Loan Payment Difficulties

As we lend our member’s money, if we are unable to obtain a suitable re-payment arrangement for any loan accounts in arrears, it is our policy to pursue every member until the outstanding debt has been recovered in full and we will take the below action to recover outstanding monies.

If your loan is in arrears or you are experiencing financial difficulties and wish to put forward payment proposals please Click Here and complete the Income and Expenditure Form. We may request evidence of your income together with your latest bank statement but we will contact you directly if this information is required.

You can attach and e-mail the completed form to [email protected]

If you are in receipt of any benefits we will make an application to the Department of Works and Pensions to deduct monies from your benefits in order for the loan to be re-paid.

This is referred to as an Eligible Loan Deductions Scheme

We can apply for a County Court Judgment, which may result in you finding it difficult to obtain further credit.

We may instruct a debt collection company to recover monies on our behalf.

Enforcement of the County Court Judgment include:

Attachment of Earning – We will ask the Court to consider deducting an amount from your earning directly from your employer.

Charging Order – If you own your property we will register a Secured Charge against your interest.

Warrant of Execution – We will instruct the Court Bailiff to attend your address to seize and remove goods to the value of the outstanding debt.

Any cost incurred to recover the debt will be applied to the loan in accordance with the terms and conditions of the loan.