Credit Committee

The Credit Committee continues to meet, due to demand, every 2 weeks to oversee and approve the granting of loans that exceed a total of more than £4000.

In the last year the Committee has viewed 1129 applications totalling £3,099,371.03 an average of £258,280.91 per month. The majority of applications are passed, some with restrictions placed upon them and in a few cases the loan has been refused both to protect the member applying and also to protect the funds of the Credit Union. The current pressure upon every household at this time of economic instability is evident.

With the membership still growing steadily and a new loan limit of £20,000 from October 2010 there is an ever increasing burden of responsibility resting on the shoulders of this very active and supportive committee and one which is handled, when necessary, in a responsible and sensitive manner. Members are reminded of the importance of full disclosure on all loan applications as failure to supply the required information could result in delay or even refusal of the loan.

Loans are available for any purpose and with repayment terms now up to 5 years and continued flexibility it still makes the Credit Union a very attractive financial organisation with which to do business.

I would like to take this opportunity to acknowledge the contribution from every member of the Credit Committee, all of whom attend regularly and give of their own time to make the function of the committee work so well and at a level which is now so necessary.

On behalf of the Committee I would like to thank Jill, Carol and Elaine for their hard work in preparing all the files for meetings and ensuring everything is kept in order.

Sam Dempsey
Chairman