Reliable consumer credit counselling                                                            

Managing your money doesn't have to be a risky business…It's often difficult to choose among the messages bombarding consumers from debt management companies and their misleading offers. The Transport Credit Union have staff that are licensed consumer credit counselling advisers and can work together with members to create a successful program to help you manage your debt. This work is supported by the Scottish Parliament.

Consolidation Loans

• Loan on offer could be converting your unsecured credit card and store cards to a single loan secured on your property, that's why many advertise "are you a home owner" this would put you in danger of losing your home should you miss a payment on your new loan.
  
• Secured loans should be cheaper as less risk exists to the lender, you could be risking your home.
  
• Extending your payment period does not reduce your debt, it could reduce your monthly payments and could cost you more money in the longer term.
  
• Set up fees could be added to your loan and so increasing the amount you borrow and interest paid.
  
• New loan could be a variable loan and so you could find budgeting more difficult in the future.
  
• No up front fees could be advertised however fees may be applied should you change the term of your new loan.
• Early settlement fees may be applied.
  
• A fee can be charged by lending companies to register interest in your property, this figure can be around £150.
  
• Some companies charge early release fees, this is to remove the charge they have registered on your property and excludes the above mentioned early settlement fees, further £150.
  
• Moving house fees, Transfer fees, partial over payment fee and payment date change fees are just some of the additional cost you could be faced with.