Delinquency

[Admin]

How is the credit union coping with loan losses?

Loan losses arise primarily from delinquent accounts. The Society has implemented several
measures to reduce the likelihood of a loan becoming delinquent. This includes but is not limited
to a more focused review of applicants.

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What is the plan going forward regarding delinquent members?

The Society plans to continue to strengthen our collection efforts. The Collections Department
has been renegotiating payment terms with our members affected by post COVID issues, and
therefore, not being able to pay in full. Significant resources have been focused on recoveries
with the oversight of a Board sub-committee. Delinquent loans are also referred as disputes to
the Commissioner of Co-operatives with the aim of prompting payment or further recovery
action.

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What steps has the institution taken to recover the unpaid loan amount from the estate of David
John Williams?

The Society has a legal duty to protect the confidentiality of existing and former members. As a
rule, VENTURE Credit Union does not disclose details regarding specific relationships. In
general, however we continually exploit all legal options for the recovery of unpaid loans.

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Are all efforts exhausted to recoup monies owing from delinquent members.? Is there a very
stringent vetting process in place before people are loaned money by the credit union?

The Collections Department implement continuous collection efforts to recover outstanding
funds from our delinquent members which includes outsourcing collection efforts to external
collectors.

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What is the process to have a Bailiff selected to work for the credit union who is a member of the
credit union?

The bailiff can submit their resume to the Society for consideration.

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Submission of bids for Tobago applicants who may not be in Trinidad.

Bids can be sent via our website using our “Contact Us” form or email submission.

[Author]

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