If you are unable to pay your loan, contact us straight away. Then we can find a suitable payment plan to keep you on track.

If the situation is temporary, then a short payment holiday might be offered. Longer-term problems might require a rescheduling of the loan. If you choose one of these, it will adversely affect your ability to get a top up loan.

If you do miss a payment this may be reported to a Credit Reference Agency. Currently we use TransUnion.

If you miss six payments in a row this is reported as a default. Missed payments and defaults will reduce your credit score. As a result, it can be more expensive to borrow. Many lenders may automatically reject a loan application is you have a default.

We want to avoid that happening. By keeping in touch with CLCU and making a payment, means you may not lose you eligibility for a loan with the Credit Union. We’ll do our best to ensure any alternative repayment arrangement does not adversely affect your credit score and that you get back on track as soon as possible, including maintaining your ability to top up your loan.
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