T&Cs

I will notify CENTRAL LIVERPOOL CREDIT UNION LTD (hereafter called the Credit Union) of any changes in financial or personal circumstances preventing me from making a loan repayment as agreed between myself and the Credit Union and outlined in the Promissory Note. I understand that the Credit Union may, depending on my circumstances, allow me to renegotiate the repayment terms of the loan should I suffer a change in my financial circumstances. Notifications or negotiations of this sort must be done through the Credit Union’s Loan Officers.

I will notify the Credit Union of any name change, change of address or a change of next of kin. I understand that should I change address without informing the Credit Union they will instruct their Debt Collection Agency to conduct a search of my whereabouts and that I will be charged for any costs incurred for that search.

I understand that if the Credit Union has a data sharing arrangement with a Registered Social Landlord that happens to be my Landlord the Credit Union and the Landlord may share pertinent information about me, such as whether or not I am still living at the address and if I have rent or loan arrears.

I understand that should I miss more than 2 consecutive loan repayments without consultation or permission from the Credit Union, then the Credit Union reserves the right to periodically deduct any outstanding interest from my shares without prior notification and that, in doing so, the loan balance will not be reduced and the outstanding amount will still incur interest.

I understand that, in the event of my persistent non-payment of this loan, the Credit Union reserves the right to transfer all my savings (as appropriate) from any account I have within the Credit Union to pay off the loan and any outstanding interest, and that any remaining loan balance will be pursued, if necessary, through the courts and court costs and our solicitors fees will be added to the outstanding balance.

I understand that all costs incurred in pursuing non-payment of this loan will be added to my account and will increase the size of the amount outstanding.

I understand that the Credit Union will RIGOUROUSLY pursue any non-payment of this loan and any non-payment could result in any of the following: my having a County Court Judgement against me, Bailiffs attending my property, an attachment of earnings, a charge on my property, deductions at source from state benefits or other penalties that the law allows.

I agree that if I default on repayments, information about my loan may be passed onto the Department for Works and Pensions for their consideration of deductions from benefits that I am or will be entitled to.

I understand that, should I have a guarantor for this loan, the guarantor will be pursued in addition to myself for any non-payment of this loan and all the Terms and Conditions of this loan also apply to my guarantor.

I understand that the interest on this loan is charged at 1%, 2% or 3% per month of the outstanding balance of the loan and that the interest and loan details agreed when I signed the Promissory Note will alter if I do not make loan repayments as agreed when I took out the loan. If I make a late payment I will have to pay more interest than was shown on my Promissory Note and if I pay in advance I will pay less interest than is shown on my Promissory Note. In either case, the Credit Union will be able to give me the new details on request.

I agree to hand my personal income and expenditure and other pertinent details to the Credit Union for checking as and when requested by the Credit Union and at the start of each loan application.

Name of borrower (block capitals)
A/c No
Signature of borrower
Signature of guarantor
Signature of witness
Date