Consolidate Your Debts – Suffering A Christmas Financial Hangover

With Christmas done and gone for another 12 months it’s time to address the impact of the whole festive period and any credit or store card debts you may already owe.

Do you have outstanding Credit Cards or Store Cards?

Are you paying a daily fee for using an authorised overdraft?

Have you considered, consolidating these debts into one managed affordable monthly repayment? Here at the Co-operative Credit Union we have seen an increase in the number of loan requests to consolidate and tidy up our member’s finances?

Why should you consider consolidating your debts into one manageable, affordable monthly repayment?

  • Minimum repayments to credit and store cards are often, only enough to cover the cost of your monthly interest and only reduce your balance by a few pounds.
  • Reduced Interest Rates. You can often achieve a lower interest rate with the Co-operative Credit Union meaning your repayments impact your balance and are not swallowed up in interest – You Clear The Debt Quicker.
  • Payroll deduction is available to many of our members, this means you don’t have to worry about when your repayments are due, repayments are deducted direct from your salary.
  • Reduced monthly repayments, you can request a loan up to 5 years, this can often reduce the amount you pay every month when compared to repayments to your debts.
  • The cost of an overdraft – in November 2017 many high street banks started to charge adaily fee for using an authorised overdraft facility.

The charges range from –
£1.00 – £1.50 per day for an authorised overdraft up to £1000
£2.00 – £2.50 per day for an authorised overdraft up to £1001 – £2000
£3.00 – £3.50 per day for an authorised overdraft up to £2001 – £3000
These fee changes have drastically changed the cost of using an authorised overdraft from a bank and in some cases the cost of a large overdraft can be in excess of £150 per month without reducing the balance.

To complete a loan application form please click here
Or call a member of our office team 0345 602 3554
Office Opening Hours

consolidate your debts