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Killarney Credit Union

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Members Draw January 17

32 winners in Killarney Credit Union members draw

32 lucky members of Killarney Credit Union received a welcome boost this week when they were selected as winners of the twice yearly members draw. In total, over €26,000 was given out which included a brand new Toyota Yaris which was won by a Killarney town local woman, Ann Marie Cronin from Cahernane Meadows who was delighted with her win.
Speaking about the members draw, Karena McCarthy, Killarney Credit Union Marketing Officer stated “we currently have over 2,500 members in the draw which is held twice a year. This year our prizes include a new car and cash prizes ranging from €175 to €1,500 cash, our next draw will take place during the summer” she concluded.
Members can apply for the members draw at any of the branches or download an application form online www.killarneycu.ie. €12 will be taken from your account twice a year as an entry fee for the members draw.
The winners were:
Brid Marie Mahony, Kathleen Hickey, Pa Sugrue, Anne O Donoghue, Kathleen Snr Bartlett, Anne O’ Kane, Mary O’Connor & Colin House, Michael & Lucy Clifford, Kathleen Sullivan, Elaine Horgan, Alan Perry, Michael Lionaird Leane, Margaret Noonan, Josephine & Michael Lawlor, Marguerite Howe, Veronica McCarthy, Marie Brosnan, Frances Clifford, Billy & Rose Tangney, Helena Buckley, Nora Morton, Judy Ryan, Deirdre Leahy, Mary Horgan, Mary Brosnan & Geraldine O’Mahony, Maureen Broderick, Martin Brosnan, Zden Korova, Breda Moran
Karena added “the draw is limited to members of Killarney Credit Union and anyone over the age of 18 can apply to join, so we would encourage members to sign up, if they haven’t already, as the saying goes, if you’re not in, you can’t win” she concluded.

Ann Marie Cronin recieving keys from Pat Delaney, Chairman, Killarney Credit Union 

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To apply to join the car draw , complete form and return to the credit union.

CU Loan v PCP

2017 is set to be a bumper year for car sales with 45% of Irish consumers intending on buying*. It is also the year when a number of first round Personal Contract Plans (PCPs) are ending. Many will simply opt to roll-on their existing PCPs to finance the purchase of a new car. Others will face a final payment, known as a balloon payment, to buy out of the contract. Consumers considering rolling up should read all the small print, and they may find it’s time to burst that particular balloon.
Helen Courtney Power, Business Development Officer, for Killarney Credit Union says ‘Headline rates on some car finance deals such as PCPs can easily distract from a range of additional charges, and a great deal of inflexibility. With a personal car loan from Killarney Credit Union, you own the car from the outset. If you run into difficulty, you can talk to us about adjusting the repayment schedule and if you are in the happy position of being able to repay the loan early, you can do so without any complications or rescheduling fees."
PCPs are among the least flexible forms of finance. Essentially they are lease schemes which makes financing a new car seem affordable due to low monthly repayments. You have, in effect, hired the car for a particular period of time, usually 3-5 years, while you make these repayments. At the end of the agreement, you will have to make the balloon payment in order to own the car.
In addition, you need to be conscious of the mileage you are racking up on the car, because the balloon payment, or guaranteed minimum future value (GMFV), of the car will have been calculated with your annual mileage in mind. Crucially, with a PCP you are also restricted with what you do while you are still ‘hiring’ the car. Should your financial circumstances change and you find you can no longer afford the monthly repayments, you cannot sell off the car to pay your debt, as it is not yours to sell.
In contrast, with a personal loan from a credit union the consumer simply borrows the money to pay for a car, which they own immediately, and which they can drive as much as they please, and sell on at any time they wish.
PCPs can set up a situation where the easiest and simplest option is to roll over into a new car - and a new plan. PCPs are effectively a way of trying to ensure that you will come back and buy another car from the same dealer or manufacturer. All well and good, but what if you don’t like the brand of car or they range they have to offer any more?
Helen continued “If you arrange finance with Killarney Credit Union before going shopping for a car, you are in a much stronger position. You are effectively going as a cash buyer to the car dealer, and may well be able to negotiate a better deal. We also offer car insurance, through the credit union insurance website coveru.ie or Axa Insurance. So if you’re thinking about bursting that balloon payment, you should consider Killarney Credit Union.”

Some things to consider before signing a PCP
• To extend the term of a PCP you may be charged a rescheduling fee.
• Take note of the cap on the number of miles/kilometres you are allowed to clock up over the period of the contract.
• You may be requested to commit to certain car servicing agreements.
• Ensure you always enquire about additional fees and charges, you are entitled to a list of all additional charges so ask the garage for this before you sign any agreement.

