As you are aware, Homestyle are affordable lenders, our aim is to help our members remain debt free or get out of any debts they may already have. Sometimes this is hard, we understand that it is tempting to go to well known high street lenders but did you know there are alternatives?
Remember INTEREST rates and APR can be very high with high street lenders (and those on line). Its often the interest rates that make paying off the debt incredibly hard.
At Homestyle we are more than aware of how it feels to hide behind the sofa when the debt man comes to collect. We do not want that for any of our members. Its the reason behind what we do and why we do it. It is why we will never charge interest or anything other than 0% APR. We’ve been there, we know the fears and worries and we want to do our bit to make sure no one feels that way with us.
Homestyle can help members purchase items such as TVs, washing machines and the likes but terms and conditions apply. Please speak to us before getting into further debt with another high street lender, we will try to help you, affordability rules allowing, and if we cant we will try point you in the right direction if you need advice.
If you find yourself struggling to make ends meet getting a loan and borrowing when you can’t afford to pay it back often becomes the reality. So before you do this why don’t you take the freely available guidance from Martin Lewis the Money Saving Expert – his money mantra is…
Skint? then ask “Do i need it? Can i afford it?” if you answer NO then don’t buy it. If you are not skint then ask “WILL i use it? Is it worth it?” – if you answer NO then again don’t buy it.
A top tip is to sign up to his emails because he gives advice on the best loans, credit cards around as well as freebies, deals and special offers. Here is a link to his website https://www.moneysavingexpert.com/
Its not always products we need sometimes its cold hard cash. Loans are a minefield and that’s if you pass their credit checks. If you ever find yourself in the situation where you need cash it could be worth seeking out a Credit Union instead. Credit unions let people in a local community save and borrow money, almost everyone has access to one. To find your nearest credit union to your home http://www.findyourcreditunion.co.uk/home
Credit unions are owned and controlled by their members, so they have no outside shareholders to pay. They are run by volunteers elected by the membership. Any profit that a credit union makes is used to develop the credit union and provide a return to savers.
Although Homestyle do not recommend taking out a loan, loans from credit unions are generally cheaper than loans from most other providers for smaller amounts and do not incur set-up fees, administration costs or early-redemption fees and they offer competitive rates of interest on personal loans.
Interest is charged on the reducing balance of the loan. This is important if you want to repay your loan weekly rather than monthly, as you’ll pay less interest overall.
Here are some other useful links you may find helpful if you feel your finances are becoming difficult to control, you can always give our office a call if you ever need help and advice and we will happily talk you through paying off your account.
Citizens Advice www.citizensadvice.org.uk
Debt Line www.nationaldebtline.org
Financial Ombudsmun www.financial-ombudsman.org.uk
FCA Financial Conduct Authority www.fca.org.uk
Step Change www.stepchange.org
Remember, If you look after the pennies, the pounds will look after themselves!!