One of our original policies is "Once a Member, Always a Member" meaning that if you were to leave the police force, you could still continue your membership. However, if your membership with us ceases and you subsequently leave the police family, you will not be eligible to rejoin the Credit Union
We urge all of you who think you need to leave the Credit Union because you cannot afford to save due to redundancy, to think long and hard about what you would be losing if you did so and we also offer a solution to help.
We are offering to 'freeze' your account with us which means you would cease making monthly contributions, until a time when you are back on your feet and into a new, regular routine, up to a maximum period of 6 months.
If you think that this would be of benefit to you, all you need to do is contact us. You must leave a balance of £5 in your Member Account to retain your membership, but you will be able to withdraw any additional funds in the usual ways.
If you have a loan with us, your concern is understandable but you can be assured of a flexible and sympathetic response to any difficulties you might encounter whilst you are seeking alternative employment.
We will look to come to an agreement that may include reduced payments for a while (or even short payment breaks) or rescheduling your loan to provide lower payments if your replacement income is less than your present pay. The one thing we would say above all others is that it is so important to contact us to discuss the matter and keep us informed - the only difficulties we have under this heading is when the occasional member buries their head in the sand and will not talk to us. So, as and when you may learn your job is affected, please get in touch. You will be able to speak to a dedicated member of staff who is committed to helping you.
One final point to make is that your loan may already be covered by redundancy insurance if you took it out when your loan was drawn. If you are not sure if you have this cover by all means telephone the office to enquire.
The final summary is - If the worst happens then talk to us - we can help.
