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Wednesday, 5 June 2019

Launch of First Defence Finance





Plane Saver Credit Union strengthens ties with Armed Forces community

Plane Saver Credit Union, a member of the Joining Forces partnership, is delighted to announce the launch of First Defence Finance, a new brand targeting serving Armed Forces personnel, veterans and their families.

As part of the Joining Forces Initiative, which was established in 2015 by the Ministry of Defence to address concerns about rising levels of debt among Armed Forces personnel, First Defence Finance will offer credit union services such as flexible savings and ethical loans to serving personnel, veterans and their family members.

The partnership comprises three credit unions¹, including Plane Saver Credit Union which has already helped 3,000 serving personnel save over £1 million and borrow £9 million since 2015. The Credit Union also launched a special Payday Payoff loan last year to help service personnel pay off high interest rate payday loans. As a Silver Covenant holder, the credit union also donated £5,000 to The Royal British Legion, in December to support of the charity’s life-changing work.

With the launch of First Defence Finance, the credit union aims to help even more members of the Armed Forces increase their financial resilience while making the cost of borrowing more affordable and accessible.

Valerie Walwyn, Plane Saver Credit Union’s Chief Executive Officer, who is also a veteran explained “As Armed Forces Personnel are a growing area of our membership, we thought it only right to represent this group through the launch of our own military brand”.

Ms Walwyn added “The First Defence Finance brand symbolises our ongoing commitment to serve members of the Armed Forces. It is our mission to help those who are financially excluded by simplifying savings and offering ethical loans. The Credit Union won the MoneyAge Ethical Lender of the Year award in 2018. The launch of this new brand allows us to expand our range of products designed specifically for military personnel”.

Noting that the credit union is committed to helping members of the Armed Forces feel more in control of their money, and therefore achieve financial security, Ms Walwyn said “First Defence Finance will be technology driven and a new website www.firstdefencefinance.co.uk will be introduced”.


1         The three credit unions that comprise the Joining Forces partnership are London Mutual Credit Union, Plane Saver Credit Union and Police Credit Union.