Episode 11 A Matter of Life and Debt


Episode 11

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Every day, all over the country, millions of people

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are struggling to find the cash they need to make ends meet

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or to realise their dreams.

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-40, 60, 80, 100.

-Can I withdraw £500?

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I'm hoping for sort of 700-1,000.

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I mean, if I can get more, that'd be great.

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Many struggle to qualify for high-street borrowing,

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making them vulnerable to illegal loan sharks.

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I knew there was absolutely no chance

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of any of the high-street banks giving me any money whatsoever.

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Hiya.

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But there are a growing number of community banks or credit unions

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that are offering a helping hand,

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whilst at the same time, supporting the local area.

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20, 40, 60, 70, 80.

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I'm pleased to tell you your loan's been approved.

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Brilliant, thank you very much.

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They gave me the option of what I could afford.

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I could actually live again and actually save again.

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From household emergencies

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to kick-starting a new life or business.

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Organic veg boxes!

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I'm happy to say it's been approved.

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Brilliant, thank you, I'm so pleased. Thank you so much!

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We're following some of these life-changing stories.

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One of the best feelings ever, because I knew I could fund myself.

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I had enough working for somebody else, I needed to do my own thing.

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Without that help,

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the transformation to my life would have been impossible.

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So, it's a win-win situation, really.

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Today...

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..how a credit union loan helps a nurse turn her patienting skills

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to therapy for dogs.

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It was like somebody had said, "You've won £1 million!"

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One woman goes in search of a solution

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after her spending gets out of hand.

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I'm here to do some debt consolidation.

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Too much spending on the credit cards.

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And how a debt management company

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finally turns a young man's life around.

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The letters stopped, the e-mails, they stopped.

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Everything stopped.

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And I could breathe again.

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-Hello.

-Hello. I'm applying to get a top-up on my loan.

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A rise in the cost of living has put more pressure on family budgets,

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but instead of tightening their belts,

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households in the UK have increased their spending this year,

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racking up an extra £1.6 billion in consumer debts.

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I was absolutely maxed out on every single bank account

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and credit cards and loans, at the limit.

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I couldn't even afford to repay them,

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or even keep up with the monthly payments.

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Credit and loans almost always comes at a price.

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The latest figures show families could be paying an average

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of almost £2,000 in annual interest payments alone.

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But there is help at hand.

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Almost 2 million Brits now use credit unions

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to help them manage their money.

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-How you keeping?

-I'm keeping all right, yeah.

-Good.

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Even if your income is low or you have a disastrous credit history,

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these community-based ethical lenders could provide the answer.

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Really, this is what banking's all about.

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-We can say to you yes, we're happy to do a loan for you.

-Thank you.

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It's easier to get a loan and they don't charge you great interest.

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No, no.

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Credit union has been a life-saver.

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-Morning. Hiya.

-Hello.

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-Hello!

-Hello.

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The London Mutual Credit Union has four offices

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serving 27,000 members, most of whom live or work locally.

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20, 30, 40, 50, 60, £70.

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Thank you very much.

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Donna has arrived at the Peckham branch,

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looking for a loan to enable her to put all her debts together

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and pay them off more cheaply.

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I'm here to apply for a loan, to do some debt consolidation.

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Too much spending on the credit cards, catalogues,

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spending outside of my means, some would say.

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Donna is working part-time as a carer,

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while she studies to become a nurse.

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She wants to combine her existing debts,

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which she's run up on store and credit cards,

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into a single loan with a lower interest rate.

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I want to give my papers in and then hopefully, fingers crossed,

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it gets approved.

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-Hello!

-Hiya.

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I'm here to apply for a loan.

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OK. Have you had a loan with us before?

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-I have, yeah.

-Lovely.

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Did you want to try and keep your repayments the same,

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-leave it like that?

-Yeah, yeah, that's fine.

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I've been with the credit union since 2007 or '08,

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when I moved into the area.

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What I like about it is that credit union,

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I think it's more, like, community-based,

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where banks are more like business.

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So, I feel like credit union works for the people.

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That's why I always come back here, because I always get

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good service with them, I've never had any problems.

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Lovely, so the loan department will be in touch with you

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-within ten working days.

-OK, cool.

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-They usually text you with the decision.

-Thank you.

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-Have a lovely day.

-You too, bye-bye.

-Take care, bye-bye.

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If the loan's approved, Donna should have more money in her pocket,

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because she'll be paying less interest.

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While credit unions are providing financial services

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for personal customers around the UK,

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there are other ethical lenders who focus on small business funding.

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These are also not-for-profit organisations,

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offering loans to local people

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who might be turned down by traditional lenders.

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It's that personal service I remember from banking

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years and years ago, has all but disappeared now.

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PHONE RINGS

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South West Investment Group offers business advice,

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mentoring and low-cost finance.

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Compared to commercial lending,

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it's reasonably easy to get your hands on.

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Sarah Osborne is a fund manager.

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It's quite wide, anyone from 18 to any age,

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nearly every business sector.

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We can lend to people who've been in business several times before,

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to people who never thought about it before, so it's actually very open,

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and that's why it's such a special loan.

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It's low interest, it's easy to find out about.

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Sarah loves the variety her job brings.

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-Thank you.

-Every business is different.

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Some of them are much more ambitious than others,

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and some of them are an extension of kind of lifestyle.

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There's no "computer says no" in our business, there's none of that.

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It's about us engaging with the person,

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understanding the business idea,

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and looking at the finance they're looking for and thinking,

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the bottom line is, "Will we get this money back?"

