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Thursday, 25 August 2016

Planesaver Credit Union

How we helped a fellow serviceman save £254 on monthly loan repayments.

Military personnel sometimes have limited access to financial services and particularly affordable credit, leaving them a potential target for high cost credit providers such as payday lenders and loan sharks.

We were recently approached by a serviceman who found himself in a spiral of debt, with a series of high interest Credit Card and Payday loans, with monthly repayments over £555 at an average interest rate of 244% APR.

We were able to lend to the individual responsibly, consolidating his existing debt into one manageable repayment straight from his pay.

We paid off all his existing borrowing, leaving the member with a new monthly repayment of £301 at a more favourable interest rate, meaning he could get back on track with his finances.

The serviceman said "Plane Saver guided me into making better financial decisions, this has made me more aware of how expensive some loans can be. Seeking help from the credit union helped me nearly halve my outgoings on debt. Thank you Plane Saver".

Why can we help, where other financial providers may not be able to?

Plane Saver was launched as part of the credit union service for the Ministry of Defence, allowing Service personnel to save and borrow with repayments straight from their pay.

The payroll deduction facility for serviceman means the risk of lending significantly reduces and we may be able to help where others may not.

Plane Saver is a not-for-profit financial cooperative, owned and run by our members. We will do our utmost to help solve the problems faced by our members.

We saved this member £254 per month. Could we save your colleagues money? 

Find out how by contacting 0208 607 5020 or visiting: www.planesavercu.co.uk/MOD