Over the past few months, we’ve been trialling new ways to help members who are struggling with financial challenges due to changes in life circumstances or the rising cost of living. Whether you’re looking for simple tools to manage your budget or need a bit of extra support, we offer two options: a self-service tool and one-to-one appointments with our team.
Supporting You Through Financial Challenges
We know that financial difficulties—whether caused by reduced income, job loss, or rising bills—can feel overwhelming. This service is here to provide straightforward, practical help to support you through these tough times.
Two Ways to Get Support
- Self-Service Tool: Our Better Off Calculator is available online and can be used at any time. It helps you understand your current financial situation and see how small changes—like claiming benefits or adjusting spending—could make a difference. To get started, visit our Benefits Calculator page.
- One-to-One Support: If you’d prefer some extra guidance, you can book a one-to-one appointment with a member of our team by filling out our Financial Difficulty Form. Currently, appointments are by phone only, with priority for members with outstanding loans. We are looking at how we can offer more appointment slots from January onwards.
What to Expect When Booking a One-to-One Appointment
- How to Book: Visit our Wellbeing page to find a convenient time. Appointments are by phone for now, but we hope to offer in-person sessions soon.
- The Appointment Call: At the agreed time, a specialist from LMCU will call you. They’ll clearly introduce themselves and take you through a short security check. Please note: we will never ask for your PIN, passwords, or card details, and you don’t need to download any software for this service.
- During the Call: The initial session lasts around 20 minutes. We’ll ask you about your current situation and any financial challenges you’re facing. If you have a loan with us, we can explore ways we might be able to support you. We’ll also suggest useful tools and resources, and if appropriate, introduce you to the Better Off Calculator.
Using the Better Off Calculator
The Better Off Calculator (provided by the experts at Policy in Practice with funding support kindly provided by Fair4All) is a key part of these sessions. It’s a tool that helps you get a clearer picture of your finances. You can either complete it on your own or book a follow-up appointment where we guide you through it. The calculator asks for details like your income, spending, and debts, and helps show where changes might improve your situation. While we provide guidance, this doesn’t replace professional advice, but we can help you take the next steps.
The Action Plan
After completing the calculator, you’ll receive an action plan with practical suggestions. This could include benefits you might be eligible for, help with household bills like broadband or energy, or ideas for reducing spending. If you’d like, you can book a follow-up conversation to go over the results. While we’re here to provide guidance, we don’t offer specific financial advice. If needed, we can refer you to local services, such as Citizens Advice or specialist debt charities, for more detailed support.
Practical Tools to Help You Take Control
The Better Off Calculator is simple to use and helps you see how small adjustments might improve your financial outlook. If you need more support, our team is here to help you make sense of your options.
Getting Started
We’re committed to helping you through difficult times. Whether you prefer the self-service calculator or one-to-one guidance, we’re ready to provide the support you need. To start using the self-service tool, visit the Better Off Calculator
