Financial Difficulties

Personal Members

Support If You Are Experiencing Financial Difficulty

At Kilrush Credit Union, we understand that life can change. When a member takes out a loan, their financial or personal circumstances may change over time — particularly on longer‑term loans. While we always hope that circumstances improve, we recognise that some members may experience unexpected financial or personal difficulties that can affect their ability to meet loan repayments as planned. If you are concerned that you may not be able to meet some or all of your next loan repayment, it is very important to contact us as early as possible.

Contact Us Early – We Are Here to Help

The first step is to get in touch with our Credit Control Department. By speaking with us early, we can better understand your situation and discuss the options that may be available to help you through this difficult time.

📞 Call us on (065) 905 1242

We will listen, treat your situation with respect and confidentiality, and guide you through the supports and solutions that may be appropriate for you.

Independent Financial Advice & Support Services

In addition to the support available from Kilrush Credit Union, the following independent services may also be helpful if you are experiencing financial difficulty.

Money Advice and Budgeting Service (MABS)
MABS is the State’s free money advice service. They provide confidential advice and practical assistance to people who are experiencing financial difficulties.
MABS can:

  • Help you review your finances and create a budget
  • Provide guidance on debt and money management
  • Assist with preparing a Prescribed Financial Statement (PFS)
  • Offer information on insolvency options and legislation

📞 0818 07 2000
🌐 www.mabs.ie

Insolvency Service of Ireland (ISI)
The Insolvency Service of Ireland (ISI) is a State body responsible for administering personal insolvency legislation.

The ISI:

  • Provides information on borrowers’ rights
  • Explains the legal options available to people in financial difficulty
  • Maintains registers related to insolvency arrangements
  • Provides access to a register of approved Personal Insolvency Practitioners

🌐 www.backontrack.ie
🌐 www.isi.gov.ie
📱 Free text GETHELP to 50015
📞 Information Line: 01 764 4200

Financial Services & Pensions Ombudsman (FSPO)
The Financial Services & Pensions Ombudsman is an independent body that deals with complaints from consumers about regulated financial service providers, including credit unions.
This is a free service for consumers.
📞 +353 1 567 7000
🌐 www.fspo.ie

We Encourage Early Contact

If you are experiencing financial difficulty, early communication makes a real difference. Please contact Kilrush Credit Union as soon as possible — we are committed to supporting our members in a fair, respectful, and understanding way.

SME Members

Information for Borrowers concerned about Financial Difficulties

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 the 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 outline 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 the 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 Kilrush 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. The Credit Union recognises 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 SME’s in or facing financial difficulties:

Step 1: Contact the Credit Union as soon as possible

Step 2: Inform the Credit Union of your concerns

Step 3: Agree an approach to resolve the situation

Step 4: Provide relevant and reliable information as requested by the Credit Union

Step 5: Complete any necessary documentation requested as part of the assessment

Step 6: Regularly Review your progress with the Credit Union and advise us should your situation change