REPORT OF THE CREDIT CONTROL COMMITTEE
On behalf of the Credit Control Committee, we extend a warm welcome to the 2025 Annual General Meeting. The Credit Control Committee is pleased to present its report for the financial year 2024 - 2025. This year was marked by both external economic pressures and internal strategic developments, all of which shaped our approach to credit control management and member support. The global and domestic economic environment in 2024 posed significant challenges. Factors such as the ongoing conflict in Ukraine, climate-related disruptions, and the rising cost of living placed financial strain on many households. These conditions contributed to an increase in loan arrears, as some members found it difficult to maintain regular repayments. Altura Credit Union’s Credit Control function continued to operate with a dual focus: ensuring responsible debt recovery while maintaining a compassionate and solution-oriented relationship with members. Our Arrears Support Department plays a vital role in this balance, offering tailored assistance to members in financial difficulty. A significant development in 24/25 was the successful Transfer of Engagement with Baltinglass Credit Union, completed in March 2025. This strategic move expanded Altura’s reach to 10 branches, enhancing accessibility and service delivery for members in Baltinglass, Castledermot, Dunlavin, Tinahely, and Hacketstown. The ToE was well received by members, including those in arrears, who benefited from improved access to support services and financial solutions tailored to their needs. Our Arrears Support Department continued to operate with empathy and professionalism, offering a range of options to members in financial difficulty. These included: • Loan restructuring • Temporary Reduced Payment Plans, to name but a few. Members responded positively to these supports, with many expressing appreciation for the respectful and solution-focused approach taken by our team. We also maintained compliance with regulatory frameworks: • Mortgage accounts were managed under the Mortgage Arrears Resolution Process (MARPS). • SME loans followed the Central Bank’s guidelines for distressed business lending. Early engagement remains key. Members are encouraged to contact us at the first sign of financial stress so we can work together to find the most appropriate solution. We enhanced our collections strategy through proactive communication—text messages, emails, and letters—all designed to encourage member engagement and cooperation. While most members responded constructively, a small number remained unresponsive. In such cases, and only after all other avenues have been explored, legal action was initiated to recover outstanding debts.
42
Made with FlippingBook - Online magazine maker