Whenever you take a loan you sign a promissory note (a legally binding document) agreeing to pay off your loan within a specified period of time.
The maximum period for most loans is 5 years, however some special rate loans such as oil, holiday and Christmas have to be completed within a shorter period.
We always recommend that Member’s complete their loan as quickly as possible in order to minimise the amount of interest they pay.
Change of Circumstances
Newry Credit Union considers itself to be an understanding lender, so if your circumstances change and you experience difficulties meeting your agreed repayments, it’s very important that you contact our office to discuss your situation.
If you don’t contact us and you either stop making payments on you account, or you pay less than the agreed amount, we will assume not that you can’t make repayments, but that you won’t. That being the case we are obliged to pursue the outstanding monies on behalf of the other Members of Newry Credit Union.
It is important to realise that not paying your loan as agreed can impact on your credit record.