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Loan Repayment Difficulties

Loan Repayment Difficulties

If you are in financial difficulty meeting your loan repayments, we have a team dedicated to Credit Control to help you. If your circumstances have changed, we can work together to help you manage your debts.

If you are in financial difficulty….

Firstly, call us on 022 21121 or email: info@mallowcu.ie. By contacting us early and explaining why you are in financial difficulty, we will be in a much better position to assess the situation. We can then offer you some guidance and assistance.

Credit Control will assist you to complete your application and submit your revised Proof of Income. You will also need a bank statement dated within the last 3 months.

Already in arrears? Please follow our Loan Arrears Advice on how best to manage a loan that has fallen into arrears.

NOTE: Please do not ignore our letters or phone calls, as failure to do so may affect your credit rating and may result in legal action.

What we can do to Help:

  • Every effort is made to accommodate members whose circumstances have changed. These members may be experiencing difficulties meeting their loan repayments.
  • By working with us, we may also be able to help you manage your other debts.

The common reaction to financial difficulty is to refinance your loan, but there are implications to this, and these are:

  • the Central Bank of Ireland will not allow you to borrow again for 12 months.
  • Access to future borrowing may also be affected.
  • Our Credit Control team will work with you in assessing all your options based on your needs and what means are available to you.

 

Ways to pay your Loan

  • Direct Debit from your Bank Account. To set up a Direct Debit call to Mallow Credit Union or Tel: 022 21121
  • Electronic Funds Transfer / Standing Order from your Bank Account. To set up an Electronic Funds Transfer / Standing Order please contact your Bank with your Credit Union IBAN and BIC Numbers
  • Online through your Bank’s Online Banking facility. Please use your Credit Union IBAN and BIC.
  • By telephone using your Laser/Debit Card Tel 022 21121
  • Transfer funds from your Credit Union Current Account to your Loan Balance using our online banking facility or our mobile banking app.
  • Payroll Deduction, Paypath, Social Welfare and/or Pension.

For further information call us on 022 21121 or visit us in-branch in Mallow, Ballydaheen, Charleville, Buttevant, Doneraile, Dromcollogher, Broadford, Millstreet.