8 November 2021
No1 CopperPot has seen an increase in the number of its members approaching the credit union for help with debt consolidation.
It has already helped thousands of members to consolidate their debt, ranging from payday loans to credit cards, store cards and overdrafts.
A spokesperson for No1 CopperPot said: “The main aims of debt consolidation are to bring your debts together into one place, making it easier to manage, to put yourself in a better financial position by potentially getting a lower interest rate and to try to create more disposable income each month.”
With this example, No1 CopperPot was able to save the member £163 per month in repayments, in addition to them having an end date on their debt repayment in four years. After consolidating, the member was no longer repaying the minimum payment on any of their debts. Paying the minimum payment previously had mostly just covered the interest payments. The member is now managing their debt in a smarter, more affordable way.
No1 CopperPot offers a consolidation loan to members whereby they can apply to borrow up to £25,000 and the maximum repayment term is 90 months.
The credit union suggests using its loan calculator to work out the cost of repayments for a consolidation loan as you can then assess if this would put you in a better financial position. No1 CopperPot do not charge representative rates and the APRs are clear and transparent on all loan products and won’t change based on your credit score.
If you’re thinking about consolidating, it may help to have settlement figures to hand from your current creditors as this will help you to work out your total current debt. You can then compare the cost, APR and terms of your existing debts, to work out if consolidation is right for you. You can use this debt calculator to help you work out the current cost of your debts.
As with No1 CopperPot’s other loan products, if you would like to make overpayments you are encouraged to do so and will not incur any extra charges or penalties. Repaying your loan quicker will also save you money in interest, as this is accrued daily.
If you have any questions please get in touch with No1 CopperPot via webchat, call 0161 741 3160 or email email@example.com. You can also follow No1 CopperPot on Facebook and Twitter for regular updates such as competitions, financial tips, informative blog posts and much more.
All loans are subject to affordability and No1 CopperPot’s lending criteria.