Despite the testing economic times, Derry Credit Union has had another very successful year with increased membership, increased savings, a 2% dividend for savers and a 20% interest rate rebate.
At the credit union’s 52nd Annual General Meeting held recently in the Millennium Forum members of the city’s largest credit union heard savings had increased by £1,270,268 bringing the total to £72,771,663. At the same time the amount out on loan had decreased to £35,869,242, an indication that members were being prudent in their borrowing and also making an effort to increase their savings.
Members also heard that the credit union had implemented a policy to “vigorously pursue” those who did not repay their loans and over the past year 53 members had been taken to court, 7 judgements were currently in the process of enforcement to obtain attachments to earnings or property and 14 orders charging land were made.
A total of 333 accounts were charged off totalling £1,096,901.26 and a total of £182,755.82 bad debt had been recovered.
The Board of Directors said there were members who were not fully committed to the credit union and abused the privileges of membership by accessing loans with the deliberate intention of defaulting on their responsibility.
It was however recognised that even the most careful borrowers could find themselves in difficulty with their repayments due to changed circumstances and they would find a sympathetic ear and practical assistance when they contacted the Credit Union.
Welcoming members to the meeting the President Philomena Deery commended the members on their loyalty and responsibility to their credit union.
She told them they should take heart that, despite the tough times and the high cost of providing heat and food for their families, they were part of one of the most viable financial institutions in the city where financial help and advice were always available.