For years, Kirsty Ferguson from Bradford was terrified to open her post, stepping over official-looking letters or kicking them aside. The 43-year-old charity worker and mother of two was £70,000 in debt after being coerced into signing mortgages with her husband, who later stopped paying bills and refused to remove her name from the documents. This economic abuse left her feeling trapped and powerless.
Kirsty's ordeal began in 2013 after her marriage ended. Despite court orders stating the properties belonged to her ex-husband, the bank held her liable. The houses were repossessed, her credit rating destroyed, and she faced threats of further repossession. She recalls waking at 3am every night, freaking out, and feeling the bank supported her abuser.
After eight years of struggle, her local MP Tracy Brabin helped secure a write-off of the debt. However, during the pandemic, Kirsty found herself furloughed and in debt again. This time, she turned to the Bradford District Credit Union, which provided a low-interest £500 Covid loan, including a £50 gift. She paid off her debts overnight and regained financial stability.
Credit unions are financial co-operatives owned by their members, offering savings and loans. As of September 2020, there were around 240 across England, Scotland, and Wales, serving about 1.3 million people. They often step in when no other option exists, such as for a Merseyside mother who borrowed £700 from loan sharks for Christmas presents and was threatened when she couldn't repay £1,200. The Liverpool 6 Community Association helped cover her rent and utilities.
Between 2011 and 2020, credit union membership increased by 41%, reflecting their growing role in helping Britons escape debt and rebuild their lives.