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In 2016, the organisation got an enquiry from neo-natal nurse Marion,

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who was looking for a £22,000 loan

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for a very unusual business start-up.

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Marion's plan was to set up a hydrotherapy spa

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for dogs in Gloucestershire.

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It's very similar to nursing,

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in that you're trying to make a difference

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and help someone get over an illness.

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Children and dogs, the biggest vehicle is play,

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so that's the same.

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You can't get near children without play

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and you can't get near dogs without play,

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so there's a lot of similarities in that way.

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Yay, good boy!

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Always eating.

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Since childhood, Marion had always wanted to be a nurse.

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It was a long-held ambition.

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I used to dress up in a nurse's outfit.

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It was never anything else, it was always going to be nursing.

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Marion began her busy nursing career in 1986,

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specialising in neo-natal intensive care.

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As soon as she could, she and her partner Stu

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made space in their lives for her other passion - dogs.

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Bilbo was probably a year, 18 months old,

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and he'd been a very busy puppy.

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He would run for miles after hares.

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He had so much energy and he would be jumping like anything.

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He'd do what looked like star jumps.

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It was when Bilbo became ill

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that Marion's life took an unexpected turn.

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Come! Come!

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We noticed that he stopped, he almost went backwards.

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He became less energetic, quiet, withdrawn.

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Bilbo was diagnosed with joint dysplasia,

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which made it possible he'd need hip replacements.

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But the vet suggested hydrotherapy might improve his condition.

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Just like humans,

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dogs can benefit from swimming to help repair muscles

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after injury or surgery, and to boost fitness.

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We took him to this hydrotherapy centre.

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He was quite anxious to begin with.

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But within, I don't know, eight minutes, he was away.

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After months of pain,

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Bilbo was suddenly able to move freely and play in the water.

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We just saw this dog change again.

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We were getting our puppy back.

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We watched him retrieve toys again.

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He was playing.

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It was fantastic, she'd throw the toy

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and he'd go and get it and his little tail...

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As Bilbo's energy levels rose,

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Marion was surprised by her own new-found enthusiasm.

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I thought I was going to be doing something that was good for Bilbo,

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but I didn't expect to get that buzz.

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After just a couple of sessions,

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Marion made a life-changing decision.

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I came home one day and I said, "Stu, I want to do this,

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"I don't want to just do it for Bilbo, I want to do it."

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And he said, "All right, then."

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He said, "I've never seen you so happy."

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Marion's idea of setting up her own dog spa was going to be expensive,

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so she needed a loan.

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I went to my own bank, they said no.

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So, I changed bank,

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to somebody else, and they said no.

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I tried my partner's bank,

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and I tried another bank and when you get that many nos,

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and it was a common theme,

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I thought, well, this isn't going to happen.

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Then Marion found out about SWIG,

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which provides loans to get business ideas off the ground.

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I didn't know what the different terms meant,

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I was as green as green can be.

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She was put in touch with loans manager Sarah.

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She gave me direction.

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She liked my business plan, she was very enthusiastic, very encouraging.

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She understood what it was all about, which was really good for me,

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and she was enthusiastic about the whole notion of hydrotherapy,

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so that helped me, actually.

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That gave me a big lift.

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In order to build her hydrotherapy pool and kit it out,

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Marion needed Sarah to approve a £22,000 loan.

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It came back with a yes and she phoned me to tell me first,

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and I was like squealing down the phone.

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-I was like...

-SHE SQUEALS

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My voice went really high-pitched.

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I was just, it was like somebody had said you've won £1 million.

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Go on, then!

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It's such a big jump for people, and Marion included,

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moving from a professional job in the health service

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to being her own boss and doing something completely different.

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The investment group's involvement doesn't end with the loan.

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They carry on offering advice and support, and nine months on,

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Sarah's come to see how Marion is doing.

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-Marion!

-Hello. Hi, Sarah.

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This is our pool.

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-Yeah, it's six metres by 2.5...

-Yes.

-1.1 metres deep.

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In Marion's colourful beach huts,

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dogs can also have the full spa treatment,

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with showers, a blow-dry...

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Oh!

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-It's quite strong!

-..and a massage.

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That's it, one more.

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I found it terrifying at first.

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You know, I had no idea what was involved

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and I still feel I had so much to learn,

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being very naive about certain things,

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but I think I needed that direction and that support

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and also knowing that I could contact people.

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And you know, when you begin to enjoy it,

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you wear that responsibility a bit more lightly, in a way.

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-I don't know!

-Because it becomes your life.

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-Yeah.

-It's not something additional, you know.

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It just is who you are now.

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We've had people come for birthday treats,

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they've just wanted to swim with their dog.

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-What, their birthday or the dog's birthday?

-Their birthday.

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Never mind swimming with dolphins, swim with the dog!

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-Yeah, exactly...

-It's the real deal.

-It's the new thing!

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I must say, I didn't quite know what to expect.

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But when you see the end result of something working,

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and the customers using it, and you're training staff...

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That's the real joy of it.

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I like it when it works out at the end,

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that's the real buzz at the end of it.

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I feel so proud.

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It's like having kittens or something,

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and seeing them grow up into cats!

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But I'm claiming too much there.

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All the credit is down to the business owners, to be honest.

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For Marion, her business and her confidence are growing all the time.

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Having a team around me that I want there,

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that have the same visions, that's really good.

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I can make an assessment and determine how I'm going to

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treat a dog, it's up to me, and that responsibility is awesome.

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It's just a great feeling.

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Bye!

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In Peckham...

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Can you just confirm the first line of the address?

