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Manage Your Debt
Too Much Debt = STRESS!!

 

CONGRATULATIONS!! If you are here it means that you are taking the first step to managing your debt and bringing some order back to your finances.

Hire Purchase Bills; Multiple Credit Cards;  Over-reliance on Cards; death of a family member divorce,  illness or job loss may cause anyone to rack up considerable debt.

If you’re feeling overwhelmed and STRESSED, you can take control of your finances and get on the path to debt-free living.

We can help make payments more manageable by consolidating your debt into one lower-rate loan. It’s easier to budget for just one monthly payment. And with a lower interest rate, you will pay off the loan faster.

 

FIX THE RATE

Consider consolidating with a personal loan or a home equity loan or line of credit if your credit card debt has gowned or you have loans from a number of sources. Personal loans have fixed rates. That means you don’t feel as if the debt never decreases. This adds to the stress.

If you own a home, consider a home equity loan or line of credit.

Before taking out any loan, consider your ability to meet the payments. If you default, you could put your home at risk.

NEXT STEPS ?

 

To determine if loan consolidation makes sense for you, be honest about your debt and expenses.

 

  1. Calculate your total debt and how much you pay each month. 
  2. Figure how long it will take to pay off the debt under the current terms.
  3. Compare this to the payment and term length of the consolidation loan.
  4. Consider how this new payment will affect your budget and keep more money in your savings account for emergencies.

Be ready to make some much needed adjustments to your spending. Consider where you are today financially, and where you’d like to be by the end of a year.

  

MAKE AN APPOINTMENT 

Call 436-5600  or email info@bwuccu.com  

 

Once your application is approved, you will be invited to attend two free debt management sessions.

Our team will advise you on what is possible after a careful review of your debts, an affordable solution that puts you back in control of your finances and takes some of the stress away.

 What Do You Need to Bring?


To Apply for a Debt Consolidation Finance Loan you will need to bring in the following.

  •  Letters/Statements from Creditors
  • Bank Statement  (employed Persons)
  • Proof of address
  • One form of Identification
  • Job Letter (employed Persons)
  • Last two (2) months, three (3) Bi-monthly or last four (4) weeks’ pay slips (employed Persons)
  • Proof of income and statement of affairs (Self-employed persons)
  • Two (2) years Financial Statements (Self-employed persons)
  • Projections for two (2) years (Self-employed persons)
  • Proof Income Tax Declaration

 

The BWU Co-Operative Credit Union may request additional information as required before approval of the loan.

 

CHEQUES WILL BE WRITTEN TO THE CREDITORS

 




 
Barbados Workers' Co-operative Credit Union Ltd
BWU Co-operative Credit Union Limited
Cnr. Fairchild & Nelson Streets, Bridgetown, St. Michael
Northern Business Centre, Queen Street, Speightstown, St. Peter,
Southern Plaza, Oistins Christ Church, Barbados

Tel: (246) 436-5600
Fax (246) 430-9229/419-3133


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