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Home Forums Annual General Meeting 2022 Q&A Credit Committee Report

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    Q: How are we with respect to overall debt write off?

    A: With this year’s (2022) proposal, we would be on par with industry standards in respect of bad debt write-off at 365 days.

    Q: Explain credit rating and how can a bad rating be

    A: Credit rating is an estimate of a person’s ability to honor debts and financial commitments when they become due. Someone who wishes to improve their credit rating should seek to meet their current financial commitments on time.

    Q: Where can I get the past years dividends percentages and reports

    A: Reports for Dividend of past years can be accessed online at /Our Story/Annual reports.

    Q: Are there any changes to loan rates?

    A: From time to time the Society has loan promotions that offer special interest rates that are quite comparable. Kindly come in or call one of loan officers for further information

    Q: As I’m not working regular what would happen to my shares as I am paying a loan that is in arrears?

    A: Please come in to the Credit Union to speak with one of our officers with regard to payment terms

    Q: Do you lend to clients wishing to consolidate to make a fresh start

    A: Yes we do, Please look out for our Debt Consolidation Loan Promotion coming soon. Kindly call or come in to speak with one of our loan officers

    Q: How do you get to do voluntary service on the CC

    A: One must be nominated and recommended by the Nominating Committee. Kindly see criteria for acceptance on page 10 of the Annual report which is available online

    Q: Are there going to be more loan promotions during 2022

    A: The Credit Union continues to have loan promotions throughout the year. Please call or come in to speak with one of our loan officers. See us online as well

    Q: Can NIS pensioners borrow.

    A: Certainly, call us at 225-4828 in or come in and speak with one of loan officers for more information please.

    Q: What is committee doing to improve the member experience as compared to external lending institutions in terms of borrowing as the process is usually tedious from past experience?

    A: The Society is at present assessing our loan processes to improve turn around time for loans and ensure a more robust process

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