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There are plenty of people out there who can't open accounts with banks and building societies because they have poor credit histories or even problems in providing proofs of identity. The ISCU is something people turn to when they've got into debt according to its manager Simon Pain:

"At the start of the year I would get maybe two calls a week about debt issues, but now I'm getting around four or five a day."

However, they're not there to bail people out, which comes as a disappointment to some callers: "Realistically, we can only signpost them to the Citizens' Advice Bureau. We tell people it's not advisable to borrow against existing debt.

"We try and educate people around money so that they don't get into sticky situations."

Just when you thought it was safe to go back in the water...

"We're here to provide support and somewhere safe to save rather than see individuals go to the more unscrupulous lenders, such as the doorstep lenders who'll charge them extortionate rates of interest and bleed them dry," said Simon.

Where's Chief Brodie?

"They're very rife in all the estates around Ipswich. They knock on the door and offer people money there and then and before you know it they're coming back week-in and week-out offering more loans which people pay back without ever seeming to get anywhere."

And the ISCU gets a glowing review from the Citizens' Advice Bureau's General Services Manager Sharon Rushbrooke-Snell: "We'd recommend them far and above doorstep lenders and loan sharks!

"They have a very, very useful rent deposit scheme and we have a mutual relationship with them. We probably send them approximately 20 people a week.

"For a financial service, they're very friendly, down-to-earth and give you sound advice. They're very important for the local community."

Part of the union

The Ipswich & Suffolk Credit Union was founded in 2001 and it's mainly used by people with relatively low incomes. In July 2008 it had 3050 members.

Its primary role is helping people with the basics of saving and managing your personal finances. However, once you've saved for 13 weeks, you can apply for a loan from the credit union of up to three times the amount of your savings.

The ISCU sees itself as somewhere where people can get a grip on saving money - a bit like having a biscuit tin under the bed, but without the temptation to dip into it.

Some credit unions do offer a dividend, but the ISCU isn't in that position yet, although they aim to offer it in the future.

Simon Pain said it's a step-up from joining a Christmas Club: "The vast majority of schemes run at pubs and clubs aren't insured and we do hear horror stories of people doing a runner with the takings.

Simon Pain outside ISCU

"We're authorised and regulated by the Financial Services Authority and we're fully insured. It's a lot safer."

The ISCU's Simon said some people who do have building society accounts also join the co-operative: "Some put away a little with us on a weekly or monthly basis and they're chuffed to bits that they've got a little bit put aside and it's easy to access for Christmas or just buying something.

"We are perceived as being at the charity end of the financial market because we rely on voluntary workers. We have to break down the barriers when people come to us and tell them we do have the same kudos as a bank or building society."

The credit union does have a tie-in with the Newcastle Building Society so that members can get a Maestro debit card. The ISCU says it's working towards getting itself in a position where it can pay out a dividend to savers/members.

"Paying a dividend/interest will come and it'll be a real kudos factor. As a financial institution we will have arrived on the map. We would see a vast intake of membership."

The legacy of the 80s

Simon said there's been a clear change of culture towards saving in the past 20 years: "The people that we see who have a debt problem are between the ages of 20-35.

"It's quite frightening to see a loan application and on it they've recorded that they've got 拢20,000 of catalogue credit card debt and you ask how can that be?

"People need to understand the implications of how these cards work. You've got extended credit and a minimum repayment a month, but it's the length of time that this is going to take to pay off the whole debt."

For more details about the ISCU visit their website or their office at 63 Austin Street, Ipswich, next to Uncle Tom's Cabin in the Stoke Bridge area. Telephone 01473 690690.