Loan payments put on hold by Co-op Society
The Bermuda Industrial Union Co-op Society has announced that it has put in place a short-term hold on loan payments.
In a press release issued yesterday, signed by president of the Co-op Society Graham Nesbitt, the society cites a larger than usual withdrawal of members funds over the last six months, along with an increase in loan payments.
The release said: The BIU Members Credit Union hereby requests members to exercise patience in receiving their loan payouts while the Credit Union endeavours to handle each approved loan request during this time of increased loan demands, as well as increased withdrawals made by some members as they grapple with their economic challenges.
Contact is being made with each member so affected to determine some solution to the inconvenience caused due to the longer than usual wait for loan payouts being presently experienced.
The release further said that the approach has been used in the past in an effort to meet every members legitimate request.
Mr Nesbitt declined to comment on the matter further.
Last December, the credit union published a list of 49 delinquents amid frustration from members unable to receive loans.
A total of $1.27 million was owed to the credit union at that time.
The credit unions loan portfolio diminished by 16 percent between December 2007 and December 2009.
The credit union disbursed just over $2 million in loans during 2009, around $1 million less than two years prior, while the credit unions net surplus fell from $363,000 in 2007 to $25,198 in 2010.
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