Beware of the minimum payment trap

Caution: If you borrow £3,500 at 21, you’ll be almost 50 years old by the time you clear that debt. Just making a minimum repayment on your debt could keep you in debt for years.

This is because you have been caught in the minimum repayment trap.

What is the minimum repayment and where can you find it on your credit card statement?

This is the minimum amount that you would need to pay each month so that you can avoid additional fees, charges or interest that affect your credit score. It is calculated based on your card balance, so it will go up and down depending on the total amount you owe.

Look for a ‘Summary Box’ on your credit card statement which should contain the minimum repayment for your card. It usually looks something like “Greatest of 1% of balance plus interest, 2.25% of the balance or £5”.

Failure to pay on time usually results in a fee and, worse, a missed payment marker is added to your credit report, which can damage your score and ability to get future credit.

What is the minimum payment trap?

If you have kept up with all your monthly payments and even stopped purchasing with that card but it seems as though the debt isn’t getting paid off, you may have been caught in the minimum payment trap.

The minimum payment is usually 2–5% of the balance due. Paying only this amount stretches repayment over many months or years while interest (often 18%–20% or more) continues to add up.

Here is an example of a minimum payment versus an extra £15 payment.

You want to buy a sofa that costs £850. You use your credit card where the annual interest rate is 20%. Your minimum payment plan is £15 each month and 3% of the outstanding balance.

See the table below to show the difference between the two options (the minimum payment plan versus the £15 payment.

If you pay an extra £15 each month or £30 total, you would have saved:

Interest: £558 – £273 = £285

Total debt: £1,408 – £1,123 = £285

How much quicker would you have paid off your total debt? 3 years 8 months

Tip: You can use tools such as the MoneySavingExpert minimum payment calculator to see how you would need to pay back using a minimum repayment plan.

How to avoid the minimum payment trap

Make a fixed repayment based on what you can afford rather than allowing the repayment to decrease each month.

Pay off as much of the debt as you can. The quicker you pay off your balance, the less you spend on interest.

If you have multiple cards and loans, always pay off the most expensive ones. If you have a good credit score, why not consolidate all your debts into one loan and repay that?

If you are still having issues with debt,  some of the services that you can turn to include Money Advice ServiceDebt Advisor ServiceStep ChangeCitizens Advice Bureau to name but a few.

How to spot and protect yourself from scams

It can be a challenge to know whether something is genuine or fake. If you are ever in doubt, don’t feel obliged to share your personal or bank details. It’s okay to reject, refuse or ignore requests.

With the cost of living on the rise and people eager to save money or make a bit extra, some offers may look like they’re too good to be true.

Use the four steps to stay ahead of the scammers:

1. Does the offer too good to be true?

If you haven’t entered a competition, how can you win?

If the price is too good to be true, it probably is.

2. Were you contacted out of the blue?

Be suspicious if you have been contacted out of the blue and asked for personal or payment details. Genuine organisations are unlikely to contact you and ask for these details. They would usually pre-warn you.

3. Asked for personal details?

Have you been asked to give personal details to an unknown source via online, phone, text, email, post or doorstep?

Scammers create a sense of urgency and pressurise your to provide your details to make a decision. Do not feel pressured to respond.

4. Were you requested for money?

Be wary if you are contacted out of the blue and asked to make a payment of any kind.

Spotting a scam and how to protect yourself from it:

Email or text scams

Phishing emails or text messages are used by scammers to get your personal details. The email might ask you to click on a link to a website. The email address and content can look genuine.

To protect yourself from this type of scam:

  • Never reply by giving out any of your bank details
  • Look out for typos and grammar mistakes as this is a sign of a scam
  • Check if the greeting is personalised i.e. includes your name.
  • Do not click on links in an email or text message if you are suspicious of the sender.

Phone scams

Fraudsters act as cold-callers and make you believe that you are speaking to a member of staff from a trusted organisation. They will try and persuade you into thinking that you have been a victim of fraud and ask you to share personal or bank details.

They also ‘number spoof’ i.e. show the caller display on your phone to show an official telephone number that will make you think that it’s from an actual organisation such as your bank, utility company or HMRC.

Protect yourself from this type of scam:

  • Never give out your personal and banking information. If you are in doubt, hang up and call the organisation directly using the contact details on their website.
  • If possible, call the organisation from a different telephone as scammers can sometimes stay on the line without you knowing.
  • If it is not possible, wait for a short while before returning the call.

