Struggling to Repay Your Loan?

If you find yourself struggling to repay your loan with Oldham Credit Union, help is available. We understand that circumstances can change, and we’re committed to supporting our members through difficult times. Here are steps you can take if you’re having trouble keeping up with your loan repayments.

1. Contact Us Immediately
The first and most crucial step is to get in touch with us as soon as you realise you might have trouble making a payment. Ignoring the problem won’t make it go away and can lead to more serious financial difficulties. You can reach us by-

phone: 0161 678 7245

email: enquiry@oldhamcreditunion.co.uk

or the OCU secure messaging app-
https://www.oldhamcreditunion.co.uk/app/

2. Review Your Budget
Take a close look at your income and expenditures to understand your financial situation better. Identify areas where you might be able to cut back on spending. This can free up some money to help with your loan repayments. There are many budgeting tools and resources available that can assist you in managing your finances more effectively.

3. Discuss Repayment Options
When you contact us, we can discuss various repayment options that may be available to you. Depending on your circumstances, these could include-

•extended loan terms

•reduced payments.

Our goal is to work with you to find a manageable solution that fits your current circumstances.

4. Seek Professional Advice
If your financial difficulties are complex, you might benefit from speaking with a financial advisor or debt counsellor. There are several organisations in the UK that offer free, impartial advice, such as Citizens Advice and StepChange Debt Charity. They can provide guidance on managing your debts and improving your overall financial health.

https://www.citizensadvice.org.uk/

https://www.stepchange.org/

5. Explore Financial Assistance Programs
Depending on your situation, you might be eligible for financial assistance programs. These could include benefits, grants, or other support aimed at helping individuals in financial hardship. Your local council or a financial advisor can provide information on available programs.

Oldham Council-We Can Help

By taking early action and seeking help, you can navigate this challenging time and work towards regaining financial stability. Contact us today to discuss your options.