Helping you simplify complex debt arrangements into one single simple loan that could save you money!
Keep It Simple Loan
For members who would find it useful to have multiple loans collated into a single simpler loan that may save them money! Applicants must provide proof of income, evidence of their debts, statements and contact information for their debtors. Applicants must also provide proof of address and identity, if not already a member with Ayrshire Credit Union. In order to apply, an applicant must come into our office in person with the needed materials.
It can be difficult balancing all the financial demands placed on us. We resort to various means to manage, but sometimes through unexpected events, things can spiral out of control and debt can become a problem.
Ayrshire Credit Union can help. With our latest product, the Keep It Simple Loan. A form of Debt Consolidation Loan.
What is a Debt Consolidation Loan?
“If you’ve got lots of different debts and you’re struggling to keep up with repayments, you can merge them together into one loan to lower your monthly payments. You borrow enough money to pay off all your current debts and owe money to just one lender.” (Money Advice Service)
When should you get a Debt Consolidation Loan?
You should only apply for a Debt Consolidation Loan from ANY provider if:
How does the Ayrshire Credit Union Keep It Simple Loan work?
If a loan application is successful, we contact the debtors and use the loan money to repay all those debts. At this point the applicant would only owe the Credit Union and will begin repaying this loan as normal. This loan will often be cheaper and easier, with no charges for early repayment. Once the loan is repaid the member is then free from those debts.
How does a Debt Consolidation Loan help?
Debt Consolidation Loans help in three ways:
What do I need to apply?
We just need some evidence from you to support your application: 2 months bank statements and proof of income (wage slips), all relevant bills and settlement figures.
Also your bank details to set up a Standing Order or alternatively a Payroll Deduction.
Loans are based on a member's ability to repay. It naturally makes no sense to lend money to people who are unable to pay their loan back. However if members do experience difficulties in repayment Ayrshire Credit Union, as an ethical lender, will endeavour to agree a schedule that will be within the member's means, at the same time ensuring the loan is repaid.