For more information on PCP's and how they work check out www.consumerhelp.ie/pcp

*Carzone Motoring Report 2016

Information on credit union car loans 

Annual General Meeting 2016

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Killarney Credit Union will host its Annual General Meeting this Wednesday 14th December in the Gleneagle Hotel, Killarney at 7.30pm. The credit union which is now serving the needs of its 25,000 members has been in existence since 1970 and has seen strong growth in the past 12 months.
Mark Murphy, CEO of Killarney Credit Union stated “The assets at the credit union now stand at a very healthy €105 million. In the past year, we facilitated the people of Killarney & Kenmare with over 2,500 individual loans to a value of €13.1 million.
With the initial signs of economic recovery in the local economy, member’s confidence has seen a saving increase of 8% bringing total savings in the credit union to €91 million. Due to this increase, in July 2016, the Board of Killarney Credit Union took the hard decision to limit savings to €50,000 per member. This decision affected less than 1% of the membership of the credit union and is being monitored on an ongoing basis. The credit union introduced a new IT system in October which allows for greater functionality and this includes online banking and mobile apps for members. It also introduced a range of new loan products including home, business, and bridging finance during the year.
Mark added “there is strong demand for the development of new products and services such as electronic payments, direct debits, debit cards, insurance cover and new loan rates. We are continually reviewing our product and service offering for members to meet their needs. Our home and business loan products are proving popular with members since their introduction this year” he concluded.
The credit union has been heavily involved in sponsorship of local clubs, societies and charities in the past 12 months with over 50 groups receiving €20,000 in sponsorship. The credit union has an ethos of supporting local initiatives. Local children were involved through the running of the local art and quiz competitions. The personal finance programme for secondary schools Clued-in was delivered in St Brendan’s, Killarney in 2016. A new children’s mascot Rua Red Deer was introduced to junior members in September.
Pat Delaney, Chairman of Killarney Credit Union stated “We are proud of the role we continue to play in being more than a financial institution but a valuable resource to the South Kerry community and its people. Even though the initial signs of economic recovery are clear, it is only right that every credit union continues to make responsible and prudent decisions going forward. Our priority at Killarney Credit Union is to protect our members and to serve their needs, whilst ensuring the safety of their savings. We are delighted to offer our members a return on their savings by paying a dividend this year. We would like to thank all of our members for their continued loyalty and support of our services” he concluded.
Killarney Credit Union will host its Annual General Meeting on Wednesday 14th December at 7.30pm in the Mangerton Suite, Gleneagle Hotel, Killarney. Members raffle will take place on the night with cash prizes and hampers. Light refreshments will be served.

Annual Report 2016 pdf

Art Competition Winners 2016

Celebrating local artistic talent with prize giving ceremony

Killarney Credit Union held their presentation evening for the winners of its Art Competition on Friday night 25th November at its head office in Beech Road.
There was a large attendance at the event where winners from the Under 7 to Over 18 category were presented with an award certificate, prizes and gift bags.
Speaking about the event, Joy Clifford Vaughan, Youth Officer from Killarney Credit Union stated
“There was a huge entry this year and we would like to thank all those schools throughout South Kerry who participated in the competition. This year, we had winners from these institutions, St Johns National School, Kenmare, Lissivigeen National School, Firies National School, Gaelscoil Faithleann, Killarney Community College and Kerry Parents & Friends. With a theme of “Dreams are made of this” this year allowed for great creativity and interpretation” she concluded.
MC for the night was Helen Courtney Power, from Killarney Credit Union who welcomed the winners and encouraged more participation in the Art Competition from the 14-17 age and 18 + age category
Pat Delaney, Chairperson from Killarney presented the prizes to the following:
Winners Under 7 age: 1st Chloe Kidney; 2nd Lillian O Sullivan; 3rd Amelie Counihan
Winners 8-10 age: 1st Orna Cornally; 2ND Oriana Pautrel ; 3rd: Dora Chen
Winners 11-13 age: 1st: Mia Counihan, 2nd: India Burton, 3rd prize: Daniel O Reilly
Winners 14-17 age: 1st prize: Kimberley O Brien
Special Category 8-10 years: 1st: Chloe Lynch Herlihy –2nd: Billy Breen 3rd Sean White
Special Category 11-13 years 1st Simon Clarke; 2nd Fionan Bruton
Special Category Over 18: 1st : James O Shea, 2nd: Catherine Fleming 3rd: Pat O Connor
The 1st place winners of each category went onto Chapter level to be judged on Saturday 26th November. 1st place winners at 18+ Special Category at Chapter level was James O Shea from Kerry Parents & Friends will then go forward to National Level of the Competition in Dublin in the new year.
Now in its 33rd year, the competition attracts up to 50,000 entries through 300 credit unions nationwide and caters for all ages, with categories ranging from under 7 to over 18 and adult. There is a special category for those with physical and intellectual disabilities.

