Committed to Helping Members in Financial Difficulties.

Managing Your Finances

We understand that changes in your circumstances, such as job loss, illness, or personal challenges, can make it difficult and stressful to meet financial commitments. While some issues may be resolved quickly, others, if left unaddressed, can have lasting impacts. For example, missed payments can increase the cost of your loan and negatively affect your credit history, potentially limiting future access to credit. That’s why it’s important to seek help as early as possible.

At Sligo Credit Union, we are committed to supporting members facing financial difficulties. We recognise that every situation is unique, and we assess each case individually. As a responsible lender, we strive to be flexible and, where possible, offer alternative arrangements to help members through challenging times. However, we also have a responsibility to recover borrowed funds, which come from the savings of fellow members.

If you're struggling, please know you're not alone. You can speak with a member of our Credit Control team at 071 931 7500 or visit any of our branch offices for support.

Additionally, independent help is available through the Money Advice and Budgeting Service (MABS). You’ll find their details in the Useful Contacts section.

Managing Financial Difficulties: Key Points to Keep in Mind

  • Understand the impact on your credit history:
    Reduced payment arrangements or arrears will usually be recorded on your credit report with the Central Credit Register. This may affect your ability to obtain credit in the future with us or other financial institutions.
  • Don’t ignore the problem:
    Acting quickly is essential. Ignoring financial difficulties can negatively affect your credit rating and make the situation more difficult to resolve.
  • Create a realistic budget:
    Drawing up a budget based on your current income and expenses can help you identify areas where you might reduce spending. The Competition and Consumer Protection Authority (CCPC) offers a free Budget Planner that you may find useful. This tool allows you to input your income, bills, and other expenses to get a clearer financial picture.
  • Stay in contact with us:
    If you're experiencing financial challenges, please contact us as soon as possible. Open and ongoing communication helps us work with you to find a suitable solution.

Central Credit Register (CCR)

The Central Credit Register (CCR) is a national, mandatory database of personal and credit information. It is owned and operated by the Central Bank of Ireland. By law, we are required to submit monthly updates on your loan performance to the CCR. For full details on how your data is processed, visit: www.centralcreditregister.ie. You may request a copy of your credit report for free, subject to fair usage. Note: This is a factual record, not a credit score or rating.

  • We must carry out a credit check with the CCR for all loan applications of €2,000 or more.
  • Borrower consent is not required to submit information or perform checks with the CCR.
  • If the terms of your loan are amended (e.g., due to financial difficulty), we must report this as a Restructure Event to the CCR.
  • If you miss loan repayments, we are required to report the number of missed payments to the CCR.
  • All of this information becomes part of your credit history in the CCR.
  • Other financial institutions may access your CCR report when you apply for credit, and it may impact their lending decisions.

Useful Contacts

Money Advice and Budgeting Service (MABS)
You can get free confidential and independent advice from your local MABS office on managing your debt. They support people in financial difficulties – see their details at www.mabs.ie. They can also be contacted at 0818 072000.

Insolvency Service of Ireland
The Insolvency Service of Ireland is the national agency responsible for all matters concerning personal insolvency and bankruptcy. Phone: 01 764 4200 Website: www.backontrack.ie.

Competition and Consumer Protection Authority (CCPC)
The CCPC provides information on financial products. They also have a variety of online tools to provide support and advice to consumers such as spending and budgeting tools. They also offer information on their website, such as debt action plans to support consumers in managing their arrears, which could be a useful reference. Phone: 01 402 555 Website: www.ccpc.ie/consumers.

Department of Social Protection
This website provides information relating to state benefits you may be entitled to. Website: www.welfare.ie.

Office of the Revenue Commissioners
The Office of the Revenue Commissioners’ website provides information on all tax credits and benefits you may be entitled to. Website: www.revenue.ie.