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.