Manage Your Money
One of the key objectives of New Central Credit Union is to provide training and education to members in the judicious use of their money and in the management of their financial affairs.
We encourage all our members to complete a budget, regardless of income. It is important for all of us to know that we are living within our means. In fact, a simple budget is required as part of your loan application with New Central Credit Union; to ensure that members do not borrow more than they can afford.
Free Independent Money Advice
The Money Advice Service offers free independent money advice on a range of things, from savings, borrowing, pensions, benefits, and mortgages. Take a look at their website here.
New Central Credit Union is a financial co-operative, owned by its members and as such we are committed to helping our members to manage if they are struggling to meet loan repayments. We understand that circumstances can change which can affect your ability to pay. We aim to try and support and guide our members when times are tough and offer a solution wherever possible. If you know that you have missed a loan repayment or are likely to then contact us as soon as possible – we will do what we can to help. Please firstname.lastname@example.org at the earliest opportunity. We will work with you to manage your loan arrears.
What you can do:
- Contact us as soon as you know that you might have difficulty making a payment.
- Use our budget planner to understand where and how you spend your money.
- Help us to assess how much you can realistically afford to repay.
- Keep to your new payment plan and let us know as soon as you can if this is becoming difficult.
- Choose a method of contacting us that you are most comfortable with, such as text, email, or telephone.
- Keep us updated with any new contact details.
- Respond quickly to any messages we may send.
- Seek the help of an advice agency if you have lots of debts or if you do not think you can afford to pay anything.
What we will do:
- Review your circumstances or worries in a sympathetic and sensitive manner.
- Ascertain the extent of your difficulties and work with you to assess your options for repayment.
- Agree an acceptable repayment plan that best suits you.
- Decide a review date that you are happy with.
- Refer you to an advice agency that will help you rather than make things worse.
Debt management Advice
We strongly advise you not to be led into a debt management plan, as many companies who offer these plans are only out to make money from your predicament. There are reputable agencies which help people in financial difficulties. These include:
As a responsible lender we will do our best to only lend what we think you can afford.
However, if you know that you have missed a loan payment or think that this is likely, then you must contact us as soon as possible.
If you need to speak to us about your loan repayments, or have any questions about your account, please contact us on:
Telephone: 02476 633 456
Or Email: email@example.com
We do monitor missed payments daily, and we will contact you by phone, text, or email.
If you know you have missed a payment our staff can offer the following ways to catch up:
- Bacs Transfer
- Lloyds Bank
- Sort Code: 30-92-33
- Account number: 04113549
- Please remember to put your membership number as reference
- Over the counter at our Coventry Office
Reasons you should contact us if you have missed a loan payment
- Missed payment may be due to insufficient funds in your bank account, child benefit not received by us, payroll deduction information incorrect or you may simply have forgotten. Getting in touch with us will help put things right.
- Missing a loan repayment will lead to interest being accrued. Your loan will thereby cost you more than if you stuck to the original loan agreement.
- We share members’ loan data with credit reference agencies, such as Equifax and TransUnion so missed payments will appear on your credit history and may affect your ability to borrow elsewhere in the future. Credit Union loan applications by others in your household may also be affected by your non-payment due to the increased risk of default.
- Our loans are funded by other members’ savings and we have a duty to them to ensure that loans are repaid.
- We will always contact you if you have missed a payment, but if this is unsuccessful then your savings with us will be transferred to reduce your outstanding loan balance, so your savings will no longer be available to you.
- Eligible Loan Deduction Scheme (ELDS)may be used to recover your outstanding loan balance by deduction from your benefits.
- We might use a Debt Collection Agency to recover your outstanding debt. Our reasonable cost of debt collection will be added to your outstanding debt and further costs may be added to cover the costs of debt collection.
- County Court Judgement may be entered against you if you do not comply with your loan agreement. This will incur further costs and will show on your credit history which may affect your ability to get credit in the future. We really hope that your loan does not reach this stage, it is always best to contact us as soon as possible and talk with us so that an arrangement can be reached which best suits you.