Terms and Conditions

nThese terms and conditions cover the following areas of operation:

  • Applying for a loan and borrowing from us
  • Guarantor terms and conditions
  • Privacy notices for lending, including the use of Credit Reference Agencies

Applying for a loan and borrowing from us

When applying for a loan you are agreeing to the following declarations:

  1. I/we are not indebted to any other credit union, bank or loan agency either as a borrower or guarantor, except as stated. The statements given on my application are made for the purpose of obtaining the loan and are true to the best of my/our knowledge and belief.
  2. I/we understand that if any such statements are subsequently found to be untrue that I will have committed a criminal offence and may be liable for criminal prosecution.
  3. I/we understand that I may/ be required to produce photographic ID plus one recent Proof of Address along with proof of income.
  4. I/we understand that a credit check will be carried out and required give my consent for this to be carried out if required
  5. Please note that we maintain the right to contact members by such means as best available to us in relation to a non­ performing loan or outstanding debt to the credit union, including by text
  6. In case of any default in payment as herein agreed, the entire balance of any loan shall immediately become due and payable at the option of the Credit Union.
  7. As such you hereby jointly and severally pledge all paid shares and payments on account of shares, which you now have or at any time hereafter may have in the Credit Union as security for repayment of this loan together with interest , costs and expenses,
  8. I hereby authorise the Treasurer of the Union to apply any or all such paid shares and payments on account of shares which I (We) now have or at anytime hereafter may have in the Credit Union to the payment of the said loan , interest, cost s and expenses due to the Credit Union howsoever arising.
  9. Each party to the loan agreement, whether as borrower or guarantor, severally waives presentment for payments, demand, protest and notice of protest and dishonour of the same to the intent that each party shall be deemed to have notice and full knowledge of all debt now or at any time hereafter due to the Credit Union and terms of repayment and otherwise of the same as well as full knowledge and notice of the nature and existence of all other accounts at all times held at the Credit Union, which may be called upon as security for repayment of this loan together with interest , costs and expenses.

Acting as a guarantor to a loan

  1. An Officer or Employee of the Credit Union CANNOT act as a Guarantor fo·r a loan from the Credit Union.
  2. The Guarantor signs the Promissory Note as a party to the loan arrangement. This means that the recovery of the loan can be enforced against the Guarantor.
  3. The Guarantor as a party to the loan arrangement is jointly and severally liable for the repayment of the loan. This means that the Credit Union, if it has to seek recovery of the loan due to nonpayment by the.Borrower, may seek repayment of the loan in full together with any interest and costs and expenses thereon from either the Borrower or the Guarantor or from both of them.
  4. If any default is made in the repayment of the loan the Credit Union: may treat the entire unpaid balance of the loan as becoming payable immediately and may require the Guarantor to pay this amount forthwith.
  5. As a Guarantor you pledge your shares and any monies paid on account of shares in the Credit Union as security for your Guarantee. This means that the Credit Union may talu your shares and money to repay the loan or part of it if it has to call upon your Guarantee. Should this be done and thereafter any part of the loan still remains unpaid then you as Guarantor can still be held liable for repayment of the unpaid amount. The Credit Union does not need an Order from the Court to apply your shares etc., against repayment of the loan. Neither is the Credit Union required to send you any formal demand or request for payment prior to applying your shares and money in repayment of the loan.

Lending: additional privacy notices

You can read our general privacy notice here.

Credit Reference Agencies

In order to process credit applications you make we will supply your personal information to credit reference agencies (CRAs) and they will give us information about you, such as about your financial history.

We do this to assess creditworthiness and product suitability, check your identity, manage your account, trace and recover debts and prevent criminal activity.

We will also continue to exchange information about you with CRAs on an ongoing basis, including about your settled accounts and any debts not fully repaid on time. CRAs will share your information with other organisations.

Your data will also be linked to the data of your spouse, any joint applicants or other financial associates. This may affect your ability to get credit.

The identities of the CRAs, and the ways in which they use and share personal information, are explained in more detail at:

Transunion

Equifax

Experian

They may retain information for up to 6 years after any credit agreement between us has ended. When we share this information all parties conform to industry standards.

When we check your account this leaves a footprint on your credit file.
Lurgan Credit Union Ltd uses a company called NestEgg Ltd to process this data on our behalf. NestEgg Ltd provides an automated ‘decision’ to help the Credit Union make it easy for members to apply for loans and savings accounts. NestEgg Ltd is not responsible for making decisions, they do not see your personal information. Their software makes a recommendation to a loans officer.

When you apply for a loan and / or savings account up to five searches may appear on your credit file. For the purposes of credit scoring, this will typically only affect your credit score as if one credit application were made.

Each of these five ‘footprints’ relate to the different sources of data being used to assess an application; these include the credit report itself and an affordability check. The Credit Union needs to prove the information belongs to you which is when an ID check is required. In cases where an application is made by a new member; the Credit Union will use an ID check and may also run a report to check ownership of any bank account details you may give us. These checks are required by law to prevent money laundering.

Some of these footprints will be in the name of NestEgg Ltd and others in the name of Lurgan Credit Union Ltd

Receipt of obligatory notices by email

There are certain notices that credit unions are obliged to provide from time to time. By applying for a loan or savings account you are assumed to agree to receive these obligatory, non-marketing communications by email (for example, notice of the Annual General Meeting). This will assists Credit Union in reducing its carbon footprint and reduces costs.

Please note that we maintain the right to contact members by such means as best available to us in relation to a non-performing loan or outstanding debt to the credit union, including by text or email.

If you object to being contacted by us in this way please contact us.