As a community co-operative Hoot is committed to offering products and services that help members manage their money and build up a history of good money management. Being a Hoot Credit Union member means you are part of a community that encourages good money management, active saving and responsible borrowing.
Sometimes just by making some simple changes you can free up enough money to start saving or to be able to afford loan repayments and manage your money better.
Keep a spending diary – write down everything you spend in a month including bills, cash spending and anything spent on your credit or debit card. Having a true picture of what you spend will help you to make changes. Download our useful budget planner.
Check your bank statements - You may be surprised at how many services or subscriptions go out of your account by direct debit every month that you don't use — or need
Check your credit score - Check your credit report to see if there are any mistakes or if you’ve been a victim of fraud.
Deal with your debts - If you are feeling worried or ashamed about speaking to someone about your debt you are not alone. 41% people admit to not feeling able to get help. There are debt management charities that will not charge you for helping you manage your debt.
Look for money saving ideas – There are lots of websites offering money saving tips and discounts. These range from ways to reduce your energy bills, save money on food purchases and ways to boost your income.
Check you are claiming all the benefits you are entitled to – You can find out what is available and try a benefits calculator at www.gov.uk/browse/benefits/entitlement.
We know that from time to time people may struggle with money because of the demands of everyday life. Loss of your job, unexpected expenses or other circumstances can sometimes overwhelm you and cause worry and stress about how you can keep up with payments. Sometimes we know that it is a short term problem and you just need a little time to get back on your feet.
Talk to us
Credit unions value their members and are here to help so we dislike taking any kind of action with regard to people who cannot pay their loan. The money you have borrowed comes from the savings pot of other members. We therefore have a responsibility to help you to pay us back. You should remember that, if you do not repay your loan, your credit rating will be affected and you will find it harder to get credit. Not only does it add more costs to your debt but can affect you for years into the future when you apply for credit, mobile phone contracts, car finance, opening some bank accounts or even passing pre-tenancy checks when you want to move house.
We may be able to help
It is important that you contact us straight away if you are struggling with your loan repayment. It is better to talk to us as soon as you can so don't be embarrassed about contacting us. We will be happy that you have contacted us to put things right
If you have tried to bring your household finances under control but are struggling to make it all add up; don’t ignore it. There are places you can go and people you can speak to help you manage your money.
Having trouble paying your Hoot loan?
Contact us straight away.
Do you need support and want someone to help you to manage your money or have so many debts you don’t know who to pay and when?
Do you feel that you can’t seem to cope with it all and are feeling stressed and ill because of it?
Make an appointment with your GP or go online to www.nhs.uk and type ‘money worries’ into the search box for advice.
Do you want to know where you can go to help you save money?