In case a member fails to pay his loan as expected:
- Penalties will automatically accumulate
- Daily penalty charge is 50/-
- Incase the repayment period elapses before clearing your loan, the member is issued with a demand letter.
- Interest is added to members loan balance depending with the months he has exceeded
- Failure to respond to the demand latter may result to the member being listed with crb. If the sacco believes you have simply refused to pay the loan, you will be listed with crb. If however you communicate and show commitment to service the loan, we will listen and try to accommodate your needs. But once all this effort fails, listing becomes inevitable.It is important to note that once listed, the information remains part of your record for 7 years from the time you fully pay up
- After we have exhausted diplomatic means and yet the loan remains unpaid, the case is forwarded to an auctioneer.