We understand that life can be unpredictable. Sometimes unexpected things happen that make it difficult to keep up with loan payments. The most important thing is to contact us as soon as you realise you might have trouble making a payment - we're here to help, not to make things harder for you.
What happens when you miss a payment
If you miss a loan payment, several things may happen. You'll likely be charged a late payment fee, which adds to what you owe. Missing payments can also affect your credit score, making it more difficult to get credit in the future from any lender.
If payments continue to be missed, we may need to take further action to recover the money you owe. This could include contacting you more frequently about the debt or, in serious cases, taking legal action to recover what's owed.
The earlier you contact us, the better
The key is to get in touch with us before you miss a payment if possible, or as soon as you realize you're having difficulties. We understand that people face genuine hardship, and we want to work with you to find a solution that works for everyone.
When you contact us, we can discuss different options that might help. This could include temporarily reducing your payments, extending the loan term, or taking a short payment break. Every situation is different, so we'll look at what's best for your circumstances.
We're here to help
If you're struggling to make your loan payments, or think you might miss a payment, please contact us immediately. The sooner we know about any problems, the more we can do to help you get back on track.
Remember, we're a credit union - we exist to help our members, not to profit from their difficulties. Our goal is to find a way forward that protects your financial well-being while ensuring you can meet your commitments to us.