Credit union partnership creates combined savings of £47.6m
Wolverhampton’s Penny Post Credit Union has expanded following a transfer of engagements from Voyager Alliance Credit Union.
With a combined membership of 19,500 members, savings of £47.6m and a loan book of £21.4m, the new Penny Post Group will be amongst the largest credit unions in the UK.
Penny Post has exclusively served members from the Royal Mail family for 26 years now joins with Manchester-based Voyager Alliance in an effort to grow its membership, build its loan book and offer a wider range of products and services.
Both credit unions serve working members through payroll deduction schemes across public transport, the DWP and the retail sector.
Matt Goulding, CEO of Penny Post said: “This is a great opportunity to deliver excellent products and services to our members who we place at the heart of everything that we do.”
In the last 18 months, Penny Post has created a programme of business improvement resulting in 98% of loan applications being processed on the day they are received.
The cost of bad debt has been reduced by £250k in the last 12 months so the business can be confident that lending decisions are made in the best interests of members.
Voyager Alliance and Retail CU will be trading names of Penny Post Credit Union Ltd. The Voyager Alliance Team based at the Manchester office will continue to focus on serving Voyager Alliance and Retail CU members, whilst the team in Wolverhampton will be serving Penny Post members.
