Financial Difficulties

 

Background:

At Carlow District Credit Union Ltd., we take pride in the service we provide to our members. The Board of Directors and staff have a mission that “We’re Here For You”. The Credit Control Committee (CCC) who are made up of board members are responsible for monitoring the loan book throughout the year and consider the recoverability of loans that have fallen into arrears. The committee also reviews policies and procedures on an ongoing basis to ensure that they are compliant with changes to laws and regulations. The committee also works to ensure that these policies and procedures are sufficient to assist members who fall into arrears on a temporary basis but robust enough to pursue members who fail to engage in any way with the Credit Union. The principle aim of the committee is to ensure that all loans are recovered and where possible interest is paid.

The Credit Control Department reports directly to the “CCC”. The staff within Credit Control carry out their duties following the policies and procedures as provided by the Credit Control Committee and approved by the board.
Carlow District Credit Union Ltd. understand that every member who borrows from the Credit Union intends to repay their loans in full as agreed. It is however expected that member’s circumstances may change during the term of the loan, and while our loan officers try to predict some of these changes at loan assessment stage, it is inevitable that some loans will fall into arrears. When this happens the Credit Control Department is here to help.

Early intervention with members who fall into arrears is very important and we would appeal to any of our members having trouble to contact our Credit Control team, who will examine their situation and advise them of the ways in which your Credit Union can help. Earlier engagement allows means there are more options available. Our staff receive regular training and are very experienced in helping members in financial difficulty. Carlow District Credit Union was there to provide the loan when you had a financial need, now that you are experiencing financial difficulty, we will continue to be there to support you!

We will also continue to work closely with consumer bodies and voluntary organisations such as MABS (Money Advice & Budgeting Service).

If you feel that you might need support with your loan, please contact Credit Control on 059 9131994 or email:
creditcontrol@carlowcreditunion.ie