View the embedded image gallery online at:
http://killarneycu.ie/news?start=21#sigProIdd643f200a4

Insurance Event 2016

Talk to the experts about the insurance cover you need and avail of member discounts

Ask about Loan Protection Insurance (protect yourself in the case of sickness, disability or unemployment)

What are the benefits of Life Savings and Loan Protection Insurance?

Find out Death Benefit Insurance and what it means for you.

Update your nomination form with your wishes.

Competitions, gifts and member promotion

insurance event

 

Guide to Insurance 

Keep the wolves from the door

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“Keep the wolves from the door this Christmas”

With Christmas being just around the corner, an exciting and wonderful time for families, but for many it can be a time of stress and financial strain. Killarney Credit Union has teamed up with independent financial advisory organisation MABS (Money Advice and Budgeting Service) to produce their “Keep the Wolves from the Door” a Christmas Survival Guide.

Download here Page 1.  Download Page 2

 

Personal Micro Credit Initiative

 

011151 It Makes Sense Loan Facebook Cover V01 page 001

THE SCHEME IS A DRIVE TO COMBAT MONEYLENDERS, WHO CAN OFFER LOANS AT EXORBITANT INTEREST RATES

Killarney Credit Union has today announced the launch of a new loan scheme aimed specifically at people in receipt of social welfare payments. Branded the “It Makes Sense” loan, the scheme is aimed at those in receipt of social welfare, particularly those who may have used or considered using the services of a moneylender.
Applicants for this scheme do not already have to be members of the credit union. Once the person lives or works in the credit union’s common bond area, the credit union can process their membership application and then accept the person’s application for the “It makes sense” loan. As with any loan scheme, potential borrowers must be able to show a capacity to repay the loan. Mark Murphy, CEO of Killarney Credit Union stated:
“We have been operating this PMC loan for the past year and are delighted to be part of this ongoing initiative. Providing access to credit for those who need it most is at the very heart of the work we do. We are all very aware of the penal interest rates charged by moneylenders. This scheme can play a vital role in helping people to avoid getting trapped in a cycle of high interest debt”.
Loans issued under this scheme can be for any purpose. The maximum loan amount is €2,000 and the maximum loan period is two years. For applicants who receive their social welfare payments in cash (via a post office), the repayment for this loan must be made via the Household Budget Scheme, operated by An Post. Borrowers must be willing to sign up to and use the Household Budget Scheme to enable loan repayments. For those who receive social welfare electronically (into a bank or credit union account), repayments for The “It Makes Sense” loan must be made by standing order or direct debit, directly from the account which receives the social welfare payment.
The Central Bank estimates that about 360,000 (2013 Report on Licensed Moneylending Industry) people are using moneylending services in the Republic of Ireland. This does not take into account those using unlicensed operators. Interest charged on loans from moneylenders can be as high as 187%. The maximum interest rate which credit unions can charge is 12% (12.68% APR). Mark continued
"The 'It Makes Sense' loan is working to create a realistic offering to counter the ‘convenience and ease’ advantage that moneylenders have in this country. Credit unions have been very vocal throughout the recession years about the cost associated with using moneylenders. We believe that this loan scheme will offer people on social welfare a local, low cost alternative".
Additional information on the scheme is available at www.itmakessenseloan.ie.

Information Guide on the PMC Loan here. 

To make an enquiry click here

 

 

Art Competition 2016

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The theme of this year's Art Competition is "Dreams are made of this". The text of the theme does not have to be illustrated on your artwork. We are looking for your interpretation of the theme through your art. All entries must be submitted on A3 or A2 Landscape only (we can not accept A4 format). Please see rules on entry form.

Entries much reach our offices (Killarney, Kenmare) no later than Fri 28th of October 2016.

