Get Ready for Your Family Loan

Congratulations - your family loan has been approved!

All you need to do now is:

1. Arrange for your Child Benefit to be transferred to your Sheffield Credit Union account
2. Tell us the reference that your Child Benefit is sent under, if the claim is not in your name
3. Tell us what you want to happen with any leftover amounts

Let's get started...

Arranging for your Child Benefit to be transferred

You need to inform Child Benefit that you would like to change the bank details your Child Benefit is paid into. You can update your details online or using the HMRC app, or call 0300 200 3100.

If you usually receive your Child Benefit every 4 weeks, and you are a single parent or are receiving a benefit such as Universal Credit, you may also be able to request that it is sent weekly (to speed up you receiving your loan).

Provide them with our bank details:

Always verify a company's bank details before you send a payment. You can do this in different ways:

• If you have already spoken to us on the phone about your loan, you should have received a text message with the same bank details shown here.
• If you have received a welcome pack from us by post, our bank details are on the first page of the pack.
• You're welcome to contact us to verify the bank details.

Tell us the reference that your Child Benefit is sent under

If the Child Benefit claim is under your partner’s name, we will need to know the reference that shows on your bank statement when you receive your Child Benefit. Please let us know by email. It should look something like this: BLOGGS0JOANN910001.

Tell us what you want to happen with any leftover amounts

You will have to have your whole Child Benefit payment paid to your account with us. We will then deduct the loan repayment, and any savings which are required as part of a savings condition, before making the rest available to you. You can either:

• Leave the remainder in your Easy Saver
• Save the money in another type of savings account, such as a Junior Saver
• Ask us to transfer it back to your nominated bank account

We would recommend that if you can afford to, you save the remainder, and just request a withdrawal when you need one. However if you would like it sent back to your bank account automatically each time you are paid, please email us and tell us whether you would like it sending back to you on a 3 day transfer (free of charge) or a same day transfer (£2 charge).