Useful Tips
Know Your Loan Terms
Understand your repayment schedule, interest rates, and any penalties for late payments to stay in control.
Make Payments on Time
Late or missed payments can impact your credit score. Set up direct debits or reminders to stay on track.
Overpay If You Can, but Be Strategic
If you have extra funds, making additional payments can reduce interest—but check if early repayments are the best option for you.
Don’t Ignore Your Loan
If you’re struggling, talk to us! We’re here to help with flexible repayment options and financial support.
Budget Wisely
Prioritise essentials like rent, bills, and savings to ensure you can manage repayments without financial stress.
Why Paying Your Repayments on Time Matters
Boosts Your Credit Score
On-time payments help build a positive credit history, making it easier to access affordable credit in the future.
Avoids Late Fees & Extra Charges
Missing payments can lead to additional costs—paying on time keeps your repayments manageable.
Reduces Stress & Financial Worries
Knowing your repayments are covered gives you peace of mind and helps you stay in control of your finances.
Improves Future Borrowing Options
Lenders see you as more reliable, increasing your chances of getting approved for loans with better rates.
Builds Good Financial Habits
Staying on top of repayments helps develop responsible money management skills for long-term financial stability.
Have you Fallen into Arrears?
Perhaps you know someone who is struggling in this position?
Unfortunately, when you miss a loan repayment, your account falls into arrears i.e. you have fallen behind on your loan repayments.
If it remains in arrears our team will contact you via phone, email. If you find yourself in financial difficulty and unable to meet your credit union loan repayments, please contact us & we can support you. We’re here to help you through this difficult time.
If you have:
- Become redundant or employment circumstances change,
- Family circumstances have changed,
- Are on a low income,
- Fallen behind in loan repayments,
- Are in ill health
- Find yourself over-indebted
- Finding it difficult to meet repayments
Our Arrears Team will:
- Review your account & discuss your overall situation
- Help you to write a realistic budget, if you wish,
- Assist you in getting back on track with repayments
- Discuss all options available to you & work together to agree a realistic payment plan
- And we do not charge our members a fee for this service!
Contact our Arrears Team today and start the process of getting back on your feet!
Email – Arrears@dcbank.org.uk
Call Us – 01332 348144
For more details on “Missed Payments” click below
Missed Payments