Application Form

Bursary Award Winners 2016

Killarney Credit Union made a cheque presentation to the lucky winners of the Third Level Educational Bursary Award at a function at in the Beech Road office on Saturday 1st October.
The winners of the bursary were Shane Howe, Irene Horan, Brendan Wall and Claire Cronin who each received an award for €1,000.00 each.
Speaking about the awards, Joy Clifford Vaughan, Youth Officer, Killarney Credit Union stated “in light of the increasing costs of attending third level, we are delighted to support these first year students as they begin their academic journey and also wish all those that applied continued success in their studies”.
Nearly 60 applications were received for the awards and applications were open for those who are attending third level for the first time and members of Killarney Credit Union.
The winning students were Shane Howe from Spa who is studying Early Childcare Care and Education in the Institute of Technology Tralee, Irene Horan from Muckross who is studying a BA International in UCC and Claire Cronin from Clonkeen who is studying BSc (Biological, Earth and Environmental Sciences in UCC. Brendan Wall from Headford who is studying Software Development in Limerick Institute of Technology.
“Supporting education is very important to us in the credit union and we have given out €12,000 to date to students attending third level through our involvement in the bursary award” stated Pat Delaney, Chairman, Killarney Credit Union.

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Irene Horan, Claire Cronin, Brendan Wall, Pat Delaney, KCC, Joy Clifford, KCC (missing from photo - Shane Howe) 

CU comes first

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CREDIT UNIONS EMERGE AS CUSTOMER EXPERIENCE CHAMPIONS

For the second successive year, credit unions have placed in first position in the CXi Ireland Customer Experience Report 2016
Result marks the unrivalled dedication and commitment which credit union personnel give to serving credit union members across the country
The CXi Customer Experience Survey 2016 is a study which measures the level of service which organisations across the country give to their customers. Scoring very highly on empathy, personalisation and integrity, credit unions led the way, followed by Lush Handmade Cosmetics in 2nd position and An Post in 3rd place.
The 2016 CXi survey was conducted in June 2016 by Amárach Research. A representative cross section of Irish consumers were asked to select from 170 brands across ten sectors. Over 42,000 customer experiences were evaluated as part of the study. The report aims to raise the game of customer experience management in Ireland, to establish a league table by which companies can benchmark their progress in this area and to measure how customer experience in Ireland compares internationally.
Commenting on the report, Mark Murphy, CEO of Killarney Credit Union stated:
“This result is testament to the hard work of credit union staff and volunteers who continue to put members’ needs at the forefront of everything that we do. Here in the South Kerry area, we are very proud of the service which we provide to members. We work hard to understand what our members’ want and do everything that we can to deliver superior service to them.”
Credit unions are deeply embedded in the communities which they serve. While other financial institutions are closing branches and directing their customers, in many instances, to use automated services, credit unions continue to excel in personalisation. This means that they work hard to understand their members and take time to recognise their individual needs and circumstances.
Mark added:
“As member owned organisations, providing excellent service to our members is very much at the heart of everything that we do. As we continue to expand the services which we offer, we will continue to ensure that we put the needs of our members first. Our ethos will never change and our members will remain central to all of the decisions that we make, both now and in the future”.
A full copy of the CXi 2016 report is available at www.cxi.ie.

Top tips for Christmas Spending

Killarney Credit Union has also outlined their top tips to get people through the Christmas season.
1: Budget, Budget, Budget.
Plan how much you can afford to spend - and stick to it.
2: Make a list.
Decide what you're going to buy in advance. Decide in the store and you'll spend more!
3: Pay with cash where possible.
Avoid credit cards, store cards, payday loans and money lenders - they'll cost you more.
4: If you borrow be sensible.
Borrow where the interest is right.....not on your doorstep!
5: Compare prices.
Before you buy, compare online and between shops. You’ll be amazed at the difference.
6: Use trustworthy vendors.
Buy from reputable websites and check they guarantee delivery before Christmas.
7: Check for Sales.
Many shops will have sales before Christmas. Ask around, and maybe you could get those presents for even less!
8: Interest Free Deals.
Look for interest-free deals when buying furniture or electrical goods - but make sure to compare prices.
9: Christmas Clubs.
Joining a Christmas club or buying a few savings stamps will help you now - it will also get you into the habit for next year.
10: Read the small print.
If you borrow or enter into a buy-now-pay-later deal, be careful. Some lenders will penalise you for paying it back early or, if you do not pay it within the interest free period, you could be subject to hefty interest payments.
11: Under pressure? Talk to us first.
Suffering from debt stress? Already owe money lenders/Payday lenders? Call into Killarney Credit Union to discuss your options.
12: Friends and Family are priceless.
The best gift at Christmas is being together - and that costs nothing. Many families do Kris Kringle or Secret Santa gifts. Some families only give gifts to children. There are many ways of saving money without taking away the magic.

