Debt Consolidation Loans
Debt Consolidation Loans
About our Debt Consolidation Loans
We realise how difficult it can be trying to manage mounting debts such as credit cards, overdrafts and loans. That’s why we would like to make your life easier with our Debt Consolidation loan. Our aim at Wave Community Bank is to help you reduce your monthly repayments and the overall interest you will repay, so you can clear your debts quicker.
If you have any of the following kinds of credit, a debt consolidation loan with us should help you save on interest repayments:
- High interest loans – i.e. Peachy, Lending Stream, Loan Pig
- Credit cards – i.e. Vanquis, Ocean Finance
- Bank overdrafts
Representative example: Borrowing £00.00 over Months will cost £00.00/month. Total amount repayable is £00.00 which includes interest at 42.6% APR. The figures given above are for illustrative purposes only and may not be the APR you receive. The actual interest rates and repayment amounts may vary subject to loan amount and status.
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£00.00
Representative example: Borrowing £00.00 over Months will cost £00.00/month. Total amount repayable is £00.00 which includes interest at 42.6% APR. The figures given above are for illustrative purposes only and may not be the APR you receive. The actual interest rates and repayment amounts may vary subject to loan amount and status.
Debt Consolidation Loan FAQs
Turning Borrowers into Savers at Wave Community Bank
Loan Terms & Conditions
The advertised rate is available for loans over £7,000. Please visit our loans calculator for our representative interest rate bands. The actual interest rates and repayment amounts may vary subject to loan amount and status.
Maximum loan term: 84 months. Maximum loan amount: £35,000.
We may require a guarantor and/or an AN1 on a property as security for your loan. If an AN1 is required, the interest rate will increase by 1% on the annual rate.
For a debt consolidation loan, we require a list of your creditors and the balances owed to them. If your loan is approved, we will pay the creditors directly. We will not issue the loan to the member.
Your savings will be held as security for your loan.
We will need proof of your income including any wages, self-employment income and benefits. Each loan application is assessed on an individual basis and takes into consideration a variety of factors including the affordability of the loan, previous savings and borrowing patterns with the Community Bank, credit history and so on. We will carry out a credit check as part of the loan application process.
PLEASE NOTE: Your credit score will be adversely affected if you are late or fail to keep up with payments on a loan.
If you are over 70, read our policy for lending to over 70s here.
“I would just like to say thank you for the service given to me. At the time no other bank would help me. I am now debt free and able to continue to save the money I was paying to my loan”-Member
Loan Repayments
You will be asked to make repayments by direct debit or through a payroll scheme. Repayments can be made in line with how you receive your income – weekly or monthly.
All our loans have a savings element to the repayments and these savings are held as collateral against outstanding loan balances. If you miss a repayment Wave Community Bank reserves the right to deduct the repayment from your savings.
If your circumstances change and you have problems meeting your repayments, please contact our credit control department. Failure to meet repayments could have a serious effect on your credit report.
All loans provided by Wave Community Bank are subject to status and our lending policy. Applicants must be aged over 18.
Wave Community Bank reserves the right to decline any application or offer a loan that differs from those advertised.
Representative example
Borrowing £10,000 over 60 months will cost £253/month. Total amount repayable is £15,233 with includes interest at 19.56% APR. The figures given above are for illustrative purposes only and may not be the APR you receive. The actual interest rates and repayment amounts may vary subject to loan amount and status..
"Thank you very much! Massive weight off my mind with it all being consolidated"
-Member
Opening Hours
Our phones are open Monday to Friday between 9.30am-1.00pm and we continue to monitor our emails between 9.30am to 4.00pm.
Contact Us
Phone: 0300 303 3188
Email: info@wavecb.org.uk
Face-to-face appointments at Hove Town Hall by arrangement only.
Addresses:
East Sussex, Brighton & Hove:
Tisbury Road Offices, Hove Town Hall, Tisbury Road, Hove, BN3 3BQ
Kent, Medway and Bexley:
39-48 Marsham Street, Maidstone, Kent, ME14 1HH
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Wave Community Bank serves members in East Sussex, Brighton & Hove, Kent, Medway and the London Borough of Bexley, plus members of Unite in the South East Region. Withdrawals over £5000 will take 5 working days to process
Wave Community Bank is a trading name of East Sussex Credit Union Ltd.Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. FCA Firm no 213910
