Debt Consolidation

AMGECU Debt Consolidation Loan

Reset & Rebuild with AMGECU’s Debt Consolidation Loan

Managing multiple debts can be overwhelming. At AMGECU Credit Union, we offer a Debt Consolidation Loan designed to help you reset your finances and rebuild your savings.

With our solution, you can consolidate all your outstanding debts into one loan with a single, lower monthly payment. This provides an opportunity for financial relief, allowing you to regain control over your expenses and even start saving again.

Why Choose AMGECU’s Debt Consolidation Loan?

- One Loan, One Payment – Simplify your finances with a single, structured repayment plan.
- Lower Monthly Instalment – Reduce your financial burden with a repayment plan that fits your budget.
- Financial Relief & Savings – Free up disposable income and start rebuilding your financial future.
- Flexible Repayment – Up to 8 years to repay, depending on eligibility.

When to Consider a Debt Consolidation Loan

Debt consolidation may be the right option if:

- You are committed to paying off your debt under a structured repayment plan.
- Your cash flow is sufficient to cover the consolidated loan payment.
- You are comfortable with a repayment period that suits your financial situation.
- You have a plan to avoid accumulating further debt.

How Does Debt Consolidation Work?

The process is simple and effective:

1. Apply for a Debt Consolidation Loan.
2. Use the loan to settle your outstanding debts.
3. Commit to repaying the new loan on time.
4. Start saving with your newly available disposable income.

Who Can Apply?

This facility is available to members who are:

Salaried employees of the Ansa McAl Group of Companies.
Salaried employees of Approved Companies.
Executives and Professionals with a long-term employment contract.

*Note: Non-salaried members may be considered on a case-by-case basis.

Loan Details

Maximum Loan Amount: $200,000
Maximum Repayment Term: Up to 8 years
Employment Requirement: Minimum 3 years permanent employment
Membership Requirement: Minimum 3 years with AMGECU with an existing credit history
Repayment should not exceed: Age 60 or retirement
No Security Required
Applicants must not have any delinquent loans or outstanding credit facilities with AMGECU or any other financial institution

Required Documents

To apply, you will need:

- - Loan application form
  - Job letter & Payslip
  - Proof of Address
  - Two valid forms of ID
  - Statements from financial institutions for debts to be consolidated

For more details, feel free to contact any one of our lending officers below:

Name	Email Address	Contact Number
Vidya Ramsawak	vramsawak@amgecu.com	384-5495
Nicole Hernandez	nhernandez@amgecu.com	324-2345
Carl De Souza	loansofficer@amgecu.com	384-6925

Take the First Step Today

Don’t let financial limitations hold you back. Our Debt Consolidation Loan is here to provide the support you need to achieve your dreams.

Debt Consolidation: Reset… Rebuild.

Frequently Asked Questions.

Q. What is a Debt Consolidation Loan, and how does it work?

A Debt Consolidation Loan allows you to combine multiple debts into one loan with a single monthly payment, potentially reducing your total instalments and interest. You apply for the loan, use the funds to pay off outstanding debts, and then make structured payments on the new loan.

Q. What are the benefits of consolidating my debt with AMGECU?

By consolidating your debts with AMGECU, you can benefit from a lower monthly instalment, improved cash flow, simplified financial management, and the opportunity to rebuild your savings.

Q. Can I apply if I am self-employed?

Non-salaried members may be considered on a case-by-case basis, depending on membership length, employment history, credit score, and collateral.

Q. How long do I have to repay the loan?

The maximum repayment period is 8 years, subject to assessment.

Q. What happens if I take a Debt Consolidation Loan and then accumulate more debt?

It is essential to commit to your repayment plan and avoid incurring new debts. The goal is to reset and rebuild your financial health.

Q. Can I consolidate all types of debt?

Most debts can be consolidated, but all supporting documents must be provided.

Q. Will my credit score be checked?

Yes, your credit score and risk profile will be evaluated as part of the approval process.

Q. How do I apply?

Simply contact AMGECU Credit Union, complete an application form, and submit the required documents for assessment..

Q. What documents do I need to apply?

You will need a completed loan application form, job letter, recent payslip, proof of address, two forms of valid ID, and supporting documents from financial institutions requesting to be paid off.