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Thursday, 25 July 2019

Financial resilience - a reminder of sources of support

Financial resilience: there are various support measures that are currently in place for Service Personnel. 
Summarised as follows: 
Money Force provides education and help to Service Personnel struggling with financial debt.

Credit Unions:
* Access to ‘payroll deduction’ system, enabling personnel to save with, and pay off loans from, specific credit unions. Payments are direct from salary or pension at source.
* Details in MOD internal document 2016DIN08-005 (Plane Saver Credit Union, London Mutual Credit Union, Police Credit Union).

* Pay Day loans.
* London Mutual (not for profit) offer a maximum of 3 months and up to £400 at an APR of 42.6% (=£24.35 in interest)

* PlaneSaver offer Pay Day loans of £1000 over 12 months at an APR of 26.8%.
* Compare to other lenders such as Quick Quid, who offer an APR of 1,294%.
* The Credit Union also offers longer term loans at a lower APR for larger amounts - i.e £15k at 5.9% APR – repayment direct from salary. 
SIIAP is an organisation which regulates Independent Financial Advisors, specialising in providing services to members of HM Forces – all of which are FCA approved.

Please contact your local HIVE if you require further information