Business Lending now available

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Killarney Credit Union today announced its entrance into the business lending market with a new loan product for small, micro and agri businesses. The product which is competitive in the market place is targeted at trades people, retail, services, hospitality, manufacturing and farming sectors.

Speaking about the launch, Mark Murphy CEO of Killarney Credit Union stated that "we felt that it was an opportune time to launch our business loan product with growth signs in the economy and greater confidence among people to become entrepreneurs. 

Finance is one of key factors facing start up and early stage businesses to grow and scale. Short term bridging finance is also available for terms of 6 months or less.

Loans are available to members of Killarney Credit Union, if a business is to be established within the common bond of Killarney Credit Union (see map), is also eligible. (terms and conditions apply).

Common bond

 

Download our business loans brochure

To apply, make an appointment with our business lending team today on 064-6631344 or This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

 

 

Cost of Third Level - 2016 results

IRISH LEAGUE OF CREDIT UNIONS LAUNCH RESULTS OF 2016 COST OF THIRD LEVEL EDUCATION STUDY

87% of parents (down from 94% in 2015) supporting their children financially through college, contributing €447 per month per child to cover costs of college

60% of parents will get into debt to fund third level education

Parents getting into debt to the tune of €4,300 in 2016 down from €4,670 in 2015

4% of parents say they will approach a moneylender to cover third level costs

Parents are saving for an average of 8 years for third level costs, saving on average €8,150

73% of parents really struggle to cover the cost of their child’s third level education

62% of family budgets have been adversely affected by the third level registration fee (marginal fall from 64% in 2015)

67% of students are extremely worried about finding suitable accommodation for the academic year

65% of students living at home compared to 62% in 2015, paying average of €376 on average in rent

Students living outside the home spending €1,048 euro per month, those living at home spending €530 per month

68% students work throughout the academic year to fund third level education, working on average 17 hours per week

Source: ILCU, 2016

Members Draw July 2016

Well done to our 2016 June Winners. Nora Kelliher was the winner of the car draw.

Well done to Nora Kelliher winner of the new Toyota Yaris. 

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Cash Prize winners

  1. Michelle Costello
  2. Donal McCarthy
  3. Rita Barron
  4. Theresa Binns
  5. John P Knightly
  6. Patricia O’Neill
  7. Claire Kiely
  8. Sheila Moynihan,
  9. Maria Mangan,
  10. Mary Buckley,
  11. Margaret Duggan,
  12. Patricia O’Grady,
  13. Kathleen Bhuiyan,
  14. Noreen Mulcahy,
  15. Mary F O’Shea,
  16. Helen O’Sullivan,
  17. Noel Fitzpatrick,
  18. Denis Earlie,
  19. Patrick B O’Sullivan,
  20. Denise O’Regan,
  21. Martin Byrne,
  22. Tom Prendergast,
  23. Tim & Bridie Bartlett,
  24. Liam & Hanna Wharton,
  25. Noelline Coakley,
  26. Anne O’Sullivan,
  27. Dermot Daly,
  28. Marie O’Doherty,
  29. Mary Kelliher

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To apply to join the car draw today

Back to School Costs

BACK TO SCHOOL COSTS 2016

Credit Unions say “Avoid Moneylenders, Shop Around, Plan a Budget”.

Research undertaken in June 2016 by the Irish League of Credit Union indicated that back to school costs negatively impact 26% of household bill payments with 13% of parents saying they will have to sacrifice spending on food to cover these costs.

School associated costs have increased year on year from 2012 with overall spend for primary children on average is €967 per year per child and secondary €1,474.

On average primary school parents are spending €145 on uniforms per child, secondary school parents spending €234 per child.

31% of parents find themselves in debt covering back to school costs, borrowing an average of €357.

In 2016 - 60% of parents will shop online for back to school items, up significantly from 47% in 2015.

79% parents expected to make ‘voluntary contribution to school averaging €118 per child, up from €112 in 2015.

37% of parents feel under pressure to buy branded school supplies, down from 42% in 2015, pressure more evident in secondary school parents.

Only 14% % of parents eligible for back-to-school allowance believe the back to school allowance is sufficient to cover school costs.