Online scams

This includes romance scams, holiday scams, ticketing scams and copycat websites. Scammers use online marketplaces and social media to sell you fake goods or goods that don’t exist.

You can protect yourself from this scam by:

  • Checking the website domain (web address). Most shopping websites end with ‘.co.uk’ or ‘.com’. Official UK Government or public body websites end with ‘gov.uk’ and ‘org.uk’
  • Check that the web address has HTTPS with a padlock icon. The ‘s’ stands for secure and together with the padlock are an indication the website is safe.
  • Never use public Wi-Fi to access your personal information. This is an easy way for scammers to get your information.
  • If you are buying goods from a website that you have never used before, read reviews of items and previous customer feedback.
  • Never make payment for goods by bank transfer. When paying by credit or debit card you have some rights to get your money back.

What should I do next?

You should report any suspicions of fraud to Action Fraud either via their website or phoning 0300 123 2040.

Action Fraud provides a fraud-reporting and advice centre, where people and small businesses can report fraud, attempted fraud and scam emails.

You can help to stop scammers by warning your friends and family, and by making Action Fraud aware of any scams that you have encountered.

References:

Government official website

Consumer Council

Consumer Fraud Reporting

Get Safe Online

Action Fraud

What is a bank statement and how to manage it

A bank statement is a document that is usually sent from the bank to the account holder on a monthly or quarterly basis. It contains account information including the account number, holder’s name, statement date, beginning and ending account balance and all transaction details.

Why are bank statements important?

1. Bank statements are useful as they show you how you are spending your money. Therefore by having this understanding, you will be able keep track of your spending that will also help in better financial decisions.

2. Applying for loans or mortgages – bank statements show all types of transactions and activity including:

  • Income such as salary and benefits and expenditure such as bills and subscriptions
  • Return direct debit
  • Gambling activity
  • Negative balances
  • Repaying lots of loans at the same time
  • High overdrafts
  • Bank fees

If there are any issues in the bank statements, lenders can refuse to offer a loan.

3. Help you identify fraud and errors

If you see any unexpected activity, researching the transaction can help you identify whether there was theft or a bank error. Notify your bank as soon as possible to get more protection.

4. Know how much you have

Statements help you see where you stand in terms of how much you have in the bank account. This way you are less likely to miss payments and face penalty fees due to insufficient funds when you keep an eye on your account.

Here is how to manage your bank account to ensure that you have a clean bank account.

1. Check your bank statements on a regular basis – either daily, weekly or monthly to ensure that your records match the bank’s records. You can either check your bank statements electronically or on paper.

2. Report any issues such as bank errors or theft in a timely manner.

If there are any bank fees that are eating away at your savings, speak to your bank to see if they can waiver the fees or open a free current account.

3. Cancel any subscriptions that you are no longer using – this will help you save money along the way.

4. Have you become a gambling addict? Seek professional help through organisations such as GamCare; National Centre for Gaming Disorders; Gamblers Anonymous UK.

5. Pay off debts when you can.

6. Be careful where you are spending money. For instance, when playing games on your phone, you may be spending money without realising it. Always check your bank statements to see if your card is linked to various websites that are costing you money.

7. Avoid ‘buy now, pay later’ deals if you know that you can’t keep up with payments or you already have a few set up from previous purchases.

8. Avoid impulse buying and stick to a budget – this way you will be able to control how much you are spending per month.

Conclusion

By having a well-managed bank account, you will be able to make better financial decisions in future, be more reliable such that lenders might be able to approve loans/other types of credit quicker and you will be in better control of your finances as you know where you stand at any given time.

How to save money for travelling

Travelling, especially for leisure can be perceived to be an expensive activity. However, this is not always the case as we have researched some tips from seasoned travellers on how to save money for travelling.

1. First things first, make travelling a saving goal

Saving up enough money for travel can be seen as a sacrifice. However, with the right mindset, you will be able to do it.

Make your holiday savings goal SMART i.e.

S (specific) – Think about where you are hoping to travel to and how much it costs to get there. From there, think about how much money you need to keep aside to achieve the target amount.

M (measurable) – Determine how you will measure how much money you have saved by keeping a record. You can easily see this when you open a savings account.

A (attainable) – be reasonable with how much you will be able to save within a timeframe. For instance, you can’t make £5,000 in one month but £250 is achievable. Also, think about how you will save money to achieve your goal.

