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Dealing with debt

The Lincolnshire Credit Union is the perfect way to pay off Christmas debts or start saving for next time

Worried about paying all the Christmas bills? Keen to start saving early for next year?

Credit union advisor

HELPING HAND: The Lincolnshire Credit Union offers affordable loans and safe savings accounts.

Whether you want an affordable loan or a safe savings account, the Lincolnshire Credit Union can help you take control of your money.

Since its launch, it has lent over £1m, supporting local people to avoid expensive payday loans and unscrupulous loan sharks.

The not-for-profit community business also holds more than £1.2m in savings put aside by residents for a rainy day.

Anyone living, working or studying in Lincolnshire can join the credit union, as well as employees or tenants of various housing associations.

Chief executive officer John Eames explains: “Christmas is a really expensive time for many of us, and it can push some people into debt.

“If that sounds like you, please don’t just ignore the problem, or borrow from loan sharks.

“They’re always looking for their next victims in the New Year, and it almost always ends in far more debt.”

John urges residents to contact the Lincolnshire Credit Union, one of nearly 400 across the UK providing responsible savings and loans.

“Whatever your financial situation or credit history, we can usually help with affordable loans of up to £7,500, with no admin charges or set-up fees, as long as you can afford the regular repayments.

“We also need savers as well as borrowers. Saving with the credit union is a great way support the community as it gives us the money to lend.

“Our Christmas Saver account is particularly popular as it helps spread the cost throughout the year.”

Other benefits of credit union membership include:

  • Safety - your money is covered by the Financial Services Compensation Scheme, so there’s no risk you could lose it.
  • Giving something back - all profits are shared amongst members as dividends, so they stay in the community.
  • Easy saving - you can save straight out of your wages, so you won’t even notice as the money goes out.
  • Free life insurance - most members qualify for special cover, so loans are generally cleared in the event of your death.
  • Help with budgeting - arrange a chat with a money coach to help you get on top of your finances.

The credit union also has all kinds of opportunities for volunteers, enabling them to develop new skills and meet people while supporting the community.

Getting in touch

The Lincolnshire Credit Union is based at City Hall, Beaumont Fee, Lincoln, LN1 1DD. It is open weekdays from 9.30am (10am on Wed) until 2pm. There are also community access points in Boston, Alford, Lincoln Birchwood, Skegness and Deeping St James.

From the beginning of January, you can apply online to become a member and take out a loan - visit

Other ways of contacting the credit union, which is backed by the Lincolnshire Financial Inclusion Partnership, are:

You can also get help with debt problems through Step Change debt service or the Money Advice Service.


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Last updated: 31 January 2017

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