RMT Credit Union COVID-19 Update

RMT CREDIT UNION
CORONAVIRUS UPDATE April 2020

Dear member

You are of course aware of the current situation around the COVID-19 pandemic. RMT Credit Union has as all other organisations, a duty of care to its workers and to its members at such a difficult time.

We, the Board of Directors (members committee), looked at how we operate and how the pandemic, and its ramifications, impact upon what we do and what we can offer going forward.

The first step was to close the main office and our two staff, Nicola and Steve are working from home until further notice. Most services and activity will continue as normally as possible during this time. However, due the very nature of the adjustments, please be patient as things may take slightly longer to process and action.

All transactions during this time will be dealt with via email only. No physical paperwork will be produced to comply with rules on lowering the risk of spreading infection.

In line with most financial organisations we do have in place a facility for members to request a 3 month payment holiday in times of difficulty such as being furloughed on 80% basic income. If anyone wishes to make a request for a Payment holiday or reduction in payments during this period, they will be required to produce some supporting evidence as part of their application. The period will be for a maximum of three months, with a review of circumstances at the end of that period.

PLEASE NOTE THAT DURING THE PAYMENT HOLIDAY, INTEREST WILL STILL ACCRUE ON THE LOAN

Loans are still available at this time, but as an ethical lender we must ensure that the borrower will be in a position to pay back the loan with interest and not get into further debt which they cannot cope with.

If you have any problems with payment of outstanding balances, please in the first instance and as soon as possible, contact us at the RMT Credit Union and we will do our best to help and support you through these difficult times.

Yours in solidarity

The RMT Credit Union