R (realistic) – Think about whether you will really be able to save the amount of money in the period of time that you have kept aside. What will you do differently (and be realistic about it)? For instance, is it realistic for you to walk to work rather than take public transport or your car?

T (timely) – Know when you want to travel so that you can set your holiday savings goal with the travel dates in mind.

To achieve your savings goal, why not open a Hertsavers Holiday Savings Account? You can save as much as you want and whenever you wish. When you are ready, you can take all your money out to pay for that dream holiday.

To set up your Holiday Savings Account, contact us via email at office@hertsavers.co.uk.

2. Track your spending

While it seems daunting to check your bank balance, tracking expenses is an important part of learning where you can cut back, or even eliminate your spending.

In the process of saving towards your travel, write down everything that you are spending on. How much are you spending on food every week? How much are you spending on entertainment such as socialising, cable, events tickets, music, books etc?

3. Budget, budget, budget!

When travelling, there are two budgets that you need to keep – the first one is the budget for your trip while the second is your day-to-day life.

By working out how much your trip is going to cost you, you can make a travel budget so that you have an idea of how much you will be spending per day.

In your travel budget, think about the following:

  • How long are you travelling for? A week? A month? Back-packing for six months? This will help you consider how much you need in your bank account before setting off on your travels.
  • Accommodation – if you choose wisely, you can save on accommodation. For instance, consider staying in a hostel rather than a five-star hotel if you are on a tight budget.
  • Flights (if travelling abroad) – look out for flight deals; book ahead of time; if buying flights online, open an incognito window when researching flights as flight websites tend to hike up the prices each time you visit their websites.
  • Food – avoid eating out if you can and make food at home. If you have to eat out, check for online deals before choosing where to eat.
  • Shopping – make a list and stick to it. Only buy what you really need and avoid impulse buying.

4. Cut down on unnecessary spending or expenses

  • Do you really need Netflix, Apple TV, NOW TV and Amazon Prime all at the same time? Choose one that suits your needs and cancel the subscription for the rest.
  • Do you need a daily fix of shop-bought coffee every day? Make your own coffee at home and make a shop-bought coffee a treat once in a while.
  • Cooking – save £5 to £15 per meal by preparing your own food at home. This way you will save over £500 a month just by cooking at home.

This way you will be able to save money for your travel adventures.

5. Consider making some extra money

Perhaps you can find a “side-hustle” that you can work part-time such as a waiter, supermarket cashier, photographer, virtual assistant etc.

If you enjoy making crafts, consider making and selling them online on websites such as Etsy.

Do you speak more than three languages? Maybe look for jobs online as a translator or an online English tutor.

When you travelling, here are some quick money-saving tips to help you stick to your budget:

1. Plan to travel off-peak

This can drastically reduce your travel expenses. From flights to accommodation, you can make great savings just by travelling when there is no holiday season or during the school term.

2. Travel to cheap destinations

Some destinations are wonderful but can be quite expensive to travel to due to their popularity. Some of these include the USA, Australia, East Africa and Northern Europe.

Look for cheaper destinations where you can get a similar experience such as going on a ski trip to Bulgaria rather than France.

Also, do some research into destinations where your home currency goes further. Backpacker favourites like Mexico, Thailand and Vietnam offer a good exchange rate and the option to feel more relaxed when you’re there.

3. Look for free activities

With a little research, you may discover some free things to do in the area such as free walking tours, community events; discounted admission to popular places after a certain time of day or even just taking advantage of your accommodation’s free amenities.

4. Food

  • Shop at farmer’s markets and local stores. Farmer’s markets often lower the price of their food towards the end of the day. Also, shopping at local stores allows you to taste the local cuisine without having to pay the price of a restaurant.
  • Eat locally – rather than eating near a popular tourist site, eat further away on one of the side streets, for example, for cheaper meals.
  • If you are doing half-board where breakfast is included, eat a lot or have a late breakfast to keep you filled up for longer such that you need a light snack later.
  • Going with kids? Carry snacks and water during outings. It can get quite expensive to buy snacks on the go and spend money on bottled water. Therefore, think ahead and either take your own snacks from home and buy a case of water if needed. If it’s not possible to do that, go to a local supermarket and buy enough that will keep you going for the rest of the trip. Only get treats which can only be found locally in that area.

5. Get travel insurance

Even though it may seem like an unnecessary expense, it’s important to buy a policy for those ‘just in case’ scenarios as you may never know when you might need it. Look out for policies that give you medical coverage abroad, missed flight, lost baggage and theft.

