Debt Consolidation Loan
Our Debt Consolidation Loan is specially designed for those looking to clear their feet and get back on track with their finances. You can submit a Debt Consolidation Request if you are a current and active SPCU member and have outstanding debt outwith the credit union.
The maximum value that can be borrowed through this product is £25,000. You can apply to top up an existing Debt Consolidation Loan if it is for other consolidation purposes only.
If you are interested in applying for our Debt Consolidation Loan please complete the below form, providing as much detail as possible. Our team will be in touch to review this information with you to ensure all details are accurate at the time of submitting your application request.
If you require any help during this process, please do not hesitate to contact the office on 0141 771 1314 or through your online account on our website or mobile app.
For more information on our Debt Consolidation Loan please click here.
What happens next?
Once your form has been submitted, a member of our team will contact you within 1-2 working days to discuss your request and will advise if you are eligible to apply for a Debt Consolidation Request.
If you are eligible, we will request your three most recent pay slips and bank statements for any account held. You will also need to supply statements and settlement figures for any creditors being cleared.
Why do we ask you to complete a 'Debt Consolidation Request' before we provide the full loan application paperwork?
We understand that when you’re looking into debt consolidation, you’re often hoping to streamline your finances, potentially lower your monthly payments, and gain more control over your debt. Our goal is to help you achieve that in the most efficient and least stressful way possible.
The reason we have this initial ‘request’ stage is actually to benefit you directly and save you time and potential disappointment.
The Debt Consolidation Request allows us to quickly assess your situation based on key information, such as your current debts and your financial position.
We never want to set false expectations for our members. If, after reviewing your request, we identify that a Debt Consolidation Loan might not be the most suitable option for you right now, or if approval is unlikely, we can let you know upfront.
This prevents you from investing time and energy into an application only to face a potential decline later on.
What happens once a loan has been approved?
Once a Debt Consolidation Request has been approved, our team will contact you and provide clear paperwork for your loan. After your paperwork has been reviewed, signed and returned to us, we will organise for approved funds to be paid.
We will transfer any approved funds directly to creditors being cleared.
What happens if we cannot lend to you?
If we are unable to assist you with a loan, we will notify you by telephone in the first instance, followed by email.
While lending may not be an option at the time, we will make sure to signpost you to free, impartial and confidential services that may be able to help you with whatever the circumstance may be.
Financial Resources
Citizens Advice Scotland (Citizens Advice Bureau) provides free, impartial advice on a wide range of issues. They assist individuals with everything from debt and housing problems to employment and benefit enquiries.
We have partnered with CAB Motherwell & Wishaw and the Scottish Police Federation to bring the police family in Scotland a dedicated advice service. The Specialist Money Advice Service was created to help get you back on track and ensure you are receiving the support that you need. For more information on this service please head to our Support and Wellbeing page.
Money Advice Scotland is a Scottish charity offering free financial advice and support. They offer help to those in Scotland to achieve financial stability and improve their well-being. Their website provides resources, online tools, and helps you find local advisors.
National Debtline Scotland provides free, confidential debt advice to individuals and families in Scotland. Their advisors offer tailored solutions to help clients manage their finances, reduce debt, and achieve financial stability. They provide a range of services, including online advice, webchat, and telephone counseling.
StepChange Debt Charity offer free services including impartial advice online and by phone to tackle your money worries. They will work with you to understand your situation and create a personalised plan to manage your debts and get back on track financially.
GamCare is a UK charity that provides free, confidential support and advice to anyone affected by gambling harms. They offer a range of services, including a National Gambling Helpline, online resources, and face-to-face counselling.
MoneyHelper is a free, impartial website providing guidance on money and pensions for people in the UK. It offers information and tools on a range of topics, including budgeting and saving, debt, pensions, and other financial topics.
The Financial Conduct Authority (FCA) is the UK’s financial services regulator. The FCA’s consumer section provides information and resources to help consumers make informed decisions about financial products and services. This includes information on how to complain if things go wrong, how to avoid scams, and how to choose the right financial product.
Scottish Police Credit Union Limited (SPCU) is an independent Financial Services organisation owned by its members. SPCU is not owned, affiliated or associated with any Police Force, external agency or their partners and takes no responsibility for the use, availability or contents of any third party linked website.
SPCU will not be liable for any direct or indirect inconvenience, loss or damage arising from, or incurred by, an individual, conducting any business, free of charge or paid, from third parties listed on its website and you understand accessing such listed sites and their use is entirely at your own risk.
SPCU does not receive any paid commission from third parties for recommendations or other business.