....
He paid the policy at the beginning of the year but when his illness became terminal his finances went into disarray and he did not pay his Credit Union loan for 3 to 4 months.
The Union was informed but they declined his offer of a small repayment token each month and subsequently used all his shares to pay off his loan.
The revoked this offer and immediately emptied his share account.
The CU declined to offer a payment reschedule and subsequently emptied the borrowers share account, without his say so, and placed it against his loan.
Hi Brendan,
..The CU declined to offer a payment reschedule and subsequently emptied the borrowers share account, without his say so, and placed it against his loan..
The various insurances are covered by policies external to the individual credit union so I do not see any financial benefit to a specific credit union by avoiding a claim.
Hi Slim
Say a member has a loan of €10,000 and shares of €10,000 and advises you that they are terminally ill.
What would the CU attitude in general be?
Do you remind them of the benefits of the insurance and tell them to make sure that they don't pay off their loan quicker than the schedule and that they try to keep their shares? Or do you encourage them to clear both as it saves you paying out on insurance?
Brendan
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?