6. Get a local sim card

If you are travelling abroad, you can get hit by roaming charges which can be quite expensive. Therefore, get yourself a local sim card so that you can have a working phone abroad where you can stay connected and in case of emergencies.

7. Manage your finances on the road

Withdrawing money abroad can be quite costly as money changers and airport exchange booths usually charge a high fee and find a way to rip you off.

Therefore opt for a travel money card where you can load the right currency and a set budget. You can also use a prepaid travel card such as Revolut and Wise.

If you prefer to use cash, withdraw a larger sum in the local currency where you are travelling to. Keep an eye on fluctuating exchange rates before you travel and order your currency in advance to get the best deal.

8. Travelling around

If you are planning on going from one place to another while at your destination, consider hiring a car.

If driving is not an option, then try and book accommodation which is near a transport link such as a train station or bus stop that can help you get around.

Conclusion

Remember to follow through with your holiday savings goal and stick to your budget.

Hold yourself accountable or get someone who can keep you accountable so that you can stick with your goals.

Remember the formula for saving money, ‘Live below your means, and save the rest’.

All the best in achieving your travel dreams.

If you have any money-saving travel tips, do let us know and we will add them here.

References:

The World Pursuit

Huffpost.com

Spend Life Traveling

Expert Vagabond

Mental Health and loneliness

The theme for Mental Health Awareness 2022 was loneliness.

Loneliness comes about if you feel that aren’t being understood or cared for by the people around you. Feelings of loneliness are personal and everyone’s experiences can vary.

According to Mind, financial difficulties can be one of the causes of loneliness as some people can feel guilty or ashamed for talking about their money worries.

Some research suggests that loneliness is associated with an increased risk of certain mental health problems, including depression, anxiety, low self-esteem, sleep problems and increased stress.

If you are struggling financially, consider seeking financial support from advisory bodies such as:

Citizens Advice Bureau
Mental Health & Money Advice
StepChange
The Money Charity
Turn2us

Here is how to cope with loneliness:

1. Try to do some enjoyable things that will keep you busy such as gardening, going to the gym, jigsaws or even cooking.

2. Try to do things that will stimulate your mind such as listening to podcasts, taking a course or even talking to someone familiar.

3. Think about doing physical activity. Simply going for a walk in the park when you’re feeling overwhelmed, dancing or even doing some yoga can help tackle loneliness.

4. Try to engage with people that you meet in daily life. A simple ‘hi’ can lift your mood straight away.

5. Find people that connect with you. By finding people that have been through a similar experience to you. Interacting with people that ‘get you’ can give you a sense of belonging that may be missing.

6. Spend time with pets – they are known to help reduce stress levels as well as provide us with unconditional love and support.

7. Get professional help – Talking therapies offer a safe way to work through your feelings and thoughts without judgement. To find your local resources, you can visit the NHS website.

If you want to get more information about loneliness, visit the Mental Health Foundation website. For information on getting the link between money and mental health, visit Mind.

Suspected loan sharks arrested in Hemel Hempstead

This is a press release from the Stop Loan Sharks team published on 12 May 2022

Two people have been arrested on suspicion of illegal money lending and money laundering offences following an operation in Hemel Hempstead this week.

Officers from the England Illegal Money Lending Team (IMLT) and Hertfordshire Constabulary executed a search warrant at an address in the town on Tuesday, May 10.

Documentation and electronic devices were recovered during a search of the property.

A 35-year-old woman and 40-year-old man were taken into custody for questioning. They have since been released under investigation pending further enquiries.

The IMLT works in partnership with Hertfordshire County Council Trading Standards and Hertfordshire Constabulary to investigate and prosecute loan sharks.

Tony Quigley, Head of the Illegal Money Lending Team said: “We are determined to warn residents about the dangers of loan sharks, and we will work with partners to take action against them.

“Loan sharks are criminals that prey on the most vulnerable people in our communities. They trap their victims into spiralling debt and will often use intimidation and violence.

“We will not tolerate these activities in Hertfordshire and would urge anyone with information about loan sharks to report them as soon as possible.”

Mike MacGregor, Community Protection Manager at Hertfordshire County Council Trading Standards, said: “We know that increases in the cost of living are putting pressure on household finances, but we would actively encourage residents to use reputable sources of finance to avoid becoming prey to loan sharks. There are a number of credit unions in Hertfordshire that offer access to low cost and reputable loans, for example the Dacorum First Credit Union based in Hemel Hempstead.”

