Friday, 6 November 2015

Joining Forces - Savings & Loans for the Armed Forces


Joining forces – Savings and loan repayments taken straight from pay. The MoD has made possible for three of the UK’s leading credit unions to join forces and make simple saving accounts and loans available to the armed forces and their families.

Forces families whose credit ratings are damaged by the demands of the job are to be offered cheap loans and good savings accounts. A new government –backed credit union service will help Army, Navy and RAF personnel struggling to build a credit rating. 

Overseas postings and call-ups at short notice often make it impossible to show evidence of regular payment – deterring lenders from offering cheap deals. Now a trio of credit unions will allow personnel and their families to repay loans from them through their pay packets and offer the chance to save regularly.