Liberal Democrat Treasury spokesman Vince Cable has declared that credit unions play a “crucial role” in helping financially excluded borrowers.
Addressing an event hosted by the Association of British Credit Unions, Mr Cable suggested that sub-prime borrowers, such as those who have experienced bankruptcy, benefit from the existence of credit unions.
“It is clear that credit unions have a crucial role to play in relation to financially excluded and non-standard borrowers,” Mr Cable said, before adding that the government should be looking to remove barriers preventing credit unions’ work.
John Lamidey of Cattles said that while there is plenty of attention on those who are having debt management problems, there is not enough focus on the kind of markets credit unions work with.
Such people – who have in some cases used a debt solution – require “non-standard” products according to Mr Lamidey.
Cattles is a financial services group specialising in lending to the non-standard consumer market, according to the firm’s website.