The Manx Credit Union is celebrating International Credit Union Day on Thursday with drop-in sessions to publicise its services.

The MCU, which is a not-for-profit financial co-operative open to all residents aged 16 and over on the Isle of Man, has been operating for two years from its office on North Quay, Douglas.

Offering a local and ethical alternative to traditional banks and financial institutions, it is the only credit union in the island and is regulated by the Isle of Man Financial Services Authority.

As a volunteer loans officer, Andy Dunlop meets with many of the MCU’s customers.

’The great thing about the credit union is that it can help all sorts of people in all sorts of situations,’ he said.

’We’ve had applications for loans for everything from unexpected car repairs and replacement furniture to professional training courses and major home improvements.

’We’ve been able to help out some young families just getting started in their first commissioners’ property and it’s been particularly rewarding working with people who have previously got into difficulties, either with payday lenders or having gone overboard on their credit cards.

’We can often help them consolidate their debt and work out an affordable payment schedule that will get them back on track.’

The ethos behind credit unions is to encourage savings and good personal financial management.

’It’s good to see people start to come in regularly to top up their savings, even if it is only a small amount each month,’ said Andy.

MCU chairman and treasurer David Talbot paid tribute to all the volunteers who keep the MCU running.

’We have a fantastic bunch of people who give their time and expertise for free,’ he said.

’Many of these are experienced in financial services or have performed customer service roles professionally.

’Some of our volunteers are now working with other agencies around the island, such as social care housing managers, to ensure as many people as possible know about our services.

’As we continue to expand, we would like to recruit more volunteers and we’d love to hear from anyone who is interested in helping out in the future.’

The Manx Credit Union will have an information stand at the Strand shopping centre in Douglas over lunchtime on Thursday, October 18.

Anyone interested in joining the credit union as a member or a volunteer should go the MCU Office at Nadine House, 13 North Quay, Douglas, on the same day between 5pm to 7pm.

Yhere will be two drop-in information sessions at Ramsey town hall from noon to 4pm on Friday, October 19, and 9am to noon on Saturday, October 20.

For more information on the credit union visit www.mcu.im