Speaking about the research, Helen Courtney Power, Business Development Officer with Killarney Credit Union said “we are very aware of the increased costs that families are facing when returning children to school after the holidays, we recommend that you plan early by making out a budget, shopping for deals in local retailers and avoid door step credit at all costs. We offer personal micro credit loans for smaller amounts which can be repaid through the household budget scheme or you can also look at our standard education loans for members” she concluded. 

Car Finance - The Facts

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Its that time of the year, when you may be looking at different finance options for your new car. We are put together some information on hire purchase (HP) and personal contract plans (PCP) that you may heard about. We also compare both HP & PCP and a credit union loan.

Credit Union Loans & Personal Contract Plans (PCP)

You know the old saying; If it looks too good to be true…..

There’s a lot to be said for simplicity. For having a full understanding of the situation at hand. For not being confused or worrying about the small print or the hidden details.
Take buying a car. It used to be easy. You decide which car you want to buy, you find out the cost of buying it, perhaps the trade in value for your own car and then work out if or how much you need to borrow to pay for it. Simple.

For anyone who has tried to finance a car purchase in recent times, the process can be far removed from this. One emerging trend in car finance is the introduction of Personal Contract Plans (PCPs). Essentially a PCP is a lease scheme which makes financing a new car seem affordable for lots of us with low monthly repayments.

Here’s how it works:
Typically, a person will be offered a PCP package at the forecourt when buying a car.
The buyer will be asked to pay an initial deposit (usually between 10% and 30%) and then agree a monthly repayment – usually over the next three years. PCPs generally have low monthly repayments, which can make them seem more affordable when compared to other forms of finance.
The provider guarantees a minimum future value (MGFV) for the car taking into account depreciation and wear and tear. The MGFV is the amount you will have to pay to own the car at the end of the agreement. It is calculated by the finance company, based on its estimate of the future value of the car at the end of the agreement. It takes into account such things as, the car you are buying, length of agreement, the condition of the car at the end of the agreement and your annual mileage.

At the end of the term of the PCP, the buyer is left with 3 options....
• Pay a final payment (the minimum guaranteed future value or balloon payment) and keep the car.
• Hand the car back. Be aware that if you do opt to hand the car back, you don’t get anything from the car dealer for its value no matter how well you have kept it and maintained it and you might end up having to pay if you have not complied with all the terms and conditions.
• Put the car down as the deposit on another car and enter into a further PCP. It is important to be aware that the deposit you put down for the first car will not be available when you give the car back to use when taking out a new PCP. The equity you have built up in your monthly repayments and the difference of the MGFV is what you would have to put towards the new car. All you have to put towards the new deposit is whatever equity you built up from the first PCP. This equity may be less than the deposit required for rolling it over so you will need to top the deposit up each time.

With a PCP agreement, you don’t own the car, you are hiring it for a period of time, typically 3-5 years. You only own it when you make the final payment. This is important because if you were to run into financial difficulty during your PCP agreement, unlike a personal loan, you cannot sell the car to pay off your debt. These agreements are among the least flexible forms of finance. Because the payments are fixed for the term of the agreement, you cannot usually increase your repayments each month if you wish to do so. If you want to extend the term, you may be charged a rescheduling fee.

Before agreeing to a PCP make sure you always read the small print before you sign up. For instance, the cap on the number of miles/kilometres you are allowed to clock up over the period of the agreement. They may also request that you commit to certain car servicing requirements.

Always enquire about any additional fees and charges. You are entitled to a list of all additional charges and fees, so ask the garage for this before you sign up to any agreement. For instance, ask if there is any documentation fee for setting up the agreement, missed repayments fees or repossession charges.
Credit Union Car Loans
• Unlike a PCP you own the car from the outset
• You can sell the car on at any time
• You can borrow for the full amount
• There are no hidden fees, admin charges, transaction charges, set up costs or balloon payments
• The interest you pay on a credit union loan is the full cost of the loan so it is fully transparent
• Credit union interest rates are fair and reasonable and capped by law
• Repayments are calculated on your reducing balance, so you pay less interest with each repayment
• Your credit union loan is insured in the event of your death - subject to terms, conditions and eligibility criteria - at no direct cost to you.
• You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you extra for paying them back faster!

When comparing finance options, take the time to compare the total amount payable on a credit union car loan (cost of credit) with the PCP cost (the deposit, plus monthly repayments and final payment). Make sure you also compare the terms and conditions of each option.

An issue with a PCP is that it can restrict what you do with the car during the term. If you’ve taken out a credit union loan, then the car is yours to do with as you please. Drive as many miles as you please and crucially, sell it if you need to.

