No1 Copperpot - Debt Consolidation

Managing Debt

Where to start

As soon as you start to feel you are struggling with your finances, it’s best to start thinking about how you can improve your financial situation. You may be able to improve your circumstances by completing a budget planner and limiting any unnecessary outgoings. This will highlight areas where you may be overspending, allowing you to try to cut back on costs and save yourself money. Anything you save could then be used to help manage your debt.

We have created a digital booklet, that provides information on managing debt through Consolidation. It includes an interactive table, which allows you to input all your debts, monthly repayment amounts and the interest rates you’re being charged, so you can assess how much you owe and how much your debts cost.

Click here to view the digital booklet

If you feel you’re in a situation where you need financial assistance or you are struggling with your repayments, try talking to your creditors as they may be able to help. Some creditors may help by offering things such as lower repayments, supporting with budget planning, and payment breaks.

We have outlined some alternative options when looking at how to manage your debt and explained how these work, such as:

• Consolidating your debt
• Entering a Debt Management Plan (DMP)
• Entering an Individual Voluntary Agreement (IVA)
• Declaring bankruptcy

They all come with their own risks and it is important you are fully aware of the risks, costs, and implications of choosing any of the following. We have also provided different sources of help should you need to talk further about your personal situation.

It is worth knowing that different Police Forces deal with employee debt differently and you should learn more about your employers approach to debt before choosing routes such as entering an IVA, DMP or declaring bankruptcy. If you are a Police Officer or member of Police Staff who encounters financial difficulties, you should disclose it in accordance with your forces guidelines, as it may affect your vetting status or certain postings. The Credit Union will not make disclosures to your employer unless legally required to do so by a Police Force.