Project Description

Waivers

The waiver of a monthly payment is a concession which the management approves to allow a member to circumvent his/her obligation to the Credit Union. It is granted when the management is satisfied with the reason(s) advanced for making the request as well as the belief that adverse consequences can result from the non-payment of other creditors. It is therefore not a right. Neither is it an entitlement which comes with membership in the Credit Union and certainly, it is not a substitute for a loan. It should be considered as a last resort.

When a waiver is granted, the loan and loan interest for the current month are not paid and must be met in the succeeding month which increases the term of the loan. Notwithstanding the above, two waivers may be granted to a member in any financial year, unless there are compelling reasons for an exemption. Applications for waivers must be written and members should avoid requesting a waiver that precedes or follows a loan transaction.