Credit union secures over €1m in judgments against members

Charleville Credit Union in Co Cork has secured €1,043,718 in court judgments against 16 individuals so far this year — the highest of any union.

Credit unions have this year won court judgments totalling €9,202,453 against 495 members. A total of 107 credit unions obtained judgments with the average court order being for €28,439.

At Charleville, one member was ordered to repay €521,000, while the smallest was judgment for €2,414.

Roscrea Credit Union in Co Tipperary secured six judgments totalling €898,101. It obtained the single highest judgment in the country against one person for €749,640.

The number of judgments obtained up to the first week of November is significantly lower than the 752 secured last year. But the average value of those judgments is rising consistently.

St Canice’s Kilkenny Credit Union was in third spot getting judgments totalling €412,987, with the largest being €162,509.

Figures obtained from credit and risk analyst Vision-net show that Bishopstown Credit Union, Cork, got 18 court judgments totalling €336,787. The highest was for €50,461 and the lowest €1,774.

Buttevant & Doneraile Credit Union secured judgments of €200,439 — ranging from €1,046 to €63,033.

Cobh Credit Union was in 21st place overall with eight court judgments of €108,806. The smallest was for €5,395 and the largest €27,420.

Mitchelstown Credit Union took successful actions against nine members and secured awards to the value of €95,462.

Six people were ordered to repay Kinsale & District Credit Union a total of€74,792, the highest of which was €17,033, while Douglas Credit Union obtained just one court order against a member for €45,888.

Meanwhile, there is no record of Newbridge Credit Union making any successful court applications, despite the fact that it has 38,000 members.

The High Court ordered last week that it be taken over by PTSB.

An Irish League of Credit Unions (ILCU) spokeswoman said credit unions will do everything in their power to work with a member who is in financial difficulty and “will endeavour to find an acceptable solution by assisting with budgeting or rescheduling payments where possible”.

However, she said credit unions have a duty of care to all their members, whose savings fund the loans granted, to ensure that money outstanding is paid back in full.

“Unfortunately, on some occasions it is only when legal intervention is made that a member will recognise that the credit union is serious about recouping the debt and will end up paying the outstanding amount,” she said.