The Transport Credit Union
Managing your money doesn't have to be a risky business…It's often difficult to choose among the messages bombarding consumers from debt management companies and their misleading offers. The Transport Credit Union have staff that can assist you with budgetary guidance and can work together with members to create a successful program to help you manage.
Loan consolidations can go seriously wrong, some of the sleek
advertisements on day time television would have you think it comes without risk:
"We owed money to credit cards and store cards but now thanks to ????? we have one easy to manage loan" Sounds too good to be true ???
- Loan on offer could be converting your unsecured credit card and store cards to a single loan secured on your property, that's why many advertise "are you a home owner" this would put you in danger of losing your home should you miss a payment on your new loan.
- Secured loans should be cheaper as less risk exists to the lender, you could be risking your home.
- Extending your payment period does not reduce your debt, it could reduce your monthly payments and could cost you more money in the longer term.
- Set up fees could be added to your loan and so increasing the amount you borrow and interest paid.
- New loan could be a variable loan and so you could find budgeting more difficult in the future.
- No up front fees could be advertised however fees may be applied should you change the term of your new loan.
- Early settlement fees may be applied.
- A fee can be charged by lending companies to register interest in your property, this figure can be around £150.
- Some companies charge early release fees, this is to remove the charge they have registered on your property and excludes the above mentioned early settlement fees, further £150.
- Moving house fees, Transfer fees, partial over payment fee and payment date change fees are just some of the additional cost you could be faced with.
As a member of the Transport Credit Union you have access to free budgetary guidance, your
Credit Union has employees who are trained to deal with money management and can help in times of need, they have worked in confidence with many members helping them regain control.
The better way to save
A cheaper way to borrow
Our Member Service Team can take your personal call
Mon - Thurs 8.45am - 16.00pm
Friday 8.45am - 15.00pm
10 Lines waiting for your call.
Licensed by : FCA for Money Counselling.
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