ILCU Statement on COVID-19
Posted on: 19 Mar 2020
Credit unions are known for always putting the interests of their members first. In this unprecedented time credit unions recognise that many of their members will face unexpected hardship through unemployment and other events associated with COVID-19.
We are urging members to contact their local credit union, either by phone or on line, to discuss possible flexible arrangements regarding their loans over the coming months. We can assure members that they will be treated fairly and with empathy.
The Irish League of Credit Unions will be meeting with the Central Bank and the Department of Finance this week to discuss further measures to assist members at this difficult time.
Frequently Asked Questions
I’m concerned about my credit union loan repayment. What should I do?
Credit unions are fully aware of the impact which the COVID-19 pandemic has had on members and their local communities. Each credit union makes decisions at local level and members are advised to contact their credit union directly if they have any concerns in relation to loan repayments.
You may find your local credit union using the credit union locator by clicking here.
What is the process? Will I be charged if I restructure my loan?
Each credit union sets its own lending policy and has its own loan process. When you contact your credit union, a member of staff will be on hand to guide you through the process and explain to you what your options are. Credit unions do not charge rescheduling fees.
Will my credit rating be impacted if I do not make a loan repayment?
Credit unions fully understand the difficult position which members find themselves in, through no fault of their own. This is particularly the case for people who have lost their jobs or whose working conditions have been changed. In each individual case, the credit union will endeavour to work with the member to find a suitable solution.
The Irish League of Credit Unions, on behalf of its affiliated credit unions, has been in contact with the Central Credit Register to seek clarity on this matter. We will provide additional information on this as we receive it.
Are credit unions still issuing loans?
Yes. Credit unions across the island continuing to lend. Some credit unions are enabling in-branch applications, while others are enabling members to apply online.
Each loan application is considered on its own merits, taking into account the individual situation of the applicant. All lending decisions are taken at local level.