Would Tenerife Forum members be interested in an Internet Credit Union?

[robby1234]

would any members be interested in a forum members internet credit union for savings or holidays and help when needed.

i don´t know how to set up a poll maybe one of our helpfull mods could oblige.

[KirstyJay]

Could you explain what one is please!?

[robby1234]

a credit union is where members put in an agreed amount per month into a bank acount.

let say 5 euros a month(it can be as much as 100euros) but you can´t have more than 999 euro(as it will then be taxable).

they then can withdraw that money with one weeks notice.

there is no interest paid on any money in the account all interest accrued goes into a credit fund to help people who need a small loan dependant on what they have paid into the account in the past.

it is run by a commitee and all apllications are reviewed by this commitee and granted on merrit and past member performance.

all payments are made through paypal and transferred to the union account by the commitee and withdrawals are basicly a reversal of this proccess.

i.e.

pay in 10 euros to paypal then com sec/treasurer transfers monies to union bank account.

withdraw money buy informing com sec/treasurer of you wish to withdraw and how much giving your paypal account information and a pass phrase the money is then sent to your paypal account then all you have to do is transfer the money back to your bank account.

unfortunatly for non canaries members(non euro e.g. uk) there may be a slight loss due to currency exchange.

i think that explains it.

thanks for the poll.

[maybelline]

Sounds a good idea,

But not for me,same people could keep taking advantage of the situation...
And you hear so many stories of people running off with your money...

Thanks
Maybelline

[robby1234]

would the people who have ask´d what is an internet credit union? please post there queries.

or if you don´t agree please feel free to post you reasons.

the more input the better.

Originally Posted by maybelline

Sounds a good idea,

But not for me,same people could keep taking advantage of the situation...
And you hear so many stories of people running off with your money...

Thanks
Maybelline

indeed that is true and has happen´d in the past with savings clubs and early credit unions.

the thing with this is that it would take the agreement of the six members of the commitee to agree to run away with the money.

also there is no physical money changing hands.

it is electronicaly secured.

the only control that the commitee have over the money is to send it back and forth they can´t physicly withdraw it only you can through your bank account.

as for people taking advantage they can´t as you can only apply for a small loan once a year and only if your account is has money in it.

it also goes on past performance.

the money for the small loans only come from the credit fund which is funded by accrued interst no from the members savings.

thanks for the input.

[Tinkabel]

Sounds like a good idea to me, If you're talking about people on the forum running it all the ones i've met so far seem trustworthy so i've no problems with that. Not really sure what a paypal acc is or how to set one up. Is it difficult? would need to be pretty idiot proof for me i'm afraid.

[robby1234]

Originally Posted by Tinkabel

Sounds like a good idea to me, If you're talking about people on the forum running it all the ones i've met so far seem trustworthy so i've no problems with that. Not really sure what a paypal acc is or how to set one up. Is it difficult? would need to be pretty idiot proof for me i'm afraid.

to set up a paypal account is very simple go to the web page and follow the registration instructions.

as i said it will be run by members only(6 of them).

thanks for your input

[Tinkabel]

Thanks Robby

[KirstyJay]

I Think it's a good idea in the sense that no one person has control over the fund and therfore it can't be nicked... so I vote 'yes' however my one concern would be that once someone has a 'loan' from the fund, how can you guarantee return?

I know the majority of people are honest, however Tenerife does attract more than it's fair share of unsavoury characters, basically because of where it is and it's use by various criminals in the past (mentioning no names)... also, the fact that anyone can 'become' anyone they like here and can also go just as quickly. So... what sort of system would be in place to stop anyone that loaned from the credit union just doing a runner with everyone elses cash?

[robby1234]

thanks kirsty.

credit unions don´t run like that.

to get al loan you must have money in the account in the first place which is called the claw back.

i.e. for 100 you need to have 40 in the account.

the credit fund is limited by how much is in the fund money from peoples accounts arn´t used so you can´t loss ypur money.

the basis is that this is a non-interest savings account where the interest is used to assist members.

the commitee set the limit. the repayment period and how much per month.

if there is no money in the credit account then there are no small loans.

thanks for the input hope this helps