Newtownshandrum Contribution Scheme Update 2015-04-07 19:26:00

Update Feb 2017

15th February 2017
To Whom it Concerns,
Recently the Mortgage Contribution Scheme Committee (MCSC) secured a debt writedown on behalf of the GAA Club of in excess of €230,000.
This ‘write down’ and the continued support of the Contributors to the Scheme has the current amount owed by the Club at €169,000. This is the total amount of the club debt. We believe this can be cleared by 2020, provided another 60 people join the contribution scheme. Tremendous work has been done so far to get to this point.  
The community is dependent on the GAA club’s facilities for meetings, training & matches & indeed these facilities provide the principal location for the social fabric of our community.
The MCSC now have a specific plan for the GAA Club to be debt free by 2020!! We require your attendance at an open public meeting to give you an opportunity to share in this plan.
It is critical that you attend this meeting, to get the comprehensive update on the events so far and to hear the plan to get the Club debt free by 2020.
To that end we invite you to attend the Community Hall on Sunday February 26th at 6pm.
Yours in community,  
Mortgage Contribution Committee Members.


Newtownshandrum Contribution Scheme

Update From The Contribution Scheme Committee


Dear Contributor,



Following on from the public meeting in December, we wish to provide you with the following update on the Mortgage Contribution Scheme (the Scheme);



·        Please encourage all friends & family to contribute to the scheme

·        173 members currently contributing to the scheme

·        Total amount collected to date, €51,161

·        Following the last public meeting in December, Paul Kerr of First Choice Financial Services was engaged to liase with AIB (the bank)

·        We prepared our file & passed it over to Paul for review

·        Paul prepared a report, which the committee reviewed

·        Paul sent this report to the bank & has had one meeting

·        The bank have still not provided a satisfactory response(to our 1 outstanding query), as far as both Paul & the committee are concerned

·        A formal complaint was issued to the bank on March 20th 2015

·        The bank are legally now obliged to issue a final response within 60 days

·        Once this response is received, we will be in touch to advise of a public meeting to update on progress & next steps


In the interim if you have any questions, queries or concerns any member of the committee as detailed above would be happy to address.

Mortgage Contribution Committee Members

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