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Tel: 020 7561 1786 (Multilingual advisors available)  •  Fax: 020 7272 8192  •  Email:

Wed 16-Aug-2017
NewsPayroll deduction schemes
21 August 2015
Payroll deduction schemes
London Capital Credit Union works with an increasing number of organisations which offer payroll deduction schemes to help their employees save or pay off loans.

Research suggests that 80% of Londoners have no savings and obviously this is linked to the fact that personal debt continues to rise. The credit union’s payroll deduction schemes allow employees to have savings or loan repayments taken directly from their salary, avoiding the risk of bank charges.

Martin Groombridge, Chief Executive of London Capital Credit Union, says: “Payroll deduction is an easy way to save and a great way of encouraging more people to set a little aside for a rainy day. For employees, once the payroll deduction scheme has been set up, you don’t have to think about putting money away each month as it happens automatically. For employers, it’s a great way of supporting your staff and helping them to stay clear of money worries which may lead to stress and time off work.”

If you are an employer and you would like to set up a payroll deduction scheme, please do contact us. Or, if you are an employee and you would like us to contact your employer to see if they will offer such a scheme, again please do get in touch.

Click here to find out more about our payroll deduction scheme and the current list of employees which provide this scheme:

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  • London Capital Credit Union
  • Tel: 020 7561 1786 (Multilingual advisors available)  • 
  • Fax: 020 7272 8192  • 
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Authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority & the Prudential Regulation Authority. Firm Ref. No. 214094