Loan Terms and Conditions

1. Cancellation

Your right to cancel starts the day after the date on your loan agreement and lasts for 14 days after that.

To cancel your loan you need to tell us in writing or on the telephone within this 14 day period.

As your interest is charged on a daily basis, there will be a small amount of interest payable. Staff at PCCU will advise you on this figure at the time of cancellation.

2. Making payments

The date of your first payment is shown on your loan agreement and then your regular repayments will be due in line with the repayment frequency you selected. This is also documented on your agreement. Your first and regular repayments will be of the same value, your final repayment will be slightly different.

Family Loan – If you have taken the Family Loan product, you will be asked to sign a letter to be sent to the DWP arranging for your Child benefit payment to be switched to your PCCU account. This may take up to 6 weeks to be completed and these delayed payments will be added to the end of your loan term, extending this where necessary. You may make manual payments via card or bank transfer in order to avoid this.

Loan repayments must be paid via child benefit on this product unless an alternative method of payment is agreed with the Member Solutions Team

If you intentionally stop your Child benefit repayment coming into your PCCU account without first discussing this with us, you are in breach of this loan agreement and we may proceed with Court action to recover the outstanding loan balance.

If you need to change your payment date, you must inform us of this.

If you fail to make repayments, interest will still be charged and payable on the next repayment received.

3. Affordability

PCCU has issued this loan based on the information you have provided, this will be based on the income and expenditure details given by yourself and where required, bank statements and credit check.

On signing for this loan you are agreeing that it is affordable to you at this time. If this is not the case or your circumstances change, you must inform us as soon as possible.

 4. Early Settlement

You have the right to pay the full balance, or part of it, at any time including any unpaid interest. There are no charges or penalties for doing so.

5. Fees and charges

There are no fees or charges fixed to this loan, other than the agreed interest stated in your loan agreement.

However, we will charge reasonable costs if we have to take steps to recover your loan for non-payment. For example this could be the cost of locating your new address if you move without telling us, or the costs involved in obtaining a CCJ or Attachment of your earnings

6. Payment difficulties

Please contact us at the earliest possible opportunity should you find yourself in financial difficulty and struggling to make repayments on your loan.

Our Member Solutions Team will discuss your personal circumstances and review your repayment options.

Should your loan be in arrears, we can use funds from your savings accounts to repay the loan, any interest owing and any cost incurred recovering this loan as documented in your loan agreement.

We will report arrears to Credit Reference Agencies which make it difficult for you to obtain credit in the future.

Information about how we use your information can be found on our website www.pccu.co.uk or can be provided on request.

7. Duration

Your loan will end when you have paid everything back. You can close your account at any time provided you repay what you owe at the point of closure.

8. General terms 

• You must be a member of PCCU to be eligible for a loan
• You can get a free statement of your account at any time, this will show you your balance, repayments so far and how much was paid in interest.
• A regular savings repayment is required alongside your loan repayments. This is a minimum of £1.00 per week on the family loan product and £5.00 per week on a standard loan product

9. How we will use your information 

Pennine Community Credit Union takes your privacy very seriously and will never disclose, share or sell your data without your consent; unless required to do so by law. We only retain your data for as long as is necessary and for the purpose(s) specified in our Privacy Notice. Where you have given consent for us to share information about our products and services, this can be withdrawn at any time. All third-parties used by the Credit Union only process your data in accordance with instructions from us and comply fully with our Privacy Notice, the data protection laws and any other appropriate confidentiality and security measures.

Under the Data Protection legislation you can make a written request for a copy of the records we hold about you. This will be completed within one month of receipt and are provided free of charge, in most cases. If the request is manifestly unfounded or excessive we may charge a “reasonable fee” for the administrative costs of complying with the request. We may also charge a reasonable fee if an individual requests further copies of their data following a request. Any fee will be based on the administrative costs of providing further copies.

10. Making a complaint

If you wish to make a complaint you can contact us by telephone on 01282 691333, in writing to PCCU, 54 Manchester Road, Nelson, Lancashire, BB9 7EJ or by email enquiries@pccu.co.uk We will always do everything we possibly can to sort out the problem. We’ll send you a written acknowledgement within three working days and keep you informed on our progress until your complaint has been resolved. The maximum timescale for a final response is 8 weeks and if for any reason it takes longer we will keep you fully updated. If you do not feel you have been treated fairly you have the option to refer to the Financial Ombudsman Service. For more information about the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk.