Difficulties in Repaying a CU Loan?
We understand at the Credit Union that sometimes members circumstances change during the lifetime of a loan.
If this happens to you it is of paramount importance that:
- You engage with us at the earliest possible time
- Let us know in advance of the likelihood of your circumstances changing and the impact on your loan repayment
- We urge you not to ignore correspondence from us but get in touch with our Credit Controller.
We will work with you as far as possible to come to an arrangement which works for both you, as the member and the Credit Union. All members are treated in a non-judgemental way with dignity and respect.
Shares may be transferred against arrears. Sometimes arrears may arise due to a Standing Order not being set up in time or at all. We contact you soon after arrears start to enable you to remedy this. Guarantors are informed once the loan they have guaranteed goes into arrears.
The Credit Union uses the services of CCR and is obliged to report arrears to CCR as part of this arrangement.
Where arrears occur they will be reported to CCR within 9 weeks of you first falling into arrears. These reports use information automatically generated from our IT system and the Credit Union cannot interfere in this process. Arrears can affect your ability to borrow in the future.
SME Arrears have separate provisions in legislation and the information booklet on this is provided here.