Credit Committee

The Credit Committee continues to meet on a fortnightly basis to oversee and approve the granting of loans that exceed a total of more than £4000.

In the last year the Committee has viewed 1074 applications totalling £3,133,886.13, an average of £262,157.17 per month. This is nearly £1 million worth more that the previous year. The majority of applications are passed, some with restrictions placed upon thema nd in a few cases the loan has been refused both to protect hte member applying and also to protect the funds of the Credit Union.

With the membersship growing steadily and in particular with the loan limit being incresed to £15,000 there is an ever increasing burden of responsibility resting on the shoulders of this very active and supportive committee and one which is reacted to, when necessary in a responsible manner.

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.

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