The way a PCP is structured can set up a situation where the easiest and simplest option is to roll over into a new car and a new plan. PCP\\\'s are, in effect, a way of trying to ensure that you will come back and buy another car from the same dealer or manufacturer. All well and good, but what if you don\\\'t like the brand of car or range they have to offer anymore? It does seem a little like saving money in the short term by spending more over a longer period. Our advise - read all the small print and be fully aware before you sign on the dotted line.

Credit Union Loan & Hire Purchase (HP)

Why is a credit union car loan better?
When it comes to financing the purchase of a car, many people simply look for the lowest rate on offer and believe it to be the best option. Headline rates may attract the most attention, but the devil is very much in the detail. Many ‘car finance loans’ offered by garages and some banks are actually hire purchase agreements.
The main difference between using a personal loan and a hire purchase agreement to buy a car is that with a personal loan you borrow money, pay for your car, and own it immediately. With a hire purchase agreement, you don’t own the car until you make the final repayment. This means you cannot sell the car if you run into problems making your repayments.
If the motor dealer is arranging the hire purchase agreement, the motor dealer acts as an agent for a finance company and earns commission to arrange the finance for you. In this case, the motor dealer is acting as a credit intermediary and must be authorised to act on behalf of the finance company.
When you use a hire purchase agreement to buy a car, the motor dealer sells the car to the finance company. The finance company then rents the car to you for an agreed period of time in return for a set monthly repayment over a number of years.
Watch out for the range of additional fees and charges which you may incur as part of a hire purchase agreement. This would include a documentation fee (for setting up the agreement) and completion fee (a fee charged to end the agreement and pass ownership to the car purchaser). If you run into difficulty in meeting the terms of the hire purchase agreement, you may be charged a penalty fee for missed repayments, a rescheduling fee (if you need to change the terms of the agreement) and a higher rate of interest may be charged on any repayments which you missed.

The conditions of some hire purchase agreements result in monthly payments not being evenly spread out and you may pay less in the earlier months of the agreement. This can make your monthly repayments appear more affordable. However, you may have to pay a large final payment (known as a balloon payment) at the end of the term, a payment you may not have budgeted to meet. It can be a real sting in the tail for some.

Thankfully, a car loan from your local credit union is much more straight forward. Helen Courtney Power, Business Development Manager, Killarney Credit Union said \\\"You borrow the money from us, pay for the car and you own the car immediately. You agree a repayment schedule with us. If you run into difficulty, you can talk to us to see if you can come to an agreement on the repayment terms. Should you be in the happy position of being able to repay the loan early, you may do so without any penalty charges.\\\"

Having arranged finance with your local credit union in advance of going shopping for a car also puts you in a stronger position. It helps to know exactly how much you have to spend and because you are not going cap-in-hand to the dealer, you are effectively a cash buyer and you may be able to negotiate a better deal.

So if you’re thinking about your options for financing a car purchase, look no further than Killarney Credit Union with branches at Beech Road, Park Road and Kenmare.

 

Members Draw Winners 2016

Well done to our 2016 June Winners. Nora Kelliher was the winner of the car draw. 

Cash prize winners:

  1. Michelle Costello
  2. Donal McCarthy
  3. Rita Barron
  4. Theresa Binns
  5. John P Knightly
  6. Patricia O’Neill
  7. Claire Kiely
  8. Sheila Moynihan,
  9. Maria Mangan,
  10. Mary Buckley,
  11. Margaret Duggan,
  12. Patricia O’Grady,
  13. Kathleen Bhuiyan,
  14. Noreen Mulcahy,
  15. Mary F O’Shea,
  16. Helen O’Sullivan,
  17. Noel Fitzpatrick,
  18. Denis Earlie,
  19. Patrick B O’Sullivan,
  20. Denise O’Regan,
  21. Martin Byrne,
  22. Tom Prendergast,
  23. Tim & Bridie Bartlett,
  24. Liam & Hanna Wharton,
  25. Noelline Coakley,
  26. Anne O’Sullivan,
  27. Dermot Daly,
  28. Marie O’Doherty,
  29. Mary Kelliher

 

Congratulations to our 2016 Members Draw Winners and our lucky car draw winner.

Patrick O Connor, Killarney who won a brand new Suzuki Swift GLX from Dermot Healy Motors. 

