Borrower jailed over credit union arrears

JOB loss and reduced income are largely responsible for the growing number of accounts in arrears at a Cork city credit union, where one person was jailed for nonpayment this year.

At the annual general meeting of Ballinlough Credit Union this week, members were told approximately 350 accounts are in arrears and the size of the arrears stood at €362,650 as of September 30.

In addition, a number of installment orders are pending against members who have not met the terms of their loans. Failure to comply with the terms of an installment order can lead to a committal order and imprisonment.