Police Mutual and No1 CopperPot are working together in order to pursue our joint mission of helping the Police Family financially.


Why do people consider consolidating their debts into one new loan?

All loans are subject to affordability and our lending criteria.


✓ All applicants must be aged 18 or over and a UK resident.
✓ Only members of the Credit Union can obtain a loan (you can apply for membership with your loan application if necessary).

Interest Rates for the Affiliate Consolidation Loan 

Amount borrowed APR
Under £5,000 12.89% APR
£5,000 – £25,000 9.9% APR


Key Product Information 

Loan terms and conditions can be found here and should be read prior to application.

Interest charging information Interest rate is fixed for the life of the loan. Interest accrues daily and is charged on a monthly basis.
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 Affiliate Consolidation Loan.

You can borrow up to a maximum of £35,000 across all unsecured lending with us, however this does not include the Commutation Loan.

Application/Arrangement Fee No application or arrangement fees apply.
Default Fees None.
Early settlement You can repay the loan at any time fully or partially without charge.
Other information Please be aware if you consolidate your existing Credit Union loan you may be paying a higher interest rate, which may cost you more over the term of the loan.

This loan is not a regulated consumer credit product. This does not affect your Financial Ombudsman rights.

Understanding how Debt Consolidation works

Debt consolidation is the process of combining your existing debts into a single loan. This can be done by applying for a new loan and using the funds to repay and close other financial accounts (e.g. credit cards, credit agreements, loans etc) if you choose to. The process of consolidating debt means that you are charged one interest rate, have one repayment each month and hopefully have more disposable income.

Are there any risks? 

  • If you apply for any credit product this will show on your credit file as an application.
  • This could affect your credit score, as it would if you applied for credit for any other purpose.
  • Your overall debt levels could increase if you take a consolidation loan and continue to use your credit products. 

Consolidating your debt could reduce your monthly outgoings, leaving you with more disposable cash each month. Care should be taken when consolidating debt. It may increase your total amount payable, or the period, over which it is to be paid. If you are unsure of what to do, please seek independent financial advice.

Is consolidating my debt right for me?

As we don’t offer financial advice, we are unable to advise you if debt consolidation is the right thing for you. However, we can explain the process and how it may or may not benefit you. If you feel you could benefit from financial advice, you may wish to speak to an independent financial adviser. Debt consolidation could help members who are juggling numerous repayments and would find it easier to manage a single repayment. Another benefit is that by consolidating debt, it could reduce the rate of interest you are currently being charged.

Here at No1 CopperPot, we pride ourselves on offering clear products. With our loans, everyone gets charged the advertised interest rate regardless of credit score, so you’ll be able to find out exactly what your repayments would be if accepted. You can do this by using our loan calculator before you apply. This can help to assist you when trying to work out if it would be a cheaper alternative.

Loan Calculator

Consolidation Loan Calculator

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Please note: You must select an amount and term which you want to apply for to proceed with your loan application.