A recent report published by the Centre for Social Justice (CSJ), Swimming with Sharks, estimated 1.08 million people may currently owe money to loan sharks, with some lenders demanding sexual favours as repayment from borrowers.

Warning signs to indicate that you could be dealing with a loan shark include giving no paperwork upon the agreement of a loan, refusing to give detailed information about a loan, intimidation and threats, taking items such as a bank card or passport until the debt is paid, and taking things from you if you do not pay on time.

Local residents, charities, community and voluntary groups, schools and statutory agencies can apply for grants of up to £5,000 for activities that highlight the dangers of loan sharks.

The Stop Loan Sharks Community Fund is made available from money seized from convicted loan sharks under the Proceeds of Crime Act (POCA). Organisations will need to demonstrate the positive impact their project would have on their community and how it will help tackle loan sharks.

Find out more about the grants and apply at www.stoploansharks.co.uk/poca-funding/

The closing date for applications is Thursday, 30 June 2022.

Anyone with concerns about illegal money lending can contact the Stop Loan Sharks 24/7 Helpline in confidence on 0300 555 2222 or access support online at www.stoploansharks.co.uk. Live Chat is available on the website between 9am and 5pm, Monday to Friday.

 

– ENDS –

For media enquiries, please contact IMLT Press Officer Holly-Leigh Carr on 07703 373535 or email Holly.Carr@birmingham.gov.uk.

Notes to editors:

The Illegal Money Lending Teams in England, Scotland and Wales work alongside the Financial Conduct Authority (FCA) to investigate those operating within the consumer credit market without the appropriate authorisation.

The Illegal Money Lending Teams in England and Wales work in partnership with local Trading Standards Authorities in their related countries. They consist of specialist officers who investigate and prosecute illegal money lending and related activity and LIAISE officers who support victims and raise awareness of the dangers of borrowing from illegal money lenders.

How to talk to your children about money

Looking back at your own childhood, what experiences did you have with money that has led to your current financial habits? Were people around you careful with money or did they spend it like there was an endless supply?

With financial literacy, it’s a good idea to start teaching your children about money from an early age. Here are some ways that you can do so:

1. Be open and honest

When money is tight, it’s natural to keep your loved ones away from your financial woes. However, by sharing stories about past regrets and presenting financial difficulties can actually help your children learn valuable lessons about managing money. How? By showing them how you plan to get your feet back on the ground after a financial issue can actually have a positive impact on your child’s money habits. Teach them the importance of planning (budgeting) and how to prepare for financial success.

This leads on to the next point:

2. Set shared savings goals

This is a great way to teach your children about money where you set a shared saving goal and follow the plan through. This could be by doing something you and your children would like to do together. For example, with summer holidays in just a few months’ time, you could plan some summer activities. Come up with plan to budget and save money together.

If you have older children that are able to work, ask them to come up with a certain amount every week or month. If you have younger children, give them chores to earn extra cash. You can then match their contribution when they supply their share of savings. To make it tangible, keep the earnings in a clear jar so that they can see their savings accumulate. When the time comes, your children will see the ‘fruits of their labour’ and be able to enjoy their summer activities.

3. Show them how money works

Banks now provide online solutions for convenience however make a special trip to the bank with your children to start a conversation about money. Teach them valuable lessons about saving.

Also show them the following:
How to deposit money
How to use an ATM machine securely
On payday, explain to them how the money is used towards food, bills and other expenses.
When buying groceries, teach them how credit or debit card works.
The difference between needs and wants

Make it fun by playing games where they have pretend money and made up transactions. This way they will see how money works and will hopefully create good money habits that will stick with them for life.

4. Be a good example

Children observe and emulate what the grown-ups around them are doing. Showing your children that you have set financial goals, created a budget, made a shopping list (and sticking to it) and finding ways to save money will have an automatic positive impact on how they perceive your attitude towards money.

5. Get a money mantra or money script

Before instilling a money script in your children, you need to identify the money mantra that you currently share and evaluate whether a change needs to be made.

Start a money journal and write down the way you feel and think about money. After you have improved your money mantra, it can become easier to change your behaviour after which you can share a money mantra or script with your children.

By talking to your children about money, they will understand the value of money, have a positive relationship with money and have better money habits.

How to celebrate Mother’s Day on a budget

The amount that you could spend on Mother’s Day can easily add up, especially if you want to make it special. For instance, a box of chocolates, flowers and a card could cost about £20.

