Plane Saver Credit Union

Plane Saver Credit Union
Founded 1993
Type Financial Co-operative
Location
  • The Barn, Manor Lane, Harlington, Hayes, Middlesex UB3 5EQ
Website planesavercu.co.uk

Plane Saver Credit Union is a not-for-profit financial co-operative, with their main office based in Harlington, and a second office at Heathrow Airport. A member of the Association of British Credit Unions Limited,[1] Plane Saver has over 10,500 members, over £45 million in assets, and have lent more than £100 million to date.

History

The credit union was launched in 1993 by a group of British Airways engineers and has been a major success story, becoming the fourth largest credit union in the UK, initially providing services to British Airways employees solely. Plane Saver soon widened it's scope to include employees of UK based CAA registered airlines, as well as those employed in, or associated with, airline industry and transport industry, logistics, engineering, police, fire and ambulance services. In 2015, Plane Saver won the contract to offer their services to the Ministry of Defense, including all HM Armed Forces.

Activities

The members of a credit union are required to share a common bond. Plane Saver widening their scope to all UK based CAA registered airlines, welcoming employees from American Airlines, EasyJet, Air Canada, and also became payroll partners with organisations such as Avios and World Flight Services. [2]

In a move backed by the Minister of State for Defence Personnel, Welfare and Veterans in 2014, the chair of the Co-operative Party called for the creation of a credit union aimed at military families. Two other Credit Unions also won the contract to enable employees within the Armed Forces to have choice. The three credit unions formed what it now known as Joining Forces, in which all three credit unions work together to promote the scheme to employees of the HM Armed Forces.

Plane Saver Credit Union was first UK adopter of payment waiver in 2014. Under the scheme, if a borrower cannot work due to sickness or unemployment, payments are immediately waived.[3][4][5] The credit union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA. Ultimately, like the banks and building societies, members’ savings are protected against business failure by the Financial Services Compensation Scheme.[6]

See also

References

  1. ↑ Credit unions in membership of ABCUL Association of British Credit Unions (retrieved 1 November 2014)
  2. ↑ Join us Plane Saver Credit Union (retrieved 7 March 2015)
  3. ↑ Scuffham, Matt Waiver helps UK credit unions take on payday lenders Reuters, 20 January 2014
  4. ↑ Atkin, Joanne Westminster debates the loan protection gap Mortgage Finance Gazette, 30 May 2014
  5. ↑ Jones, Rupert Payment waiver looks to fill PPI void The Guardian, 14 September 2014
  6. ↑ Credit Union Guide Financial Services Compensation Scheme (retrieved 2 April 2015)
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