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..carer Donna is back at her local credit union

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to see if she's going to get the £500 loan,

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so she can clear her credit card debts.

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I'm nervous a little bit.

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I just feel like they're going to say no, but I never know,

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know what I mean? I'm optimistic either way, though,

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no matter what I think, I'm optimistic.

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The decision is in the hands of loans officer Jay.

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When we receive an application for debt consolidation,

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we are obviously expecting for there to be some defaults

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on her credit file or maybe some missed payments, stuff like that.

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Obviously that is the reason why they've applied

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for the loan application. So, what I'll do right now

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is just check the credit file and see how it's looking.

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It doesn't look too bad to me, to be honest with you.

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Application looks OK so far.

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She's had numerous loans with us and has paid them off all on time.

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Checks done, it's time for Donna to hear his verdict.

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-Hello, Donna, how you doing? My name's Jay.

-Nice to meet you.

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-You all right?

-I'm good, thank you.

-Take a seat here.

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Remind me, what are you spending the funds on again?

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-Consolidation.

-OK.

-Not even for, like, pleasure.

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-Yeah, yeah.

-I've got some good news for you today.

-OK, cool.

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The loan application has been approved

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-for the full amount of £500.

-Great.

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I'll just quickly go over the terms.

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So, it's going to be £500 over 18 months.

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And the repayments are going to be £60.

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Is there any questions that you have today, Donna?

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-No, I don't have any.

-Well, that's it for today.

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-Thank you for your time.

-No problem at all.

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And we're pleased to help.

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Just keep up the good work.

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The only reason we are able to help is because obviously,

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-you are saving well with us.

-OK.

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You've had a good history with us, as well, of loans.

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-And yeah.

-Thank you for helping me out, man, I appreciate it.

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-No problem at all.

-Thank you.

-Here to help!

-Feel beautiful today!

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She seemed really surprised at the decision.

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You can just see there was a lot of weight off her shoulders

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when we did give her the decision.

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Went really good, to be honest with you.

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I'm quite ecstatic with the decision, I must say.

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I'm going to pay off my debts and have one direct debit coming out.

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I feel a bit of relief, to be honest with you.

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Something I don't have to think about.

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I'll sleep lighter tonight.

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Thank you, darling.

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As locally-based member-owned organisations,

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credit unions aim to provide more than just financial services,

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by supporting the people and communities they serve.

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-Morning.

-Hello.

-Hi.

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Can I take your proof of identity

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and proof that you work in the borough as well, while you do that?

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Thank you.

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You do get to know the members more,

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they do feel that, like, they're your friend,

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more than I think they would do with anyone in the bank.

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They come to us for help and advice.

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Some of them come in as new members and ask us about the loans.

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If they have to be a member with us to apply for a loan and, yes,

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you do have to become a member first.

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-You're applying for a loan...?

-Yeah.

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Usually with loans, you notice there's certain times of the year,

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so it'll be, like, Christmas and summer.

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At London Mutual,

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manager Lucky knows how important that is to every member.

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If the credit unions don't provide that kind of services,

0:17:230:17:27

especially low-cost loans,

0:17:270:17:29

our members will go to the loan sharks or high-cost lenders,

0:17:290:17:33

like payday lenders.

0:17:330:17:35

They don't have other choice,

0:17:350:17:36

because high street banks may not lend money for them.

0:17:360:17:42

-Thank you!

-OK.

0:17:420:17:43

Mum of two Sam is hoping to join the 27,000 members of the credit union

0:17:460:17:51

so she can get a loan.

0:17:510:17:53

I care for two of my children who suffer from mental health,

0:17:530:17:58

and one has myasthenia gravis.

0:17:580:18:00

-Hiya.

-Hello, you all right?

-Yes, thank you.

0:18:000:18:03

My mum's been a member for about two years now,

0:18:030:18:06

and she tells me there's a lot of benefits that you can receive

0:18:060:18:09

if you're a member of the credit union.

0:18:090:18:12

-How can I help?

-Basically, I wanted to open a new account.

0:18:120:18:15

OK, have you not got an account with us?

0:18:150:18:17

No, my mum has.

0:18:170:18:19

So, do give live or work in Southwark?

0:18:190:18:21

I'm living at my mum's.

0:18:210:18:23

I've been a carer for so long, I'd love a holiday.

0:18:230:18:26

So, I'll be definitely interested in maybe a short-term loan.

0:18:260:18:29

-So, I can give you the forms.

-Thank you very much.

0:18:290:18:31

-Just bring it all back.

-I will do.

-All right.

0:18:310:18:34

-Thank you.

-You're welcome.

-Thanks a lot.

-Cheers, bye.

0:18:340:18:37

Bye-bye.

0:18:370:18:38

If Sam gets her loan, she wants to go on holiday to Jamaica,

0:18:390:18:43

where she's hoping to bump into Olympic hero Usain Bolt.

0:18:430:18:47

He doesn't live too far away from where my family live.

0:18:470:18:50

Apparently, we come from the same parish, so I'd love to go there,

0:18:500:18:54

hoping to see Bolt.

0:18:540:18:56

Still to come...

0:19:010:19:03

How a credit union loan helps one woman slash her high-interest debt.

0:19:030:19:08

You're going to be a lot better off each month,

0:19:080:19:11

simply by paying that loan off with the credit union loan, aren't you?

0:19:110:19:14

I'm very pleased.

0:19:140:19:15

And support from an ethical lender helps get two boys safely to school.

0:19:170:19:21

And you can see he's actually trying to do some joined-up writing now.

