Meet Sonia Hay, an M4 Money Director, proud wife, mum to three adult children, and a brand-new grandma (how exciting!). Sonia has dedicated her career to the social care sector since leaving college in the mid-80s. She’s a registered Social Worker, a former Ofsted Inspector, and, for the past two years, has worked as a self-employed Health and Social Care Consultant.
Thank you for taking the time to speak with us, Sonia.
So, what inspired you to become a Director at M4 Money Credit Union?
I had been a member for many years and never made it to an AGM. During lockdown I had the opportunity to join online and when they said they needed more directors I felt that having benefited from using the credit union so much that it was the least I could do.
Could you tell us what your role involves as a Director?
I had been worried about the time commitment but it isn’t as bad as you’d think. I attend the monthly board meeting. It takes place online and generally lasts an hour. There is some preparation time needed to read some of the information that is circulated prior to each meeting but that doesn’t take too long. On average, it may be two hours a month.
Approximately twice a year we meet in person. We have the AGM, homemade cake and a summer meeting that includes a BBQ. We have recently introduced an away day (well morning). This allows us to have time together in person and do some longer term planning. The session ends with us having lunch together.
In your opinion, what makes a great credit union Director?
To be a great Director you need to be willing to share ideas, consistent in attendance and keen to make M4 Money the best it can be.
How does your role as a Director allow you to make a difference in the community?
I was unsure what I could actually bring to the Board but you soon realise that as a member you are best placed to know from first hand experience what changes you would like to see and the benefits of the changes. I have recently been working on the marketing strategy and that is exploring how to increase membership, types of loans etc. all of which helps the members and local communities.
What have you personally gained or learned from being a Director of M4 Money?
I have gained more knowledge about the behind the scenes working of a credit union and can see that a small team of staff and volunteers can do so much.
About M4 Money and membership
When and why did you join M4 Money Credit Union?
I can’t recall but I think it was 2010 – it was M4 Money’s first joiner event in Harrow Council.
What sets M4 Money apart from other financial institutions?
They are customer-focused and are continually seeking to make loan applications and saving easier for everyone. This has included updating the products they offer such as child benefit loans and automation through the Sercle app.
What would you say to encourage someone considering joining M4 Money?
Join and see you can focus on addressing your financial situation. I joined when my credit rating and finances were not great and with the use of the loans and top up loans I was able to pay off debt and create savings.
Personal finance is a competitive market. What are your top three reasons to choose a credit union over a high-street bank?
a. They gave me a loan when no one else would
b. The interest rate is much better than most credit cards and is charged on your actual loan balance. This means it goes down a little each month
c. It is great that a proportion of your monthly amount covers the loan repayments and some towards savings. You can clear your loan when your savings reach the amount outstanding or you can finish paying as usual but have a pot of savings to continue growing when your loan is repaid.
Financial advice and insights
Can you share any money-saving tips that work for you?
Whatever amount of money you have coming in ensures that you save a set amount/percentage. It felt hard initially but it doesn’t have to be a large amount and this has really helped me over recent years.
What’s the best financial decision you’ve ever made, and why?
I’d say joining M4 Money. That may sound cheesy but I don’t know how we would have managed some situations without the facilities they offer. This is why despite having a great credit score and the ability to secure loans elsewhere I still save with M4 Money.
What do you think is the biggest challenge in successful money management, and why do many people struggle with it?
If I go from personal experience it was denial that financially things had got so out of control and the shame in talking about that. M4Money are not there to judge they seek the best way to assist. This includes declining loans if they believe you’ll be overstretched. Trust me I also had times when I was fuming because M4Money refused top up loan requests. This is when I say they were right though.
What one piece of advice would you give to someone looking to improve their financial habits?
Don’t bury your head in the sand. The delusion doesn’t make your finances better. See if one of the loan products can assist or liaise with one of the national debt charities but tackle it.
“Saving for a rainy day” is often recommended—do you agree? If so, what is your personal ‘rainy day’ saving goal?
In addition to my monthly savings with M4 Money I am saving a regular amount and splitting into ‘pots’ using the facility that my bank account offers. The pots cover – household emergency fund and a holiday one.
Another tip – if I borrow from these pots I have to repay the amount with interest equivalent to an expensive credit card (e.g 30%). It feels painful at the time but the good thing is it makes me think first and I find I am ‘borrowing’ from them less.
Thank you Sonia for your time!
Apply today
If you would like to become an M4 Money Director, please email us at admin@m4mcu.org with the subject line “Board Director for M4 Money Credit Union 2025”, with a cover note about why you would like to become a director and a CV with your background and experience. You can find out more here.