Therefore, here are some ways to make it extra special for your mum (and on a budget):

1. Make a homemade gift

You can make a body scrub from sugar, a delicious cake or a keyring.

2. Family photos

Print off some photos of special occasions or holidays that she has been on and create a scrapbook or photo collage.

3. Make a voucher book

Put some handmade vouchers together for things for her to enjoy or you could do for her. This could be for a home-cooked meal of her choice, you doing the chores or even something a little more active like a yoga class.

4. Make a homemade meal/dinner

Pick her favourite starter, main and dessert dishes and whip up something you know she’ll love. Why not invite the rest of the family along for a really special meal?

5. Create a memory book/jar/box

Get all your family members to put down something special about your mum. You can then collate these and put them in a decorated jar or memory book. She will love this special (and personalised) gift.

6. Take a family outing

As Mother’s Day is in the spring, if the weather is good, take a walk in the park and admire the flowers. You can also have a picnic with a basket packed with all her favourite treats.

7. Have a movie night

Get your mum’s favourite movie, pop the popcorn and drinks and enjoy a night in with your mum.

8. Call her and wish her

If your mum lives away from you, why not give her a call to wish her a Happy Mother’s Day? If she isn’t too far from you, pay her a visit.

Wishing all mothers a Happy Mother’s Day!

Time to spring clean your financial house

As the daffodils start to bloom and the days get longer, you know that spring has begun. There is no better time to start spring cleaning both your home and finances.

Here are some ways to get started.

  1. Review your spending by creating a budget

This may sound like a tedious task but put together all your expenses on to a single spreadsheet and reassess whether you need all those expenses or can you make some changes with how you are spending.
You can use budgeting tools to help you get started.

This is the start of the decluttering process.

2. Declutter your subscriptions

If you haven’t used a service/subscription for a while, think about whether you really need it. If not, then it’s time to ditch it. This is also a good time to review your bills and contracts to see if there are better alternatives available.

3. Clear any outstanding debts

First of all, make a list of all the debts that you owe.

Next, categorise them between priority and non-priority debts. Priority debts are those that need to be paid off first such as mortgage repayments, council tax and energy bills.

Non-priority debts are those which still need to be paid but aren’t as critical as priority debts. Examples include crefit cards and water bills.

If you have issues with debt, always seek debt advice. Some of the services that you can turn to include Money Advice Service; Debt Advisor Service; Step Change; Citizens Advice Bureau to name but a few.

4. Reset your financial goals and start planning for the future

Did you make new year’s resolutions that you haven’t kept? Springtime to revisit those goals and see how realistic they were. It’s also a good time to set financial goals and open a savings account (if you haven’t done so already) so that you can start saving to reach that goal.

It’s also a good time to start saving for Christmas or that dream holiday.

5. Automate your savings and get some headspace back

If you struggle to remember to put some money aside every month, then there is no better way than automating your savings. By doing this, not only will you be less stressed but you would have enough savings for a rainy day. A good way to start automating your savings is through your salary. You can set one up through our Salary Saving Scheme.

6. Review your insurance policies

Springtime is a good time to review any changes that have happened in your life that will need you to consider taking out a policy for financial protection. Some of these may include having a baby, getting married or buying a home. It’s also a great time to review homeowners or rental insurance policies as well.

7. Do an actual spring clean

Did you know that dirty hobs, windows and dusty radiators can hike up your energy bills? Take advantage of the spring cleaning bug and clean your home. Your wallet will thank you.

 

After you have done your financial spring clean, you will get a feeling of accomplishment for getting your financial house in order.

Reconvened Annual General Meeting 2022

Our reconvened Annual General Meeting will take place on Thursday, 28 April 2022 at 7 p.m. via Zoom. All members and supporters of the Hertsavers Credit Union are welcome to attend. If you are on our mailing list, you will receive the Zoom details in an email in due course. If you aren’t already on the mailing list, then please email us at office@hertsavers.co.uk to receive the Zoom details.

The agenda is below and the Minutes of the last meeting can be found here. You can view the financial statements for the period ending 30 September 2021 here.

Agenda

1. Welcome
2. Apologies for absence and confirmation of quorum
3. Minutes and Matters Arising from the AGM on 22 April 2021
4. Board of Directors report
5. Auditors’ Report
6. Dividend Recommendation
7. Appointment of Auditor
8. Nomination of Directors and election to Board
9. Any Other Business

We look forward to seeing you there.