The Pentecostal Credit Union held a reception in the House of Lords to celebrate thirty years of development and growth since its inauguration in March 1980.

We celebrate the government's recognition of the role credit unions play in third sector financing and its current revision of the Credit Union Act 1979 which will allow credit unions a fairer playing field compared to other lending institutions. The revision is scheduled to be on the statute book by 1st October 2009 barring no parliamentary set backs. It is for this reason we invite the lawmakers and all others present to give your support to this worthy cause.

Thus will these great auspicious ministers and leaders from the Afro-Caribbean Diaspora, and laity/leaders from the indigenous host, and their massive congregations, (and God knows they are many) know that the credit crunch, now or ever, will never affect the way credit unions do business.

Founded in 1979, The Pentecostal Credit Union (PCU) is one of the UK's oldest and largest credit unions. It is a not-for-profit financial co-operative which offers low-cost financial services to its members, who are drawn from the Pentecostal churches and communities.

Today, PCU's membership consists of over 1,500 members who between them currently have savings with the credit union of nearly £8 million and have taken out loans of over £6 million. The credit union members elect the Board of Directors and the members of its sub-committees, who are all volunteers and work without pay.

Adult members can apply for a loan at a low rate of interest - a maximum of 1% per month(12.68%APR) on the outstanding balance. Credit Unions have not been affected by the 'credit crunch', so members are still able to take out loans in exactly the same way they always have.

Like all credit unions, PCU is regulated by the Financial Services Authority (FSA), and in addition, members have recourse to the Financial Services Ombudsman in case of complaint.

PCU is based in Balham, London where it owns its own mortgage-free property -originally financed with help from its members -valued at £425,000.

The distinguishing feature of a credit union is its common bond which is the relationship that defines a certain unity between the members, Membership of a credit union is restricted to people who share this common bond. In the case of PCU, the common bond is:

The qualification for admission to membership of the credit union shall be having a continuous and active association with the Pentecostal Churches within Great Britain so that in consequence there of, there shall be a common bond between all the members

It is because of the common bond that defaulting on loans is so infrequent and this has enabled PCU to record healthy surpluses throughout its 30 year history.

Bishops Thomas and Francis UPC

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