Loan Arrears Advice

Loan Arrears Guidance

What will happen if I don’t or can’t repay my loan as per my agreed contract?

If you don’t or can’t repay your loan per the original loan agreement this will affect your credit rating. From the 30th June 2017 we are legally required to submit information on our loans to the Central Credit Register (CCR) each month. The is owned and operated by the Central Bank of Ireland (see section on the Central Credit Register for more information). Arrears on your loan will affect your future ability to access credit with the credit union and all other financial institutions.

The credit union suggests that you make contact with us at the earliest stage to advise us of any changes in your circumstances or any temporary issues you might be experiencing. The credit union is flexible and is willing to work with you to help you through any difficult period. It is very important that you make contact with us to discuss your options and to keep us informed regularly.

Our aim is to work closely with members in difficulty to resolve arrears. Where the credit union cannot make contact with a member whose loan is in arrears or where the member will not work with us to resolve the issue the credit union will use our resources to recover the debt.

I have been through a difficult period but I want to begin paying my loan again. What do I need to do?

We are always happy to hear that our members are getting back on track. Please call us to arrange an appointment to discuss your options. We can provide advice on the best way forward for you and your  repayments.

There are arrears on my loan because I missed some payments, How do I clear these?

The easiest way of clearing the arrears on your loan is to pay a little bit more every week or month. If your agreed repayment is €40 then pay €45 if you can. This will reduce the arrears.

I currently have arrears on my loan due to unemployment , If I return to repaying my loan, is it possible to borrow from the credit union again?

Yes off course.  Once you have cleared your arrears on your  loan this will  demonstrate that you have the ability to repay your loan again and will strengthen your position greatly to apply for another loan.

Please call us on 0494331715 (select option 2 credit control) to speak to one of our team

Or email info@cavancu.ie