Information for Borrowers concerned about Financial Difficulties
Financial difficulties can occur for members, often when they least expect it.
The key factor in working through any issues you may encounter is keeping in touch with your financial institutions and any other creditors you might have. Whether you have a personal, business or house loan with us, the information below may be helpful to you and explain the options and remedies that are available.
Personal Loan
If you have a personal loan with us, then you should give us a call on 0567722042 and ask to speak to a member of the credit control team who can talk you through your options and offer support.
Even better news is that we would love to offer loans to groups who need financing for their big dreams. If your group does need to consider borrowing for a development project you can also apply for a community loan, see more about this product and what’s involved in borrowing here.
Mortgage Arrears
Your financial situation may have changed in recent years, and you may have fallen into arrears on your mortgage repayments, or you may be concerned about falling into arrears in the future. Whatever the cause of your financial problems, St. Canice’s Credit Union is committed to supporting you if you are in financial difficulty. Our guide is designed to help you understand the Mortgage Arrears Resolution Process (MARP) and what support is available to you. We provide it to help members who think they may be in financial difficulty, those already in difficulty and those who are currently in an agreed arrangement with their mortgage.
As part of the MARP process you may be asked to sit down and work through your income and expenditure to create a comprehensive overview of the situation. This worksheet will help you with this process.
We want to assure you that we are committed to helping you with any repayment difficulties you may have, treating you fairly, and finding the most appropriate solution to best suit your circumstances.
Small and Medium Enterprises
If your business is experiencing financial difficulties, it is important to communicate these issues to us as soon as possible so that we can work together to address them. Engaging with the credit union at the earliest possible stage gives us the best chance of finding a resolution that works for both sides.
We will consider any financial difficulties situation sympathetically and work with you constructively to find appropriate solutions. In most cases, by continuing to work together, we will find an acceptable alternative way forward.
The booklet attached below outlines the definitions of terms such as arrears and financial difficulties. It is helpful to familiarize yourself with these terms and the procedures surrounding them.
The most important step is to engage with the Credit Union as soon as possible. Apart from our own internal processes we can also point you in the direction of other outside bodies who may be able to further assist your business in solving any trading difficulties it may be experiencing.
It also outlines St. Canice’s Credit Union’s procedures when dealing with SMEs in ‘financial difficulties’ and gives information on the support which will be provided by the Credit Union to SMEs in this situation.
The Credit Union recognises that individual SMEs may differ by size and indeed sector and therefore each SME in financial difficulties will be dealt with on a case-by-case basis.
Steps involved in dealing with SME’s in or facing financial difficulties
STEP 1
Contact the Credit Union as soon as possible
STEP 2
Inform the Credit Union of your concerns
STEP 3
Agree an approach to resolve the situation
STEP 4
Provide relevant and reliable information as requested by the Credit Union
STEP 5
Complete any necessary documentation requested as part of the assessment
STEP 6
Regularly Review your progress with the Credit Union and advise us should your situation change
If you have any questions about the information above please feel free to contact the Credit Union any time and ask to speak to a member of our credit control team.
