Cara Credit Union stands as a beacon of financial support and guidance for its members, particularly those facing challenging times. With a deep understanding of the unpredictability of life, they offer personalised financial advice aimed at navigating hardships. Members in difficulty can access a range of tailored services, including flexible repayment plans that are adjusted to their specific situations, ensuring they don’t feel overwhelmed by their obligations.
Compassion and community are at the heart of their approach, with a focus on ensuring no member feels isolated in their financial journey. By fostering a supportive environment, Cara Credit Union not only assists members in overcoming immediate financial challenges but also invests in their long-term financial health. This comprehensive support system underscores their commitment to the well-being of their members, demonstrating the credit union’s role as more than a financial institution, but a true partner in times of need.
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If your business is experiencing financial difficulties, it is important to communicate these issues to us as soon as possible so that we can work together to address them. Engaging with Cara Credit Union at the earliest possible stage gives us the best chance of finding a resolution that works for both sides.
We will consider any financial difficulties situation sympathetically and work with you constructively to find appropriate solutions. In most cases, by continuing to work together, we will find an acceptable alternative way forward.
The booklet attached below outlines the definitions of terms such as arrears and financial difficulties. It is helpful to familiarize yourself with these terms and the procedures surrounding them. The most important step, however, is to engage with Cara Credit Union at the earliest possible point. Apart from our own internal processes, we can also point you in the direction of other outside bodies who may be able to further assist your business in solving any trading difficulties it may be experiencing.
The Credit Union Information Booklet below outlines Cara Credit Union’s procedures when dealing with SMEs in ‘financial difficulties’ and gives information on the support which will be provided by the Credit Union to SMEs in this situation. Cara Credit Union recognizes that individual SMEs may differ by size and indeed sector and therefore each SME in financial difficulties will be dealt with on a case-by-case basis.
Steps Involved in Dealing with SMEs in or Facing Financial Difficulties:
- Contact Cara Credit Union as soon as possible
- Inform Cara Credit Union of your concerns
- Agree on an approach to resolve the situation
- Provide relevant and reliable information as requested by Cara Credit Union
- Complete any necessary documentation requested as part of the assessment
- Regularly review your progress with Cara Credit Union and advise us should your situation change
Information Booklet for Small and Medium Enterprises
In recent times, your financial situation may have shifted, potentially leading to missed mortgage payments or worries about missing future payments. Regardless of what’s causing your financial strain, Cara Credit Union is dedicated to assisting you during tough financial times. We’ve crafted a guide to introduce you to the Mortgage Arrears Resolution Process (MARP) and the assistance we offer. This guide is for anyone who believes they might be facing financial challenges, those already experiencing them, and individuals who have already arranged a mortgage agreement. We aim to provide support for any repayment challenges you’re facing, ensure fair treatment, and identify the best possible solution tailored to your specific needs.