Cash Prize Winners

  1. John Quilligan, Ballyspillane, Killarney
  2. Eileen Doolan, Kilcummin, Killarney
  3. Grainne O Carroll, Belleview Woods, Killarney
  4. Olive Sheehy, Whitebridge, Killarney
  5. Joan Spillane, Beaufort
  6. Kathleen Cronin, Faha
  7. Patrick Casey, Crosstown
  8. Bridget Magnier, Kilbrean
  9. Noreen McSweeney, Dromhall Park
  10. Josephine Kelleher, Pinewood Estate, Killarney
  11. Donie O Keeffe, Lissivigeen, Killarney
  12. James O Dwyer, Castlemaine
  13. Sheila O Mahoney, Park Road, Killarney
  14. Sheila Madden, Fossa, Killarney

Our next draw will take place in June, so why not apply today to join the members draw.

 

Personal Micro Credit Scheme

It Makes Sense poster page 001

TRALEE & KILLARNEY CREDIT UNIONS LAUNCHES PILOT PERSONAL MICRO CREDIT PROJECT
SMALL AFFORDABLE LOANS TO BE MADE AVAILABLE TO THE THOSE ON SOCIAL WELFARE IN NORTH & SOUTH KERRY
SCHEME IS A DRIVE TO COMBAT MONEYLENDERS

17th November 2015
Tralee & Killarney Credit Union has today jointly announced the launch of a new Personal Micro Credit Project (PMC) which will be initially piloted in Tralee and Killarney area and in over 30 other credit unions across the country.
The project will be run in partnership with the Department of Social Protection, the Citizens Information Board, the Social Finance Foundation and An Post and is open to social welfare recipients. Those who would like to avail of this type of loan will need to join Tralee & Killarney Credit Union (if they are not already a member) and sign up for repayments to be made to the loan via the Household Budget Scheme which is run by An Post.
Speaking about the initiative Mark Murphy, CEO, of Killarney Credit Union said:
“We are delighted to take part in this pilot scheme. We are all well aware of the penal interest rates charged by moneylenders, both legal and illegal, in local communities. This pilot scheme will highlight that the credit union is a real option for people who are on social welfare in our area”.

Fintan Ryan, CEO, of Tralee Credit Union added
“The target audience for the scheme are those who are excluded from mainstream credit. Essentially, the aim is to offer small loans to those using or considering using a moneylending service. The project is working to create a realistic offering to counter the ‘convenience and ease’ advantage that moneylenders have in this country. An eligible person can apply for a loan of between €100 and €2,000. This type of loan will be distinct from a standard credit union loan” he concluded.
The Central Bank estimates that about 360,000 (2013 Report on Licensed Moneylending Industry) people are using moneylending services in the Republic of Ireland. This does not take into account those using unlicensed operators. Interest charged on loans from moneylenders can be 290% or even higher. The maximum interest rate which credit unions can charge is 12% (12.68% APR).
Credit unions have been particularly vocal throughout the recession years about the dangers of using moneylending services as in many cases, those who avail of this type of credit are getting trapped in a cycle of debt which is very hard to break free from.
Information on the pilot scheme will be available in Money Advice and Budgeting Services (MABS) and St. Vincent de Paul (SVP) offices which are in the vicinity of the participating credit unions.
Commenting on the initiative, John-Mark McCafferty, Head of Social Justice with the Society of St. Vincent de Paul, said:
“We have been advocating for an alternative to high cost moneylenders for some time and we warmly welcome the leadership shown by credit unions in the pilot to provide this product for people on social welfare who are eligible. We are working with our credit union colleagues locally throughout the pilot sites in order to ensure take-up of the scheme and more affordable credit for the households we assist”.

Notes to Editor
* The Household Budget Scheme operated by An Post is a scheme that helps those getting certain social welfare payments to spread the cost of some household bills over the year. Under the scheme, people who receive certain social welfare payments can pay regular amounts towards various household utility bills by direct deduction from their weekly payment. The customer can choose to have any amount deducted from their weekly payment subject to:
- a weekly minimum of €5 for each utility bill type, and
- the total payment must not exceed 25% of their weekly payment
For the PMC project, it is now being broadened to enable funds to be used to make repayments for a specific type of credit union loan.
Background
The origins of the Personal Micro Credit Project date back to 2013 when discussions took place between the Citizens Information Board, MABS and the Social Finance Foundation (SSF) on the burgeoning moneylending industry in Ireland. A draft report was produced and sent to the Minister for Social Protection recommending that the introduction of a PMC scheme operated by credit unions, as an alternative to the moneylending industry.
A list of participating credit unions is available at https://www.facebook.com/itmakessenseloan

Personal Micro Credit Scheme Information Leaflet

 

Killarney Credit Union Junior Members

 

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