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Money Matters

How First Choice Credit Union can help you with your money management

Sad on Couch

Struggling to pay your loan?

We know that a change in circumstances can sometimes make our members struggle to make repayments on their loan. We have helped many members when a life event happens.

It is important that you contact us straight away if you can't pay your loan repayment. It is better to talk to us as soon as you can, so do not be embarrassed about contacting us. We encourage members who are in financial hardship to contact us directly to discuss the options available to you, before you consider alternative routes such as Debt Relief Orders, Debt management plans or IVAs, which could have a detrimental effect on your credit rating and financial well being.

01706 215082

People Walking

How to recognise a loan shark

If you can answer yes to one or more of these questions you might be borrowing from a loan shark:

  • Did they offer you a cash loan?

  • Did they not give you paperwork?

  • Did they add huge amounts of interest or APR to your loan?

  • Have they threatened you?

  • Are you scared of people finding out?

  • Have they taken your bank card, benefit card, passport, watch or other valuables from you?

Collecting Money

Save while you borrow

With our Loans members are expected to save a minimum of £2 per week which is fixed against your loan balance and can only be accessed once you’ve fully repaid your loan or your loan balance is lower than your savings, allowing you to take out the difference. You are welcome to save for holidays, Christmas or special occassions additionally at the same time as repaying your loan but that is optional.

Saving as you borrow means that you will be building up a savings pot for those unexpected expenses we all face.

East Lancashire Citizens Advice can also help 

East Lancashire Citizens Advice has good online resources on money management which you may find really helpful - click on the link below

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