Loan Repayment Difficulties
Personal Loan Repayment Difficulties
If you don’t or can’t repay your loan per the original loan agreement this will affect your credit rating. All credit union loans are registered with the Irish Credit Bureau Central Credit Register. Arrears on your loan will affect your future ability to access credit with the credit union and all other financial institutions.
People First 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.
Your 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.
If you are having difficulty making your loan repayments please contact us on Ph: 057 86 22594 or email email@example.com
For free confidential independent advice on money and budgeting, contact MABS please click here for contact details
Business Loan Repayment Difficulties
If you are experiencing repayment difficulties on our business loan please revert to our SME Booklet for more information.
Home Repayment Difficulties
Given the current period of uncertainty around the Coronavirus, we are asking our members not to bottle up anxiety around your finances. We are here to help. It is important that you communicate any repayment difficulties with us so that we can work with you to make a plan. We have a full guidance pack available to download for our Mortgage Arrears Resolution Process.
The Mortgage Arrears Resolution Process (MARP)
A member's home is their most important asset. When members borrow money to buy a house, it is important to explain to members the importance of maintaining loan payments as per the greed schedule. Equally important is for the Credit Union to have a process in place when it is no longer possible to make payments as planned.
People First Credit Union works under the Code of Conduct on Mortgage Arrears (CCMA) Framework , issued by the Central Bank of Ireland of having a MARP in place for its members who experience financial difficulty and are in arrears, or are at risk of going into arrears (Pre-Arrears) on their mortgage with the Credit Union.
People First Credit Union is committed to assisting members in financial difficulty, weather those difficulties are temporary or more permanent in nature. Our goal is to get members back on a fair and sustainable payment plan as soon as possible, and to this end co-operation is necessary. If members don't work with us towards this solution, they are at risk of being deemed non-cooperating, which will ultimately result in those members losing the protections afforded under MARP.
It is important to note that the CCMA and MARP only apply to mortgage loans that are secured against a members Primary Residence. This means the house which you principally reside in as your "home" or the only residence you own within the state, weather occupied by you or not. Please see www.centralbank.ie for further clarification on the CCMA.
There are 4 Steps to MARP:
- Financial Information
For more information please call to the Credit Union for a copy of our MARP booklet, or alternatively click the button below to to download a copy in PDF format.
People First Credit Union has a specific Arrears Support Unit that deals with members who have mortgages with the Credit Union, who are experiencing financial difficulty.
Please contact 057 86 22594 (Mon - Thurs 9:00am to 5:30pm, Fri 9:00am to 7pm, Sat 9:30-3pm) or email firstname.lastname@example.org
WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT
WARNING: IF YOU DO NOT MEET THE REPAYMENTS ON YOUR CREDIT AGREEMENT YOUR ACCOUNT WILL GO INTO ARREARS. THIS MAY AFFECT YOUR CREDIT RATING WHICH MAY LIMIT YOUR ABILITY TO ACCESS CREDIT IN THE FUTURE
The government has set up an independent Mortgage Arrears and Information advice service. For more information visit www.keepinqvourhome.ie or phone 0761 07 4050