Lending & Credit Control. Current Issues & Best Practice Solutions Northern Ireland version. A Perfect Storm!. Economic meltdown Rising unemployment Incomes falling Taxes increasing Repayment capacity reduced More to come Banking system not operating Legacy of over-indebtedness. Agenda.
Current Issues & Best Practice Solutions
Northern Ireland version
* Goodbody Stockbrokers 2008
Northern Ireland’s £1bn Credit Card Debt
£1,600 per household; being used to finance lifestyles and standards of living
- Claire McNeilly
PRIVATE & CONFIDENTIAL
OUR REF: <Loan number>
Re: & District Credit Union Limited
Loan Outstanding Balance € Loan Arrears €
Interest due € Shares: €
Last Payment Date
We act on behalf on the instructions of their Credit Control Department.
Our Client instructs us that you are presently in arrears and interest due on your Credit Union Loan Account with them in the above sums together with continuing interest. Please make payment or contact the Credit Union on with an immediate proposal for full payment of the outstanding arrears and interest.
This letter may be used as evidence of having afforded you every opportunity to discharge your arrears, interest and in support of our application for costs should legal action be necessary which said costs may be deducted from your share balance.
We thank you in anticipation for your payment and assistance in the matter.
McAteer & Co Solicitors
Focus on what we can control
Full information, backed by objective evidence, is vital
Common sense – the key ingredient in loan assessment
Credit card debt is the next big issue
Top ups must be managed
Credit control starts when the loan is issued
Have a robust credit control structure and policy
Telephony is the most effective method
Any suggestions?And finally ……..