0:19:210:19:25

After a week, he's kind of picked it up really quickly.

0:19:250:19:27

With many households struggling to manage

0:19:320:19:34

in the current financial climate,

0:19:340:19:36

families are still turning to payday lenders and loan sharks

0:19:360:19:40

to help them out of financial difficulties.

0:19:400:19:43

But many of us are blissfully unaware

0:19:430:19:45

of how much we're paying in interest charges.

0:19:450:19:48

-Do you know what APR stands for?

-No clue. No.

0:19:480:19:52

-Do you want to guess what it means?

-Not really.

0:19:520:19:55

APR is a foreign word to me that I can only see in the small print

0:19:550:19:58

on things that come up on TV.

0:19:580:20:01

What? It normally looks like a massive number,

0:20:010:20:03

like 1,065% interest,

0:20:030:20:06

and that's normally when I go, "I probably shouldn't take that out."

0:20:060:20:09

If you borrow so much money over a certain amount of years

0:20:090:20:12

and you're doing a certain amount of payments every month,

0:20:120:20:14

they'll add on a certain percentage amount

0:20:140:20:16

and that will just be your interest,

0:20:160:20:18

and that's how the companies make money from lending you money.

0:20:180:20:21

While short-term loans may seem like a quick and easy solution,

0:20:210:20:25

it's important to understand how much you might have to repay.

0:20:250:20:29

Borrowing £400 for one month from a typical payday loan company

0:20:300:20:34

could cost over £90 in interest.

0:20:340:20:38

When it comes to credit and loans,

0:20:380:20:40

the most sensible thing is to borrow smart,

0:20:400:20:42

and that means only borrowing money that you really need to,

0:20:420:20:46

for the shortest period possible,

0:20:460:20:48

and paying it off as soon as you can.

0:20:480:20:50

You don't want to pay a penny more in interest

0:20:500:20:52

than you absolutely have to, and so it's about looking at your options,

0:20:520:20:55

to find out what the cheapest way for you to borrow is,

0:20:550:20:57

and then getting rid of that debt as quickly as you can,

0:20:570:21:00

if you are being charged interest.

0:21:000:21:02

21-year-old Will from Derbyshire

0:21:050:21:07

found out about expensive loans the hard way.

0:21:070:21:11

It started three years ago,

0:21:110:21:13

when a hobby that began as a bit of fun got out of control.

0:21:130:21:17

When I first started gambling, it was usually I'd be in the pub

0:21:170:21:21

with my friends, just having a few beers and we'd see the slot machine,

0:21:210:21:24

so we'd say, "Let's go and have a fiver each in it."

0:21:240:21:28

And the first few times, I pulled away some pretty good money.

0:21:280:21:32

I mean, off a slot machine in a pub, the jackpot's about £70-£100,

0:21:320:21:38

and I hit the repeat on a jackpot, so I got £200.

0:21:380:21:41

When you've had that feeling of coming away with money,

0:21:410:21:45

when you've had that rush, it's hard to get rid of.

0:21:450:21:49

So, it all starts off at pub fruities

0:21:490:21:52

and then that's sort of the gateway into the bigger things.

0:21:520:21:55

Will's interest in gambling continued to grow

0:21:570:22:00

and he even got himself a job, in a bookies.

0:22:000:22:04

Really enjoyed it, you know,

0:22:040:22:05

just seemed an all-round perfect fit for me.

0:22:050:22:08

What I'd do is at work, I'd make fake accumulators,

0:22:080:22:11

just to sort of pass the time.

0:22:110:22:12

So, I'd get a bet slip, I'd write down who I thought was going to win,

0:22:120:22:16

just to see, you know, what I would have won,

0:22:160:22:19

and if it had come in.

0:22:190:22:21

And quite a few times, it started to roll in a bit more

0:22:210:22:24

and I was thinking, "Oh, I could have won money there."

0:22:240:22:26

It happened about four or five times and then I decided,

0:22:260:22:29

"No, I'm feeling lucky, I'll go try myself."

0:22:290:22:32

Will decided to take his new hobby to the next level.

0:22:320:22:36

So, I started going to the casino with a group of friends.

0:22:360:22:39

Usually only spending £20-30 a time.

0:22:390:22:43

You see how easy it is to make money from gambling,

0:22:430:22:46

you can turn £20 into £200 like that in a casino.

0:22:460:22:50

It's so quick,

0:22:500:22:52

but what you don't also realise is that when you're putting £20 down

0:22:520:22:56

and you lose it and you put another £20 down and you lose it,

0:22:560:22:59

you can lose £100 in...

0:22:590:23:01

I think the quickest I lost it was in about a minute and a half once,

0:23:010:23:04

£100, you know, and that's a day's work, just gone.

0:23:040:23:07

Will was hooked,

0:23:080:23:10

but his job didn't earn him enough to fund his trips to the casino.

0:23:100:23:14

So, he went in search of extra cash.

0:23:140:23:17

I got my first, I'd say adult job, working in a contact centre,

0:23:170:23:21

and I'd never seen a wage packet like it.

0:23:210:23:23

The pay was great, and when it hits your bank for the first time,

0:23:230:23:28

it's this real sort of rush,

0:23:280:23:30

like wow, I've got a lot of spare cash here.

0:23:300:23:33

Because of the bigger wage,

0:23:340:23:35

I'd taken out all of these different luxuries.

0:23:350:23:37

I had two phone contracts.

0:23:370:23:39

And when all those bills start to come through,

0:23:390:23:41

that's when it all really gets on top of you.

