The SME Regulations define “financial difficulties” as: When your credit facility agreement/alternative arrangement has been in arrears for 3 consecutive months; In the case of an overdraft where the approved limit on the overdraft is exceeded by the borrower and remains exceeded for 90 consecutive days; Where the Credit Union has determined that the borrower’s circumstances are such that the ‘financial difficulties’ provisions of the SME Regulations should be applied to the borrower. WHEN AM I CLASSED AS BEING FINANCIAL DIFFICULTIES AND / OR ARREARS?
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