DMPI Employees & Community Credit Cooperative

MEMBERS ACCOUNT REFORM (MAR)

• A loan for which the cooperative and its members have to agreed to extend their terms, making them more favorable, the borrower member may reform his/her loan to avail a lower amortization by extending terms of payments.

Purpose:

• To accommodate the members in their financial difficulty and, thus, to avoid non- payment of their amortization
• To improve member’s classification   from class “C” to class ”A” and to become a members in a good standing
• To increase their take home pay
• To reduce cooperative delinquency rate , and maintain at least 5% standard for past due account
• To enhance economic life to each members, and become financially literate.

Guidelines:

• Regular Members with high interest rate, penalties and principal arrears.
• Members account reform(MAR)is applicable only for regular, special, building, and Maxi loan. Members SPP contribution should not be higher than 5%.
• Members who already avail this program is not entitle for re-loan for the period of 4 months: Provided after 4 months, she/he will became a class “A” Member
• Members has an option to choose for her/his terms of payment is base on their capacity to pay, but not lower than 1,ooo.oo of their previous amortization.
• Members should attended the briefing every Thursday at 1 pm coop conference room.
• Loan releases is every Wednesday afternoon
• Members must have a minimum share capital of P35,000.00
• Net proceed should be five thousand(Ps. 5,000.00) minimum and P20,000.00 maximum.
• After availment of this members account reform, members classification will be strictly monitored by the loan supervisor ,and if the members has still and existing interest arrears and penalties in their account at the end of the year, his/her dividend and patronage refund shall be offsetted.
• Maximum loan entitlement must not exceed 5 times of his/her share capital.
• Any delinquent members who will not attend on this Member’s Account Reform Scheme, the coop will send notice to the member one month before the end of the year. After 5 working days of no response, all interest arrears and penalties will be deducted from her/ his dividend and patronage refund.