0:23:410:23:43

But no matter what, even though you know that you've got bills to pay,

0:23:430:23:46

and even though you know that you've got things to come out

0:23:460:23:49

towards the end of the month, you will still go and gamble,

0:23:490:23:52

because you've got this inkling in the back of your mind that

0:23:520:23:55

I could go into the casino tonight with £100 and win £50,000

0:23:550:24:00

and that would solve all my problems.

0:24:000:24:01

You know, it wasn't £10 bets on blackjack tables any more,

0:24:030:24:06

it was £50, £100 bets, trying to make quick money,

0:24:060:24:09

but the quicker you try and make money,

0:24:090:24:11

the quicker you lose it as well.

0:24:110:24:12

Will was in trouble.

0:24:140:24:15

Losses at the casino pushed him deep into debt.

0:24:150:24:19

He needed cash, and he needed it fast.

0:24:190:24:23

I turned to payday loans.

0:24:230:24:25

It was... At first, it was £100.

0:24:250:24:29

I thought, "I need this to pay my phone bill, cool."

0:24:290:24:33

And it was so easy, five minutes - done.

0:24:330:24:36

£100 in your bank account within half an hour.

0:24:360:24:38

And that's like winning money at a casino, you know, it's that quick,

0:24:380:24:42

it's that easy, and I didn't read between the lines.

0:24:420:24:46

Because you may be borrowing £100

0:24:460:24:48

but you're going to be paying back 300,

0:24:480:24:50

so it just doubles and triples in price

0:24:500:24:53

and that's when things started to get hairy.

0:24:530:24:56

And it was about four or five weeks later,

0:24:560:24:59

I got a letter through the post

0:24:590:25:01

saying you're in default, you're in arrears.

0:25:010:25:03

And I was skint, I had no money.

0:25:030:25:05

So, then that leads me to think,

0:25:050:25:07

"All right, I'll get another payday loan,

0:25:070:25:09

"just to cover this and then that's it."

0:25:090:25:12

So, I took another payday loan out for £300.

0:25:120:25:14

And I...

0:25:160:25:18

I didn't pay off what I said I was going to pay off with.

0:25:180:25:21

I went straight to the casino.

0:25:210:25:23

It's the whole devil-angel on your shoulder, you've the angel saying,

0:25:240:25:27

"Right, great, use this money wisely, Will,

0:25:270:25:30

"pay off what you need to pay off and stop it there."

0:25:300:25:32

But the devil on my shoulder's saying you've £300 here,

0:25:320:25:35

you could turn that into ten grand tonight.

0:25:350:25:37

I'd say out of the 50 times I went,

0:25:380:25:41

I probably walked away happy, twice.

0:25:410:25:44

In the space of six months, Will took out 12 payday loans,

0:25:470:25:53

adding up to £6,800.

0:25:530:25:57

I was getting around about 25 phone calls a day

0:25:570:26:01

from different loan companies, saying I owe money to them.

0:26:010:26:04

I was getting four or five letters a day

0:26:050:26:08

and around about ten e-mails a day, and the feeling was just crushing.

0:26:080:26:13

I buried it. I stuck my head in the sand

0:26:150:26:17

and I stopped answering the calls, didn't reply to the letters,

0:26:170:26:21

didn't reply to the e-mails,

0:26:210:26:23

buried my head in the sand and I didn't know where to turn.

0:26:230:26:26

At that point, I owed £8,500.

0:26:270:26:31

You couldn't go out the house without thinking about it.

0:26:310:26:34

You can't move.

0:26:340:26:36

Too afraid to reach out for help,

0:26:360:26:38

Will's anxieties turned into depression.

0:26:380:26:42

The lowest point was the day

0:26:420:26:46

that I was actually considering ending it.

0:26:460:26:50

I was on my way to work.

0:26:530:26:55

And I just had a bit of a breakdown, really.

0:26:550:27:01

I had realised how much money I had got to pay back.

0:27:010:27:07

So, I drove up to a local hot spot called Black Rocks.

0:27:080:27:13

It's a really high sort of area.

0:27:130:27:15

I parked with my car.

0:27:150:27:16

I remember sending my family, I sent them all a goodbye text.

0:27:170:27:21

Luckily for Will, his sister got the message

0:27:220:27:26

and tracked him down in time.

0:27:260:27:28

Within two minutes, three police cars came bounding up.

0:27:280:27:32

Three police cars blocked me in.

0:27:320:27:35

I remember the police officer tapped on the window and he says,

0:27:350:27:38

"Are you all right?"

0:27:380:27:40

I said, "No. I'm not.

0:27:400:27:43

"I'm really not OK."

0:27:430:27:44

I said, "I'm in a lot of trouble with money.

0:27:460:27:48

"And I don't know what to do."

0:27:480:27:49

That's when everything

0:27:500:27:53

took a turn up.

0:27:530:27:55

With the help of his family, Will took control of his finances.

0:27:550:27:59

He started by contacting a debt management company.

0:27:590:28:03

Within five minutes, he explained how the process works,

0:28:030:28:06

how they can consolidate all the debt into one big debt

0:28:060:28:09

and how they can start to fix the payment plans.

0:28:090:28:12

So, I went on, signed this agreement.

0:28:120:28:14

He said, "Right, you're going to be paying £103 a month

0:28:140:28:17

"for the next five years and once you have made all those payments,

0:28:170:28:20

"we will settle the rest of the debt."

0:28:200:28:22

I went, "OK. Cool." And that was it.

0:28:220:28:25

And gradually, the telephone calls stopped.

0:28:250:28:28

The letters stopped. The e-mails, they stopped.

