General Enquiries: 020 7561 1786 or Email: info@credit-union.coop      |       CU Loan Repayment Issues Only: 020 3763 8397  or Email: loansupport@credit-union.coop

Don’t let the school holidays break the bank!

by | Jul 14, 2022 | news, Uncategorized |

Don’t let the school holidays break the bank!

This year, more than ever, parents will be wondering how on earth to keep the kids entertained during the school holidays, without having to spend a fortune. Luckily in London there are plenty of free things to do, but if you do need a little extra money, don’t forget we’re here to help.

First off, many councils have free playschemes and holiday activities for schoolchildren in their borough. Council websites, Facebook pages and Twitter feeds are the best places to look for the latest about what’s on. Many activities allow you to just turn up on the day, but some require pre-registration, so it’s worth checking in advance.

Then, of course, London has some of the finest museums in the world, so what better way to entertain – and educate – the kids than with a visit to one of the city’s free museums or galleries? Discover dinosaurs at the Natural History Museum (pictured above), step into outer space at the Science Museum or meet Egyptian mummies at the British Museum.

The capital has dozens of great parks, which give you the chance to relax while the kids play – and you can even take a picnic! Parks like St James’s and Hyde Park with their amazing lakes give kids the chance to get up close with the local wildlife. Queen Elizabeth Olympic Park, with its free trail guides, is a fascinating place to explore, and Hackney City Farm at Haggerston Park can provide kids with hours of fun getting to know all about farmyard animals.

If you’re looking for something which won’t burn a hole in your wallet, but will burn off a few calories, then there’s nothing better than a leisurely walk on a nice summer’s day. Whether it’s a stroll along the Thames, a nature walk in Highgate Wood or you just fancy exploring the landmarks of London, a walk can offer something for everyone.

If you like music and know where to look, you can take advantage of free festivals and performances. Notting Hill Carnival is probably one of the world’s most famous street festivals and is great fun for all the family, and at the South Bank Centre, free music events take place throughout the year.

Kerry Hallett, volunteer director at the Credit Union, said: “There are dozens of free things to do across the city during the school holidays, if you know where to look, but keeping the kids entertained at holiday time isn’t always easy or cheap. Just getting from A to B can soon add up, and feeding the kids gets more expensive by the week.

“So, we would encourage anyone who is struggling financially to get in touch. We offer free, impartial money advice for our members, as well as low interest loans if needed and help with saving for the future. Whatever you do, don’t rack up expensive credit card bills or turn to loan sharks and high-cost lenders – talk to us instead.”

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How We Decide to Whether to Offer a Loan – The Basics

The Credit Union’s primary objective is to help members avoid or escape from debt by promoting a culture of saving. When we offer loans, we only do so if the borrower agrees to save a little while they repay. The establishment of a savings habit is proven to reduce the harms and risks of long-term borrowing becoming problem debt. Basically, when we get a loan application our decision is based on the following two principles:

1. Do we trust the applicant to repay the loan?

2. Can the applicant afford the loan repayment

This guide is designed to help members understand our thinking so you can best prepare if you should need to apply or re-apply for a loan.

1. Key Points in Our Assessing Trust of the Applicant

a) Has the applicant started saving? The money we lend is members savings so, especially at busy times, we have to give priority to loan applications from members who have made at least one savings payment. That first payment is good evidence that you are a real person and helps us confirm identity.

b) Proper Proof of ID & Address? What forms of proof of identity and address has the member provided? If you are able to connect your bank account through ‘open banking as art of the loan application process it a good way of proving ID. First time loans may be required to use online Open Banking.

c) Previous Borrowing History. Has the applicant borrowed and repaid us previously? Previous good repayment record supports any application.

d) Did the applicant inform us of other money owed? Failure to list all debts in the application process is likely to result in the loan application not being approved. It suggests that the applicant is either not in control of their money or not being completely honest with us and in either case we cannot put our members savings at risk by lending. Credit Reference Agency checks are used to show us what money is owed and to whom.

e) Is the member sensible with money? When we review the bank transactions of the loan applicant, we often see patterns of expenditure that suggest the applicant is not taking a sensible approach to expenditure. Changes in the way they manage their finances would suggest that the loan would not really be necessary. We want to help people be in control their finances and do not want to lend members savings to people who are not deemed sensible with the way they spend. This may be things like gambling, excessive shopping and/or eating out/takeaway food deliveries.

f) Always be ‘up front’ in your application. Honesty pays. We do not judge.

2. Key Points in Our Assessing Affordability for the Applicant

a) Is this loan in the member’s best interest? The value of the loan application in comparison with your income is a key measure of affordability. The loan interest members pay on loans pays our staff salaries, but we are not out to profit from you, rather we want members to borrow less over time and take control of their finances.

b) Positive Bank Balance at Month End? Is there money left in the members bank account at the end of the month that would be sufficient to cover the loan repayment if approved? If not, the member must explain how the loan would become affordable, for instance, by reducing expenditure in other areas.

c) Is the applicant struggling with existing debts? When we review the bank transactions of the applicant we can see income and expenditure. If the loan applicant tells us how the loan will clear other debts and reduce their expenditure this will help us understand affordability.

d) Is the purpose of the loan considered sensible? If the applicant is not paying essential bills such as mortgage or rent then a loan for a car or holiday is likely to be unwise and unaffordable.

e) Has the applicant fully explained why they need to borrow? Always feel free to email or call us explaining the circumstances that mean you need to borrow. The reasons for needing to borrow are complex, but being honest and explaining the circumstances can often help the ordinary humans on the Loans Team at the Credit Union to be able to assess trust and affordability. You briefly explaining your thinking about affordability gives us confidence that you are thinking sensibly about money, and sometimes allows us to suggest alternatives that may well be in your best interest.

f) Is the loan to clear other more expensive debts? Credit Reference Agency checks are used to show us what money is owed and to whom. If your loan application is to pay off other debts, stop and list every one of those debtors.Work out the cost of each. Consider clearing one or two at a time if its your first Credit Union loan. Pick them off one or two at a time, the most expensive first.

g) Has the applicant stopped to think about affordability? The ‘Your Money’ section of our website provides access to a budget planner which, if used and shared, gives us good evidence of affordability. Particularly helpful for loan applicants in financial stress. We hope this gives you an idea of how we decide yes or no to loan applications. The decision is by one or more other credit union members on our Loans Panel. We hope this helps you understand our thinking so you can best prepare if you should need to apply or re-apply for a loan.