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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32086
Experience:  Over 5 years in practice
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Are rotating savings and credit associations legal in the

Customer Question

Are rotating savings and credit associations legal in the united kingdom?
Submitted: 1 year ago.
Category: Law
Customer: replied 1 year ago.
Can you email me an answer along with your credentials (law firm details - a work email address would be perfect) as I need it as proof to confirm a partnership with a non-uk based company. My email is***@******.***. I just need to show that it is a practice in the UK and is allowed under current legislation.
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 1 year ago.
Hi, I pressed the call button by mistake I need the response to be written as requested previously. Thanks
Expert:  F E Smith replied 1 year ago.

What do you mean by rotating savings and credit association? We don’t use that terminology in the UK.

By rotating savings, is this a scheme where, say, 20 people put an amount of money into a pot each week or each month and then, each 20th week or each 20th month, each of them takes the pot? Is that what you are thinking of?

What do you mean by a credit association?

It would assist us if you could explain your situation in detail please.

Customer: replied 1 year ago.
Thank you for your response, yes that is correct.These groups, commonly known as rotating savings and credit association (ROSCA's) have existed for centuries as a form of microfinance among those with little or no access to finance. Members pay a fixed amount into a communal fund and loan that fund to each member over a period of time, with each member skipping payment once and receiving the pooled money as an interest free loan.More information on these informal saving groups can be found here:
Customer: replied 1 year ago.
I need confirmation from a practicing uk solicitor that this practice is legal in the UK. Confirmation that it is not illegal will do just as well - but I need this confirmation to be emailed to my work email from the work email address of a uk based law firm.
Expert:  F E Smith replied 1 year ago.

I’m afraid that writing letters from solicitors practices is not a service this website offers. If you want that, you will have to consult a high street firm of solicitors who will then deal with it on a time cost basis and they would usually need you to go in to see them and are likely to charge several hundred pounds for the advice.

We can give you the advice you are looking for but it would only be in the form of this exchange.

Do you want to continue on that basis?

Customer: replied 1 year ago.
If this website does not offer this then we will pursue this route ourselves. I will be seeking a full refund as not only did the response take longer than 8 minutes (which I paid additional for) the question wasn't answered. You seem to be a site moderator not an external lawyer...which is what we were expecting. Nonetheless, we will go elsewhere. Thanks.