Consolidate your existing borrowing into one loan
Our Consolidation Loan could help you combine eligible existing borrowing into one loan with one monthly repayment.
✓ One monthly repayment
✓ One interest rate
✓ Payroll deduction available in most police forces
Consolidating borrowing may make your repayments easier to manage, but it could increase the total amount you repay or extend the time it takes to repay your borrowing. Consider the total cost and term before applying. If you’re unsure, seek independent financial advice.
Eligibility
To apply for a Consolidation Loan, you must:
✓ Be aged 18 or over and live in the UK or Isle of Man
✓ Be in paid employment or receive a regular income
✓ Be a serving or retired Police Officer, Police Staff member, PCSO, Special Constable, or an eligible immediate family member living at the same address
✓  Be a No1 CopperPot member (if you’re not already a member, you can apply for membership as part of your loan application)
Interest Rates for the Consolidation Loan
Our Consolidation Loan offers clear, fixed rates with no application or arrangement fees.
| Amount borrowed | APR |
| £0 – £4,999 | 12.89% APR |
| £5,000 – £25,000 | 10.9% APR |
Use the calculator below to check your rate, monthly repayments and total borrowing costs before you apply.
Loans are subject to affordability and our lending criteria. Missed repayments can have a negative impact on your credit file.
Key Product Information
| Interest charging information | Interest is fixed for the life of the loan. It accrues daily and is charged monthly. |
| Repayment information | You can repay your loan by payroll deduction or Direct Debit. |
| Repayment period | The maximum loan term is 96 months and must be repaid by your 70th birthday. |
| Amount of loan available | You can borrow up to a maximum of £25,000 using the Consolidation Loan. If you already have borrowing with No1 CopperPot, the total amount you can borrow across all our unsecured loan products is £35,000. |
| Application/ Arrangement Fee | None. |
| Missed Payment Fees | None. However, charges may apply if debt management or recovery action is required. |
| Early settlement | You can repay the loan, in full or in part, at any time without charge. |
Key documents:
Understanding debt consolidation
Debt consolidation combines existing borrowing, such as credit cards, loans and finance agreements, into a single loan.
This may help you:
- Manage one monthly repayment instead of several
- Have a single interest rate
- Simplify your budgeting
- Potentially reduce your monthly repayments, depending on your circumstances
However, debt consolidation isn’t suitable for everyone and there are risks to consider:
- Applying for credit will usually be recorded on your credit file and may affect your credit score.
- If you continue to use the credit products you have consolidated, you could build up additional borrowing.
- A longer repayment term may reduce your monthly repayments but could increase the total amount you repay.
We don’t provide financial advice, so we can’t tell you whether debt consolidation is right for you. If you’re unsure, you may wish to seek independent financial advice. Your application will be assessed against our lending criteria, including whether the borrowing is affordable for you.
You’re covered with Life ProtectionÂ
Life Protection is included with all our loans and covers you up until your 70th birthday. This does not cost you anything, it is simply another benefit of borrowing from the Credit Union and has been created purely to help our members.
Loans are protected up to a maximum of £40,000 per member. This means your loan could be cleared, ensuring your debt does not remain outstanding, subject to our terms and conditions.
All benefits are paid at the discretion of our Board of Directors. Life Protection is not an insurance policy and is not guaranteed. For more information please click here.
Additional borrowing
If you have an existing loan with us and want to borrow extra, there are two options available. Click here to see more information.
Need help?
If you are experiencing financial difficulty, or are struggling to repay your loan with us, please contact us as soon as possible and a member of our team will be able to assist you. You can also visit the Money Helper website for help: www.moneyhelper.org.uk/en
Cheadle Royal Business Park,
Cheshire, SK8 3GX