0:28:280:28:31

Everything stopped.

0:28:310:28:32

And I could breathe again.

0:28:330:28:34

Entering into an IVA, or Individual Voluntary Arrangement,

0:28:360:28:41

helped Will get back on track with his finances.

0:28:410:28:45

I managed to start opening up saving accounts, putting money away,

0:28:450:28:48

not spending money willy-nilly.

0:28:480:28:50

I haven't been to a casino now since last year.

0:28:500:28:54

I don't plan on going to one any time soon.

0:28:540:28:57

I don't gamble any more.

0:28:570:28:58

I feel good about my life at the moment.

0:28:580:29:00

It's going in the right direction.

0:29:000:29:02

It still takes work, it still takes a lot of hard work,

0:29:020:29:04

but I'll get there.

0:29:040:29:06

It's been a tough journey, but Will says he's learned his lesson.

0:29:060:29:10

Do not ever touch a payday loan with a barge pole.

0:29:110:29:14

No matter if it's 50 quid or £500.

0:29:150:29:19

Don't do it, because...

0:29:190:29:21

..this has been the hardest time of my life

0:29:220:29:24

and I don't ever want to come back to this.

0:29:240:29:27

I will never, for the life of me, ever touch another loan, ever.

0:29:270:29:34

Good boy.

0:29:360:29:37

Short-term loans will always attract high interest

0:29:430:29:46

if not paid off in full.

0:29:460:29:48

And they're a sure-fire way to increase debt problems.

0:29:480:29:52

But there are alternatives.

0:29:520:29:54

Payday loans can seem like a really flexible way

0:29:540:29:57

to borrow a small amount of money

0:29:570:29:58

for a relatively short period of time.

0:29:580:30:01

The key thing is they are a really expensive way to borrow.

0:30:010:30:04

So, although you will be borrowing from a regulated lender

0:30:040:30:07

that is obliged to treat you fairly, they're not the cheapest option.

0:30:070:30:11

There most likely will be cheaper options out there.

0:30:110:30:13

Ethical lenders such as credit unions will always be registered

0:30:180:30:22

with the Financial Conduct Authority and can be checked online.

0:30:220:30:26

Credit unions aren't only about loans.

0:30:270:30:30

They also encourage people to save.

0:30:300:30:32

Always good service!

0:30:320:30:34

Madeline has been a member of Lewisham and Bromley Credit Union

0:30:360:30:40

for the last ten years.

0:30:400:30:42

I was looking for a new way of banking.

0:30:420:30:44

Single parent, I had two children.

0:30:440:30:45

Bye-bye. Next, please.

0:30:450:30:48

It's really just helped me build, I think,

0:30:480:30:50

some security for myself and my family over the years.

0:30:500:30:53

And it's provided a very good support in me gradually building

0:30:530:30:57

from that point to this point,

0:30:570:30:59

to support my family and get a bit of savings behind me.

0:30:590:31:03

-Hello.

-Hello.

-I'd like to make a withdrawal, please.

0:31:030:31:06

-OK, no problem.

-Do you have a pen?

0:31:060:31:07

I'm visually impaired.

0:31:070:31:09

I lost my sight in one of my eyes when I was 20,

0:31:090:31:12

the other one when I was 21.

0:31:120:31:13

I managed to regain the sight back in my right eye, but not in my left.

0:31:130:31:17

Actually, the finances I managed to accumulate with the credit union

0:31:170:31:21

have really helped me with, I suppose, my freedom in society,

0:31:210:31:27

and always having that safety net behind me financially to support me

0:31:270:31:31

when I've had my disability needs.

0:31:310:31:35

There's my ID.

0:31:350:31:36

Thank you, Madeline.

0:31:360:31:38

I do feel very, very supported with regard to my visual impairment here.

0:31:380:31:42

-I've got some 50 notes.

-That's fine.

0:31:430:31:45

Madeline built up a pot of money and used her savings

0:31:450:31:49

to take some courses to improve her employment options.

0:31:490:31:52

-Thank you.

-60, 80...

0:31:520:31:54

With regard to my remedial massage therapy and the life coaching,

0:31:540:31:58

it was quite a lot of money to be able to pay for those courses.

0:31:580:32:01

Perfect. Which I think, without credit union,

0:32:010:32:04

I wouldn't have been able to build up that level of finances

0:32:040:32:07

to have done that.

0:32:070:32:09

-Thanks very much. Thank you. Bye.

-Take care, bye.

0:32:090:32:12

It's put me in a much better financial position than I was in

0:32:120:32:15

when I originally joined.

0:32:150:32:17

Because credit unions are run as a community cooperative,

0:32:170:32:21

staff can treat individuals on a personal case-by-case basis.

0:32:210:32:26

Have you got some ID?

0:32:260:32:27

And this is especially helpful for people with poor credit ratings.

0:32:270:32:31

Never checked it. Not even thought about it.

0:32:310:32:34

I tried to explain that to you the other day, didn't I?

0:32:350:32:37

-I'm still confused.

-Everybody has to have

0:32:370:32:41

hire purchase to get on the ladder, to get credit.

0:32:410:32:44

A better credit score history,

0:32:440:32:46

got better chances of getting real estate.

0:32:460:32:49

Having a poor credit history can make it difficult to get a mortgage

0:32:500:32:54

or borrow money.

0:32:540:32:55

And if you've moved here from abroad,

0:32:550:32:58

life is even tougher,

0:32:580:32:59

as you are deemed to have no credit history at all.

0:32:590:33:03

If you're from outside the UK,

0:33:030:33:05

credit histories and credit checks do not cross international borders.

