Debt Consolidation in Credit Unions
When considering if debt consolidation would be beneficial for a credit union and its members, it’s useful to consider the...
See MoreCredit Control
Lending is an essential part of every credit union’s business but it is also one of the biggest risks that a credit union takes. Every pound that the credit union lends to its members is potentially at risk. Some of this risk is controlled and limited by the legal and regulatory requirements that exist.
Other risks will need to be controlled by the credit union within its own policies and procedures. A credit union’s policies and procedures for credit assessment, credit administration, loan portfolio management, credit control and debt recovery are therefore critical to a credit union’s ability to successfully generate sufficient profit from its lending business to cover expenditure, build capital and generate a dividend for members. Good lending practice means good credit control.
The credit union difference is achieved through the credit union’s ability to be flexible and adaptable enough to meet the needs of members.
Wednesday 10 January 2024
Breathing Space Scheme Guidance
Overview of the Breathing Space Scheme The new government Breathing Space scheme (also known as the Debt Respite Scheme) is...
See MoreCredit Referencing
See MoreDebt Remedies: England & Wales
See MoreDebt Remedies: Scotland
See MoreEligible Loan Deduction Scheme
(Updated 30/05/25) Why do you need to know? The Eligible Loans Deductions Scheme (ELDS) enables credit union lenders to apply to the...
See MoreGetting the Policy Right
See MoreIndividual Voluntary Arrangements
(Updated 27/02/25) When a member of your credit union finds themselves in financial difficulty, you may find that they sign...
See MorePre-Action Debt Protocol
From 1st October 2017 the pre-action debt protocol was implemented in England and Wales. The protocol applies to all businesses...
See MoreSample Arrears Schedule
STAGE PERIOD FROM DUE DATE ACTION 1 1-7 days 1 week Check that Loan Set-up and account details are correct...
See MoreScotland: Debt Arrangement Scheme
Debt Arrangement Scheme (DAS) – applies Scotland only The Debt Arrangement Scheme is a statutory debt solution for residents of Scotland...
See MoreScotland: Protected Trust Deeds
(Updated 14/05/2025) Protected Trust Deeds (PTD) – applies to Scotland only Introduction When a member of your credit union finds themselves...
See MoreThe Credit Control System
System- noun – a co-ordinated body of methods or a scheme or plan of procedure; organizational scheme: The Credit Control System....
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