Credit unions can help you and the local community

Wandsworth Credit Union helped Local Mum Jo out of a sticky situation. Find out how and why Jo thinks they are a great benefit to the local community.  

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Local Mum Jo is married with two kids. Both Jo and her husband had great jobs with a regular decent income and good credit ratings that allowed them to borrow from main stream banks at ‘normal’ high street rates on loans, credit cards and overdrafts.

This was until her husband was made redundant and all of a sudden two incomes became one. Expenditure remained the same but there was no longer the income to support the bills coming through the door. This resulted was missed payments ad debt collectors. "It was such a depressing time and it was awful having to go through a consolidation plan but we had no choice" Jo recalls.

"All of a sudden our credit rating was at an all time low, yet there were still things the kids needed. So as the bank had turned their back on us, we were forced to go to high interest lenders like Provident, Aqua and Vanquis. The Interest rates did not seem too bad at the start but they soon jumped up and by that time you are trapped." Even when Jo’s husband returned to work, they were still unable to access credit.

Jo was introduced to the Credit Union by a member of her family. "First of all I went online to read up about it more and the website was really useful as it told me exactly what I needed to bring in to join and apply for a loan….The whole process was really easy."

"My first loan helped me at a terrible time, when my washing machine had just broken. It also help me get the kids things they needed too. It made me start to feel financially secure again and I did not have to worry about repaying the loan back, as I agreed to have my Child benefit paid direct to cover the repayments. The first month was tough, but it was amazing how easy I trained myself to forget about receiving my child benefit. Now, I don’t miss it at all and know it is taking care of the second loan I got from Wandsworth Plus Credit Union. This time it helped pay for my son’s First Holy communion, which was a lovely day. I had prepared myself to ask my Father for some help if I was unsuccessful in getting the loan but I am so glad this was not necessary as this would have made me feel out of control and I really did not want to feel that way again."

"Being  with Wandsworth Plus Credit Union makes saving easier too as you don’t have the temptation of getting your money out from a hole in the wall and then not knowing what you have spent it on. I feel my credit rating is improving but even when high street lending is available to me again, I would always use the Credit Union who helped me when I needed it most. I have told so many of my family and friends to open an account, because it is brilliant’

When we asked Jo why does she think others should join Wandsworth Plus Credit Union she said: "I think that the credit union benefits everyone, not just those that want to borrow. You can save as well. They make it all so straight forward, easy and are always so friendly. They helped me out of a sticky situation and I am sure there are others that can relate to my story that they could help too.”

If you think Wandsworth Plus Credit Union could benefit you why not give them a call?

Read Local Mums' reviews of Wandsworth Plus Credit Union

Lauren Graham
Wandsworth Plus Credit Union
Tel: 020 7472 2620 

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