0:33:050:33:09

That is the same around the world.

0:33:090:33:10

So, it doesn't matter what your circumstances are,

0:33:100:33:13

you could be rich, poor,

0:33:130:33:15

you could have taken many loans in the past or never,

0:33:150:33:17

if you have only done that activity outside the UK,

0:33:170:33:21

it's the same as having no credit history at all in this country.

0:33:210:33:24

That is a hindrance to getting credit, no doubt about it.

0:33:240:33:27

When computer specialist Ignis from Lithuania settled in Britain

0:33:300:33:34

with his family in 2014,

0:33:340:33:37

he had no reason to think he would have a problem with his finances.

0:33:370:33:41

I have a lot of experience as a software engineer.

0:33:410:33:44

So, for me to find a job anywhere is quite easy.

0:33:440:33:48

I can demand a good salary to be able to support my family.

0:33:480:33:52

Ignis soon found a job and a home for his wife and children.

0:33:540:33:58

There we go, Lucas.

0:33:580:34:00

But establishing the family ate into his savings.

0:34:000:34:03

I didn't have a lot of capital when I moved here.

0:34:050:34:09

And moving reduced my savings, so I had to look for credit.

0:34:090:34:16

I'm just going to put the safety belt on.

0:34:160:34:19

Ignis was in desperate need of a loan to buy a car.

0:34:200:34:24

But quickly realised his credit rating wasn't recognised in the UK.

0:34:240:34:29

Because of my lack of credit history in the United Kingdom,

0:34:290:34:33

I hadn't had much other options in terms of borrowing some money.

0:34:330:34:38

I get a good salary, but sometimes when my savings get low,

0:34:380:34:42

I also need to borrow from somewhere.

0:34:420:34:45

I wasn't able to get credit from the banks.

0:34:450:34:49

It was vital for Ignis to get a car quickly.

0:34:490:34:52

His two sons, Lucas and Rochus, have special needs,

0:34:520:34:57

and driving them to school helps to reduce their stress.

0:34:570:35:01

Routine and following the rules

0:35:010:35:05

is critical for people with autism,

0:35:050:35:09

because if routine is disrupted, they can go into panic mode

0:35:090:35:14

and it's not easy to calm down from the panic mode

0:35:140:35:17

when you have some challenges with communication.

0:35:170:35:20

We had a lot of tears on Monday.

0:35:220:35:24

The same kind of process,

0:35:240:35:25

where he calms down and then it gets to break time and he goes outside.

0:35:250:35:29

He's got that transitionary time and he remembers again,

0:35:290:35:32

he's upset again.

0:35:320:35:33

It's a really hard day.

0:35:330:35:36

But as a recent immigrant,

0:35:360:35:38

it was almost impossible for Ignis to get a loan.

0:35:380:35:41

When we learned that we couldn't get a loan from a regular bank,

0:35:420:35:46

it felt overwhelming because we didn't really know what we can do.

0:35:460:35:51

In desperation,

0:35:510:35:53

he started searching for advice online

0:35:530:35:56

and came across information about credit unions.

0:35:560:35:59

I looked up what kind of credit unions were available

0:35:590:36:03

and I found that, because my work, my job was in Southwark,

0:36:030:36:07

I was eligible for London Mutual Credit Union.

0:36:070:36:11

Lucky, the manager of Ignis's local branch, processed his application.

0:36:140:36:20

Ignis is one of the typical members that we have.

0:36:210:36:24

Wanted some money, but he can't borrow money from elsewhere.

0:36:250:36:29

We always sympathise with our members.

0:36:310:36:33

We find a bit more about the members, including the income,

0:36:330:36:38

the credit checks and also their family circumstances.

0:36:380:36:41

After assessing his ability to repay a loan,

0:36:420:36:46

the credit union offered Ignis the money he needed

0:36:460:36:49

to get his son safely to school.

0:36:490:36:52

So, I was able to borrow £3,000.

0:36:520:36:55

With that money, I was able to buy this car.

0:36:550:36:58

His income was good.

0:36:590:37:01

So, we thought it's a good reason to apply for a loan,

0:37:010:37:06

and a good reason for us to grant that loan.

0:37:060:37:09

So, the nice thing about this car, it has the children-safe door locks.

0:37:090:37:14

So, for my kids, because they don't fully understand,

0:37:140:37:18

you have to do everything possible to keep them safe.

0:37:180:37:21

Without the credit union's help, I wouldn't be able to afford this car,

0:37:230:37:27

that reduced stress on me and my family.

0:37:270:37:30

With their transport needs met,

0:37:320:37:34

the children now have a settled routine

0:37:340:37:37

and are making good progress at school.

0:37:370:37:39

You can see he is actually trying to do some joined-up writing now.

0:37:390:37:43

OK, so he is keeping the finger spaces as well.

0:37:430:37:47

Yeah. After a week, he's kind of picked it up really quickly.

0:37:470:37:51

Education is really important for my children.

0:37:510:37:54

We don't want our kids to grow up and just, you know,

0:37:540:37:58

stay at home and collect benefits and those things.

0:37:580:38:01

We want them to find a job and be productive members of society.

0:38:010:38:06

Train! Crashed!

0:38:060:38:08

Ignis now has big dreams for his children's future.

0:38:090:38:13

My hopes are that the boys will be able to go to university

0:38:140:38:18

and be able to enter higher education, and that they will

0:38:180:38:22

be able to get a job, and just build a family,

0:38:220:38:25

to enjoy life and not have to struggle every day.

