Outgoing president of the Grand Bay Cooperative Credit Union, Edward Registe, has issued a clarion call for loan defaulters to come forward and “make good on their promise to pay their loans…”
The delinquency rate at that credit union at end of 2013 stood at 5.58% as compared to 0.97% in 2012.
Registe told members at the Society’s 29th AGM at Old Fort in Grand Bay that management will pursue delinquent members.
“Management continues to aggressively pursue delinquent members…we would be grateful if members would continue to honor their commitment to the Society considering that the monies borrowed belongs to the members/depositors and it is our responsibility to safeguard the members savings, ” Registe said.
Despite the rise in delinquencies, figures released by the Society showed that its assets grew from $14,559,952.00 in 2012 to $14,919,703.00 in 2013 an increase of $359,751.00 or a 2.47% and members loans accounting for 66.54% of total assets.
The Society also registered an increase in its membership base from 2,941 in 2012 to 3,075 in 2013 an increase of 134 members or 4.55%.
Registe expressed gratitude to members, staff and the credit union fraternity who stood with them and “comforted them” during the sudden death of manager, Germaine Jno Phillip.
The board also launched the “Germaine Jno Phillip Memorial Scholarship” to a Student of a member attending the Dominica State College (DSC). The scholarship is based on merit and is for a two-year period.
The AGM was held under the theme “Honoring the past, treasuring the present, shaping the future.”
this credit union is one set of people running it am glad he and armour is out going .why are they afraid of coming together with other credit unions on the island . our credit union is the most backward one on the island .i am glad there is a new manager now let us see what she can do to bring our credit union higher level welcome mrs pacquette .i notice they didnot introduce to the members on sunday .no credit union prayers were read. as the going says change is a must.
If you feel you have something feasible to state which will assist in bringing the Grand Bay Credit Union up to a higher level, you could offer some suggestions.
I guess on one hand I can say it serves them right and on the other hand I should say the people must pay up. This Credit Uinon right there…they’re something esle. There are people who can afford to pay their loans and they were denied. This place is a true case of it’s not what you know is who you know. I love Ed…he’s cool. Anthony is cool too but some of the employees?…oh woh.
There you guyds go again suggesting tjat the PM should pay peoples problems, This is happening all over the world. I wish to God that Cameron eould pay mine you guys please be rreal and take hold of your liives
If you do not wish to be harsh at first by taking them to court or to the lawyer who could contact them and request that they arrange payment, my advice is to write them a letter indicating “Urgent or Important” and request a meeting with each one individually to discuss the matter of re-paying the loan. If a couple, both should attend the meeting. Hopefully, they will show up. If not, then you will have no alternative but to take legal action. The money must be repaid to the Credit Union members.
At the same time I feel sorry for those who are not able to re-pay the loan. They may be experiencing financial difficulties. These are hard times with few jobs and still decreasing ones which increase unemployment. Many people in all parts of the world are experiencing such.
Take them to court . If you know you can’t pay back a loan, why take a loan in the first place?
@Eyeballs Taking to court will not work. Skerrit and his gang has virtually crippled the economy of Dominica. This is the worse, and the most corrupt government Dominica and the Caribbean has ever had, maybe the world. NO WORK! NO MONEY. Only the greedy ones have the money.
The Court will sell the people to pay the loan? Who takes a loan with the intention of not paying back especially when they understand the consequences of not paying back? Still we cry the economy is doing well.
This is alarming and quite concerning to the Grand Bay populace that the Credit Union is hurting so bad because of the higher level of delinquencies that presently exist. This will no doubt be seen as a political issue in this election cycle. Evidently things are not working for the many members in the community who are behind on their loans. There are no jobs in Grand Bay for the people to be able to pay their loans and that should not be underplayed. The agricultural sector has been largely ignored by the Government and nothing has been done to create long term jobs for the people. We appreciate the fact that Mr. Edward Registe has taken the measures necessary to reveal the truth about what is really happening in the community when others are painting a picture of progress that is truly not the case. If there are no jobs people will never be able to make good on their promise to pay back their loans. Grand Bay needs a new C.E.O. Sadly to say many Grand Barians will suffer in silence because they have placed the love of a political party over their own well-being and prosperity.
You are not being fair to the government. Could they not pay a small amount to show that they are at least trying? Missing one month could pose a problem of not being able to pay two months and so on.
Whether people are unemployed, they must still honor their payments. They could talk to the manager and explain their situation and even pay a small amount until better can be done.
If they never pay and never contact the office, it will be regarded as not being interested in paying back the loan. People are sued for this delinquency.
@Diaspora Crave WELL SAID. The reality is that these clowns in government are clueless as to how to stimulate the economy and create jobs.
Some people are just bad debtors and hate to pay. They are the ones who run to apply for loans and to get things on hire purchase because of their wicked intentions. The Credit Union is ours to build and when people decides not to pay their loans it makes it harder for other members to get loans because the society has to be strict on their ‘loan’ policies. Brothers tell your sisters, sisters tell your brothers let it be a family affair and ensure that your people pay back their debts.
take them to court.
Publish their names in the news papers. Another thing is to shame them by putting announcements on the radio stations asking them to pay their loans. ( Zor ka voleh horde moun village zor meme) The delinquents are robbing the members of their own communities. Take them to court. (Meneh yoh l’office, yoh toh abizanh)
I do not endorse that. There are other ways of handling it and privately, i.e., aside from the court.
Ed sorry but his is a consequence of the non performance of your party
@Anonymous I AGREE FULLY!
Sir, please understand that the people want to pay but they just cannot. This is not just a Grandbay problem but one that affects the entire island. Do you think the pit latrine policy along with handouts they get can pay loans? Maybe you need to ask the outgoing Prime Minister to pay the loans for those he has handicapped.
i thought we were doing well….it’s time this gov’t create an enabling environment for businesses so that our people can be employed and pay their loans
i second that
Interesting! The delinquency figures, hmmmm…
Mr. Registe things tight in the country give us a break. Change is coming so we will pay. That time we will have money in our pocket food on our table.
Change starts with you my dear. we need to stop relying on politicians to make things better for us. We need to sow the seed of change in our life in order to reap the harvest.
EXCELLENT CHOICE OF WORDS………..
best reply
The ecomony is bad that’s why we cannot services our loans
@ Max So none-sense. You shouldn’t borrow money from the Credit Union if you knew you had no way to pay it back. This is your neighbours money, the old retired nurse, the teacher, the farmer, the fisherman, the person who receives remittances and decides to save some. Go and pay the credit union and stop this foolishness.
@Max so… Good Answer. But now that i have changed, it is time for the team of GEREEDIES IN GOVERNMENT, to start offering opportunities for employment to people so that they can find a job and meet their commitments. As long as people are being impoverished in their own country by a brutal, and wicked regime called the LABOUR PARTY, delinquencies will contimue at all fincncial Institutions. What will these people take to pay back? A $20.00 from the Red Clinic?.
GIVE ME A BREAK.
REGISTE GOOD THING YOU ARE out going.
Give who a break where? Giving a break is just one too many. All you want to run Grand Bay dry? Give Bubble City a break and go find work to pay back your damn loan
Really?
