Cookies help website users perform certain functions. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website.

If you wish, you can change your cookie settings at any time.


Login to your online accountRegister for your PIN to access your account onlineCustom Button 1

Tel: 01902 572340 Email: contactus@wccul.co.uk

NewsWhy we won’t be wearing the Wolves’ strip next season
Print
14-April-2016
Why we won’t be wearing the Wolves’ strip next season

 

Dear members,

Judging by the smiling faces in the press yesterday confirming that The Money Shop will be the sponsor of Wolverhampton Wanderers, we know there is little point in asking the club to reconsider its decision.

The deal is done.

We’re resigned to the fact that the football team we love will run onto the pitch next season in kit emblazoned with the corporate colours - of a payday lender ‘keen to improve the image of the sector.’ Around our city, there will be conspicuous evidence of this regrettable business partnership. The Money Shop plans to refurbish its city centre store ahead of the new season. Social media will buzz with the unveiling of the new strip designed to promote a company that quotes 792% APR on its short-term loans.

Sorry, but we can’t share the joy. And here’s why. 

Wolverhampton Wanderers enjoys a unique and powerful position in our city. It holds the hopes and dreams of thousands of residents. It defines who we are.  And yet it has chosen to endorse a business that could exacerbate our city’s debt problems. 

Wolverhampton suffers above average over-indebtedness*. In other words, 21 per cent of our population finds keeping up with bills and credit commitments a heavy burden - or worse, falls behind or misses payments.

Every week, we help people deal with the consequences of spiralling debt. We get more than a glimpse of its devastating effects on their emotional and mental health, on their home and family lives.  So often, we deal with the after-effects of heavily marketed, high interest payday loans.

We do our bit to promote responsible lending and affordable loans. And this is how:

The total repayable for our credit union loan of £300.00 over a six-month term would be £326.76. With The Money Shop, it would be £462.90. That’s £26.76 compared to £162.90. Our total lending last year was £1.25 million - that represents an estimated saving on interest compared to payday loans of £950,000.

Through this sponsorship deal, the club has shown itself to be woefully out of touch with its thousands of fans who struggle every day to make ends meet. 

So, we won’t be wearing the new season’s strip. Instead, we’ll be doing all we can to make fans and residents aware of a more affordable and responsible way to borrow. We hope you will too. 

#joinacreditunion

 

Matt Goulding

Manager

Wolverhampton City Credit Union

www.wccul.co.uk


* https://www.moneyadviceservice.org.uk/en/corporate/a-picture-of-over-indebtedness


Find Us here:
FacebookFacebook
TwitterTwitter
YouTubeYouTube
  • Wolverhampton City Credit Union
  • Tel: 01902 572340
  • Email: contactus@wccul.co.uk