0:38:250:38:29

-I win.

-No, I win!

0:38:310:38:34

We both win.

0:38:340:38:36

One of the largest credit unions in the UK is London Capital,

0:38:380:38:42

which traces its roots back to 1962.

0:38:420:38:46

-Good morning. Would you like to come over, please?

-Yes, please.

0:38:460:38:49

I love to see people coming to the credit union

0:38:490:38:51

and just to say to us what we've done for them.

0:38:510:38:55

We sometimes have people who have never saved before.

0:38:550:38:58

And after a period of time, they can look in their accounts and say,

0:38:580:39:02

"Can I see what's in my savings too?"

0:39:020:39:04

And they may have £1,000 in there. And they've never saved before.

0:39:040:39:08

-Thank you.

-Thank you. Bye!

0:39:080:39:11

The credit union is open to anyone who lives,

0:39:120:39:14

works or studies in the area.

0:39:140:39:16

And Helen has been a member for three years.

0:39:180:39:21

She's on her way to apply for a loan.

0:39:210:39:24

I need to do some maintenance in my home.

0:39:240:39:27

I'm applying for £1,000.

0:39:270:39:29

Basically, just buying furniture and having the new flooring in.

0:39:290:39:36

A home makeover isn't the only reason that Helen needs help.

0:39:360:39:40

I had a very high interest loan from another company.

0:39:400:39:44

With this loan, I could actually pay off that loan

0:39:440:39:47

and new furniture in, and new flooring.

0:39:470:39:50

So, that would be great, you know, spirit lifted up around the home.

0:39:500:39:55

It's nice to get rid of the old and in with the new.

0:39:550:39:58

Manager Martin Groombridge is Helen's loan adviser.

0:40:000:40:03

-Hello.

-Hello, there.

0:40:070:40:08

-How can I help you?

-I'm just here to apply for a loan.

0:40:080:40:11

OK. That's smashing. Can I have your membership number, please?

0:40:110:40:14

Yes. It's on the paper here.

0:40:140:40:18

OK, that's smashing.

0:40:180:40:20

Let's have a look.

0:40:200:40:22

-You've got bank statements with us?

-I have.

-That's smashing.

0:40:220:40:26

-What was the purpose of the loan?

-It's for maintenance.

-OK.

0:40:260:40:29

And pay off another loan?

0:40:300:40:33

Martin can see immediately

0:40:330:40:34

that paying off the higher interest loan

0:40:340:40:37

will put more money in Helen's pocket.

0:40:370:40:39

That certainly makes sense.

0:40:390:40:41

So, you're going to be better off each month

0:40:410:40:44

simply by paying that loan off with a credit union loan, aren't you?

0:40:440:40:48

That certainly makes sense.

0:40:480:40:49

If you'd just like to take a seat over there, Helen.

0:40:530:40:55

-I'll draw the document up for you.

-Thank you.

0:40:550:40:58

See you in a moment.

0:40:590:41:01

Before deciding whether Helen can have her loan,

0:41:010:41:04

Martin needs to work out if she can afford her repayments.

0:41:040:41:07

The purpose of the loan is to repay certain things

0:41:070:41:10

that have gone wrong about the house.

0:41:100:41:12

But also to clear up a loan from a high-interest lender

0:41:120:41:16

and we'll reduce her monthly payments from £120 a month

0:41:160:41:20

to £75 a month.

0:41:200:41:22

Actually, it'd be more than that

0:41:220:41:23

because she's already paying £50 a month anyway.

0:41:230:41:26

So, effectively, she's going to be paying an extra £25 a month

0:41:260:41:30

to clear a loan that she's currently paying £120 a month.

0:41:300:41:34

So, she's going to save a lot of money

0:41:340:41:36

and make a significant difference to her monthly income.

0:41:360:41:40

It doesn't take Martin long to reach a decision.

0:41:400:41:43

OK, Helen, would you like to come on over?

0:41:430:41:45

I'm pleased to tell you the loan's been approved.

0:41:460:41:49

Very speedy.

0:41:490:41:51

Hopefully, what we'll do, once we've got this,

0:41:510:41:53

I'll give you the original documentation back.

0:41:530:41:55

The loan's been approved, this money will be sent

0:41:550:41:57

-to your bank account later today.

-Thank you.

0:41:570:42:00

I'll find you an envelope to pop it all in to keep it together.

0:42:000:42:03

-Thank you very much.

-Cheers, Helen, take care.

0:42:030:42:05

Nice to see you again. Bye.

0:42:050:42:07

The loan decision will free up extra cash,

0:42:080:42:11

so that Helen can spruce up her home.

0:42:110:42:14

I'm very pleased that it's been approved very speedily.

0:42:140:42:19

Knowing that my money will be there in the account,

0:42:190:42:22

in just a couple of hours, is very good.

0:42:220:42:24

I'm really, really excited about that.

0:42:240:42:27

So, I'll do my shopping!

0:42:270:42:29

Since our filming, Marion's dog spa

0:42:330:42:37

has a raft of new four-legged clients.

0:42:370:42:40

And as a result, she's taken on another apprentice.

0:42:400:42:44

Building up what we want the business to look like

0:42:440:42:47

is a great feeling.

0:42:470:42:49

And Ignis has paid off his loan.

0:42:500:42:53

Thanks to having a car, his boys are now doing well at school,

0:42:530:42:57

with vastly improved performances in reading, writing and maths.

0:42:570:43:03

My hopes are that the boys will be able to go to university

0:43:030:43:06

and enjoy life every day.

0:43:060:43:08

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