Colour Switcher:

Font Resizer:

Credit Unions - budgeting, savings and loans

Credit Unions can now help you to organise your money. 

Those tenants who are affected by the under occupation charge, or will be transferred over to Universal Credit, may find it hard to organise their finances and to pay the bills.

This will be more difficult when Universal Credit comes. Benefits will be paid monthly in one lump sum. It will be up to you to make sure your bills are paid and that you have money to pay for living expenses. Tenants who have been involved in the pilot schemes for Universal Credit have struggled to do this; rent and Council Tax arrears have increased and some tenants have not had money at the end of the month to buy food and other essentials.

NCHA have been working with Nottingham Credit Union to develop new ways to help you manage your money.

Credit Unions in your area

Credit Unions are local financial service providers operating under the same rules as any other high street bank. NCHA has a partnership with Nottingham Credit Union which allows all of NCHA’s tenants to be able to join Nottingham Credit Union no matter where they live.

Credit Unions are co-operatives controlled by their members. They offer savings accounts and loans with interest rates which often match those of high street banks and are far less than those charged by high street lender, pay day loans companies and doorstep lenders.

NCHA wants to encourage our tenants to save and will pay the joining fee for any tenant who joins Nottingham Credit Union. If you are a saver with Nottingham Credit Union, the process of getting a loan will be faster and more straight forward. We encourage our tenants not to take out loans with the lenders mentioned above and to go to Nottingham Credit Union or a local Credit Union if you cannot get a loan from a high street bank or supermarket.

NCHA’s working aged tenants who are in receipt of benefits will eventually be transferred onto Universal Credit. Universal Credit is currently paid 6 weeks in arrears and from then monthly in arrears. Tenants who are already claiming Universal Credit have really struggled to manage in the 6 weeks before they get their first payment and often manage to budget when payments are made every month as they are used to getting payments weekly, fortnightly or 4 weekly.

Advanced payments of Universal Credit are available if you ask the DWP. If you do need a loan from Nottingham Credit Union please visit their website to compare their interest rates with any other lenders which are available to you.

Savings accounts and loans are available depending on your financial circumstances from Nottingham Credit Union.

Lender  Cost of washing machine  Cost including interest 
Credit Union  £299.99  £338.01 
Brighthouse £491.98  £1,000.00