Arrears - Ballinasloe Credit Union

Loan Arrears FAQs

What happens if I don’t or can’t repay my loan as agreed?

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 required to submit information on our loans to the Central Credit Register, owned and operated by the Central Bank of Ireland (see section on the Central Credit Register). Arrears on your loan will affect your future ability to access credit with the credit union and all other financial institutions.

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

Our preference 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 funds lent.

I did go through a difficult period but I want to get back to paying my loan. What do I do?

This may include restructuring the loan to reduce the weekly or monthly repayments to a level that you can afford.

I’m paying my loan back but there are arrears on my loan because I missed some payments. How do I clear these?

We are always happy to hear that our members are getting back on their feet. Please feel free to call us to arrange an appointment to discuss your options. We can provide advice on the best way forward for you and repayment options. This may include restructuring the loan to reduce the weekly or monthly repayments to a level that you can afford.

I was unemployed and haven’t paid my loan in a few months. If I return to repaying my loan will I be able to borrow from the credit union again in the future?

What happens if my business is in Financial Difficulty?

If you’ve fallen into arrears on your business/agri loan repayments, or are worried you might, we are here to help. At Ballinasloe Credit Union, we’re all about our members and our staff are fully trained to help you through this process. We will deal with your request in confidence and to the best of our ability.

Many businesses face financial challenges from time to time. Market forces, cashflow issues and a host of other financial pressures can put stress on a business. At Ballinasloe Credit Union, we recognise that it isn’t always easy, and we want to help where we can. Dealing with financial problems in business can be daunting but tackling problems and seeking advice at an early stage can make a difference. At Ballinasloe Credit Union, we are fully committed to working with you in attempting to find appropriate solutions as regards the loan you hold with us which may assist your business to get through a period of financial difficulties.

Download: Information Booklet for SME’s facing Financial Difficulty

This booklet outlines the approach and procedures of Ballinasloe Credit Union when dealing with SME borrowers who are in financial difficulties and gives information on the various options available to SME Borrowers who are in financial difficulties. It also details the criteria which will be applied to SME Borrowers who are in financial difficulties. At all times, it is in your interest to engage with the credit union about your arrears or financial difficulties so that a suitable arrangement can be found.