Thamesbank Credit Union has arrangements with the following employers to enable their staff to save with Thamesbank through a deduction from their salary.
- London Borough of Hounslow
- Richmond Housing Partnership
- Hounslow PCT
- Co-op Homes
- Bluebird Care Hounslow
- Bluebird Care Slough
- Bluebird Care Twickenham
- Bluebird Care Wandsworth
- Hounslow Richmond Community Health (HRCH)
As well as being a great way to save, new Payroll Savers will be entitled to apply for an Introductory Loan of up to £3,000 repayable over up to 60 months subject to terms and conditions.
Words of wisdom
“If you want to be happy, set a goal that commands your thoughts, liberates your energy, and inspires your hopes.” – Andrew Carnegie
For example, set a financial goal to save money for a rainy day. Be SMART (Specific. Measurable. Action. Realistic. Timely). This means be specific with the amount you would like to save; know how you would like to save each month (measurable); think about ways that you will save money to reach that goal (action); be realistic with how much you can actually save per month; finally have a timescale of how long it will take for you to achieve that goal.
By setting a financial goal, you will not only improve the way you feel about money but also your entire financial situation whether it’s for the short or long term. If saving is one of your goals, then why not start by opening a Thamesbank savings account that suits your needs?
Thank you for attending our AGM
The Thamesbank AGM is over for another year. A big thank you to everyone who attended, contributed and asked questions.
A dividend of 0.25% was proposed and approved by the members in attendance. This will be updated on the system and allocated to the members’ accounts in due course.
Referral Scheme – closing soon
A final reminder that our referral scheme will be ending on 30 April 2022. In this scheme, if you refer a colleague, you and your colleague will be rewarded with £50. If you refer a friend where they join and borrow, both of you will get £25.
If you haven’t already completed your referral claim form, you have until 30 April 2022 to do so. You can find out more details about the referral scheme and rewards here. Terms and conditions apply.
Richmond Volunteer Fair
Would you like to get involved in helping your community? If so, then sign up to attend the Richmond Volunteer Fair on Thursday 26 May at Richmond and Hillcroft Adult Community College (RHACC). The Fair will be open from 2 pm to 6 pm. It’s a great opportunity to meet local charities, community groups and other organisations that are actively recruiting volunteers and trustees. It’s also the perfect chance to have a chat with others who are already volunteering. Simply register in time slots for the event here.