JPS & Partners 2017 Annual Report

Board of Directors Report (Continued)
Year Total Delinquent Delinquency
Loans Loans Ratio
2016 $2.45B $51.1M 2.07%
2017 $2.68B $61.21M 2.29%
checks. This was quite significant as members who
weren’t able to acquire loans elsewhere because of their
loan delinquency with the Credit Union, had to make
good on their outstanding loans.
Despite the efforts of the team for prudence and loans
portfolio management we saw an emerging trend where
many of our members migrated without putting the
necessary plans in place to settle loans including
Mortgage, Motor Vehicle, Salary Enhancer and other
unsecured Loans.
COMPARISON OF
DELINQUENT LOANS 2017/2016
Legal action was initiated against five (5) members for
property related loan facilities, one (1) property was
successfully sold, three (3) members entered into
payment arrangements to settle their arrears while one
(1) property is currently being advertised for sale.
Two other properties were also sold. Three (3) motor
vehicles were assigned for repossession, one was
repossessed and sold. Our Debt Collector despite his
best efforts is yet to locate and repossess the other two
vehicles.
The loan amnesty programme for delinquent loans
exceeding one year is ongoing. This programme gives
members the opportunity to benefit from a reduction in
accrued interest once certain conditions are met. This
programme also help to improve their credit ratings.
MAINTAINING OUR
COMPETITIVE EDGE
Comprehensive Product Line
Our range of products offered, hold true to
the line “Your Financial Partner for Life”.
Our 2017’ theme “Your future, our focus” led
us in an intense promotion to be by our
members’ side in offering a copious package
to Go Ahead and accomplish life’s goals.
This loan promotion aligned with significant milestones
in our members’ life including home, tuition, motor
vehicle, marriage and any other personal goals our
members were desirous of pursuing.
The Credit Union acknowledges that our members’
needs will always be first and as such, we are cognizant
of the fact that our products not only need to be
packaged to meet those needs but also relevant and
affordable. Seasonal loans remain a popular option
among members; Valentine’s Day, Mother’s Day, Father’s
Day, Back to School, Furniture and Christmas Combo
loan solidifies our thrust to offer relevant products.
Our investment options continue to be matchless in the
market; Partner Plan, UGain, Christmas Savings Plan,
Lifelong and Fixed Deposits never cease to maximize
returns on our members’ investments.
On a daily basis, there is diligent management of our
investment portfolios, rates at investment houses are
constantly negotiated to maximize income, and these
rates in turn lead to the Credit Union passing on rates
to our members which rival any other institution.
Loan Protection and
Life Savings Insurance Coverage
We continue to provide our members with life insurance
coverage over their loans and savings with the Credit
Union. Our members’ loans and savings are insured for
up to $2M on loans and $1,000,000 for savings. This
knowledge that their loans and savings are insured has
provided piece of mind to our members.
THE WORK FORCE IN PLACE
Competent and Committed Team
To be “Your financial partner for life”,
the Credit Union needs a competent
and committed team – a team that will
continually use the core values of Integrity,
Trust, Service, Accountability and Prosperity
Pushing you Beyond All Limits!
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JPS & Partners Co-operative Credit Union