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Manchester 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 recognise that circumstances can change from time to time and that everyone has periods when it becomes hard to make ends meet.
We aim to try and support and guide our members when times are tough and offer a solution wherever possible. However, we recognise the difference between those who ‘can’t pay’ and ‘won’t pay’.
When members won’t pay, we have a duty to do everything we can to recover the debts as it is our members’ savings that have been lent out. This will include legal action where necessary along with direct deductions from salary.
However, we will work hard to support our members who find themselves in genuine financial difficulties.
What you can do:
- Get in touch 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 don’t think you can afford to pay anything.
What we will do:
- Discuss your circumstances or worries in a sympathetic and sensitive manner.
- Establish the extent of your difficulties and work with you to assess your options for repayment.
- Agree a reduced payment plan or re-negotiation
- Agree 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 resources
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: