What “delinquency” really means
A loan becomes delinquent when a scheduled payment is not made on the scheduled date. It can also result from paying less than the amount required, paying irregular lump sums instead of monthly instalments, or a salary deduction increase not being effected on time.
Consequences of delinquency
The good news
Steps we may take to recover a delinquent loan
If a loan stays delinquent, the credit union may need to take the following steps to recover it. Reaching out early is exactly what helps you avoid them.
Ways we can work with you
Restructure your loan
Adjust the terms of your loan so the payments fit your current circumstances.
Adjust your payments
Reschedule or reduce instalments for a period while you get back on your feet.
Agree on a payment plan
Set up a realistic catch-up plan that clears the arrears at a pace you can manage.
Financial counselling
Talk through budgeting and money habits so repayment stays comfortable long-term.
Use your savings
Explore whether restructuring against your shares or savings is the right move.
A fresh start
Once you’re current again, we’ll help you rebuild toward your goals with confidence.
Three steps to a way forward
Contact us
Call, email or visit a branch and let us know you’re having difficulty, the earlier the better.
Review your situation
A loan support officer looks at your loan and income and explains the options open to you.
Agree on a plan
Together we set up an arrangement that clears the arrears and keeps your loan in good standing.
Let’s find a way forward
Reach out today. A confidential conversation is the first step.
