Avoid Delinquency

Delinquency affects your relationship with your Credit Union negatively.
•    Limits fund for future lending.
•    Affects dividend payments.
•    Limits ability to develop services and products.
•    Affects overall standing among Credit Unions.

Delinquency results from many factors:
•    Not making your loan payment on the schedule date
•    Paying less than the amount required
•    Paying irregular lump sums instead of monthly installments
•    Salary deduction increases not being effected on time.

Actions taken on delinquent loans include:
•    Telephone Calls or Visits to the Members, their Guarantors and Co-makers
•    Letters to the Members their Guarantors and Co-Makers
•    Transfer of Savings
•    Sale of Collateral Pledged – i.e. Motor Vehicle, Property, or Appliances.
•    Arbitration – Meeting among all parties, i.e. Credit Union, Member, Guarantors and a Mediator
•    Court Action
•    Imprisonment

Consequences of delinquency:
•    You will be limited to cash secured loans
•    Your Guarantors, if any, stand to lose as they will not be able to access any loans until your loan is settled
•    Your Co-makers will lose their Shares pledged as security for your loan
•    Legal action may be taken against you, your Guarantors and Co-makers
•    Repossession and or sale of items pledged as security.

Disclaimer: The terms and conditions of the products are subject to change from time to time. Please confirm the current terms and conditions with a Member Service Representative.