Consolidate in November, Pay in January
We are offering our Payroll members the opportunity to consolidate their debts to us and defer their repayments until January 2023.
This means you could consolidate your debts to us and have no repayments to make until the new year. Giving you more flexibility over the festive period.
You simply need to sign into your account to apply, and choose the “Debt Consolidation Loan” form to submit your application. We will automatically check for eligibility to this offer when your application comes through to us.
Use our Consolidation Loan Calculator to see how much you could save:
Consolidation Loan Calculator
| Our Monthly Repayment: | 0 |
|---|---|
| Total Amount Repayable: | — |
| Representative APR: | 42.6% |
You may pay £0.00 less per month
It may cost you £0.00 less interest over the loan
Please be aware that this is not a loan offer and the figures quoted in this document are based on the Representative APR which may differ from the actual APR you qualify for after we have conducted a credit search. As a result, this should only be used as an indicative illustration.
The calculator is for illustration purposes only. Rates may be withdrawn at any time. We reserve the right to refuse any application.
Q&A
What is debt a consolidation loan?
A debt consolidation loan is a type of loan that’s used to combine all your existing debts into one loan. All you’ll need to do is use our Consolidation Loan Calculator to calculate the amount you need to apply for and if approved, we will directly pay off the debts you owe. You’ll then repay the loan over the agreed term.
Not only could a debt consolidation loan make your debt easier to manage, but it can also reduce the amount of interest you pay and your total monthly payments, by having all your debt in one place at a lower interest rate.
Is debt consolidation a good idea?
Whether a debt consolidation loan is a good option for you will depend on your financial situation.
Pros:
- Reduced monthly repayments
- Lower overall interest rate
- Easier to manage
- Boost your credit score
Cons:
- Missed repayments have consequences on your credit score and your ability to borrow in the future
- There may be settlement fees on your debt from your existing creditors
- There may be 0% options available
What debts can I consolidate?
You can consolidate:
- Personal & Payday Loans
- Credit & Store Cards
- Mail Order Catalogues
- Overdrafts
- Buy Now Pay Later (that are not interest-free)
How will you pay my creditors?
You will need to supply us with written confirmation from your creditors of the following:
- Balance or Settlement Figure (for loans)
- Reference/Account Number
- The creditor’s Sort Code and Account Number
These will usually be on your PDF statements or within your online portals.
When will I make my 1st payment?
Your 1st payment will be from your January salary.
Will I still be charged interest?
Yes, interest on your loan will accrue from the date your loan is granted.
Do I have to start my repayments in January?
No, if you wish them to start from your 1st available payday in November or December, just let us know.
Do I have to save alongside my loan?
Yes, a savings amount will be set up alongside your loan payment. Usually around 10% of your loan payment.
What's the minimum/maximum I can borrow?
We offer loans from £1,000 – £15,000
Related Articles
News
Notts & Lincs Credit Union are Joining Forces with Clockwise Credit Union
Notts and Lincs Credit Union will be joining forces with Clockwise Credit Union to offer you even better services and…
News
Special General Meeting – 27th November 2024
Join Us for Our Special General Meeting! Notts & Lincs Credit Union invites you to attend our online Special…
News
New Open Banking Payment Services
Simplifying Your Financial Life We're excited to announce a new feature that makes managing your finances even easier: Open Banking…
Financial Wellbeing
Christmas on a budget: 40 simple tips for a cheaper Christmas
The cost of Christmas December is officially one of the most expensive months of the year. According to the Bank…
Financial Wellbeing
Trick or Treat? Common Financial Tricks to Watch Out for This Autumn
With the festive season fast approaching, excitement is building — but so are the scams. From fake shopping deals to…
News
International Credit Union Day 2024
Beginning in 1948, credit unions have come together annually on the third Thursday in October to commemorate the credit union…
Financial Wellbeing
All You Need To Know About Pension Credit
What is Pension Credit? Pension Credit gives you extra money to help with your living costs if you’re over State…
News
Changes To Our Common Bond
We’re sorry to inform you that we are changing our membership criteria. To secure our future and enhance services, we’re…
Financial Wellbeing
No Blame, No Shame
No blame, no shame – your lender is in the wrong, not you! Loan sharks are expert manipulators, it is…
Financial Wellbeing
5 Proven Strategies to Elevate Your Credit Score
Building a strong credit score is crucial for securing beneficial loan terms, renting/purchasing a property, and even landing certain jobs.…
News
Introducing Our New Self-Service Payments Portal
More Information About Our Portal Welcome our brand new Self-Service Portal, where convenience meets control. We understand that managing…
News
AGM 2023
Download our annual report for 2022
News
Boots Payroll Deduction Scheme Update
From 1st April 2023, Boots UK LTD will no longer offer the Payroll Deduction Scheme with Notts & Lincs…
Financial Wellbeing
10 Tips to Save Up – Ready, Set, Save!
Do you make New Year’s Resolutions in January and forget all about them in March? Or do you promise you’ll…
News
New Debt Consolidation Loan Process
For those making repayments of different amounts, at different times of the month, or all at different rates – a…
News
Saving Towards your New Year’s Resolutions
Our Goal Savings account is available to all members of the credit union, whether you join today or you’ve been…
Join our community and benefit from a
more financially stable future
