If a member is in financial difficulties, there are a number of options available to assist him/her in rescheduling the loan. An appointment should be made with the Loan Officer to discuss all the options available to the member. Any discussions in relation to rescheduling loans will be treated with the utmost confidence. Click here for more information.
Where the option to reschedule a loan is being applied for, a new loan application form must be completed and sent to the Loan Officer with all the supporting documentation listed in The Credit Union Decision making process.
This application will be reviewed by the Credit Control Committee which meets on a weekly basis.
It is important to note that, under regulations issued by the Central Bank, which came into effect on the 1st November 2010, no further credit can be granted to a member who has rescheduled a loan, unless in exceptional circumstances, until such time as the loan is cleared.