POSSIBLE ALTERNATIVE ARRANGEMENT OPTIONS OPTIONS AND SOLUTIONS STEP 3
OPTION 2
Permanent Arrangement Loan reschedule / term extension – Rescheduling loans can make the loan more affordable for the member by reducing the payments and extending the outstanding loan over a longer term. Information Regulations allow lending to extend beyond standard limits of 10 years for unsecured and 35 years for secured lending in these scenarios*; however, careful consideration will be given by Altura Credit Union to the longer-term impacts on cost of credit and suitability for each borrower’s situation.
Important To Remember If a member’s situation improves, they always have the ability to increase repayments to reduce the overall term of the loan without any early repayment penalties or charges (subject to fixed rate product terms and conditions).
Contact Us: 053 94 88709 arrearssupport@alturacu.ie
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