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McArthur Backs Hi-Scot Credit Union Expansion
Posted on 29 September 2011

Orkney’s MSP, Liam McArthur has given his backing to HI-Scot Credit Union’s plans to expand its operations across the Highlands & Islands, including to Orkney. 

Speaking after meeting, Duncan MacIntyre of HI-Scot in the Scottish Parliament this afternoon, Mr McArthur said:

“I know from my conversations with the Citizens Advice Bureau in Orkney, as well as my own postbag, the serious problems that debt poses to many of my constituents.  In difficult economic times, these problems are becoming more widespread as well as more complex.

“There are many reasons why people get into debt in the first place.  But the problem is often compounded by the steps they then take to try to address it, not least through borrowing at exorbitant rates of interest. 

“I welcome the fact that HI-Scot is now looking to develop its presence in Orkney.  Like other credit unions, HI-Scot is a financial co-operative run by its members for the benefit of its members and the community.  It can provide opportunities to save, as well as providing limited loans at reasonable rates of interest and with appropriate safeguards.

“I’m sure these types of services will be of great benefit in Orkney, not least in helping avoid even more people find themselves drowning in debt”.


Posted on 29 September 2011
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