Credit unions see more overdue loans, FHC offers relief

MONTHS after Hurricane Melissa, Jamaica’s financial system has held up better than feared, but some credit union borrowers are still struggling to keep up with their loans.

First Heritage Co-operative Credit Union (FHC) has introduced its first special loan amnesty for members whose payments have been outstanding for at least eight months. It could allow them to settle for less than they owe, move to a revised payment plan, or have interest and late fees reduced or waived.

“This is our first time rolling out an amnesty programme of this nature. We are aware that our members occasionally face financial challenges and as such we are always exploring ways in which we can support them,” FHC told the Jamaica Observer.