THE CAR LOAN FUND RULES – August 2014
1. The Fund will be administrated by the officers of the General Assembly
2. The object of the Car Loan Fund shall be the granting of loans to ministers and employees of the Connexion for the sole purpose of assisting the purchase of vehicles necessary in carrying out their duties.
3. The Officers shall decide the amount of the loan, but the maximum loan payable shall be:-
3.1 £6,500 to those in salaried (stipend) service, or those having retired from salaried service.
4. An appeal against the decision of the Officers may be made to the Resource and Properties Board, whose decision shall be final.
5. A rate of 3% interest will be charged on all loans.
6. Loans will be repayable as follows:-
6.1 Category 3.1 within a period not exceeding 5 years, by deduction from Stipend or Pension, commencing in the month following that in which the loan is made.
7. In the event of a salaried person ceasing to serve the Connexion,
7.1 On grounds of ill-health - either he/ she be allowed to continue repayments by way of deductions from his/her pension, or to repay the balance outstanding immediately.
7.2 Through death – his/her widow/widower be allowed either to continue repayments by way of deduction from his/her pension, or to repay the balance outstanding immediately.
7.3 Resignation from the Connexion - he/she be required to repay the balance outstanding immediately (or by monthly standing order at the discretion of the officers)
8. Loans will be available to assist in the purchase of new cars, and of second-hand cars, normally not exceeding 4 years old, with a record mileage normally not exceeding 50,000 miles. Applications for other forms of transport such as motor bikes and cycles will be considered.
9. The borrower shall forthwith insure the vehicle and while any part of the loan remains unpaid, shall keep the vehicle insured under a fully comprehensive policy.
10. Application for a loan can be made at any time during the year, and should be forwarded to the Head of Finance at the Central Office.
11. While the Connexion has an interest in a vehicle as a result of a loan given, the borrower is responsible for the Road Fund Licence, Motor Insurance, M.O.T. certificate, and all running costs, maintenance and repairs.
12. By accepting a loan from the Car Loan Fund, the borrower shall be held to have accepted it under the foregoing rules and shall be bound to comply thereby and to fulfil all obligations imposed on him/her there under.
13. The rules maybe reviewed and altered periodically by officers of the General Assembly.
14. An application for a car loan can only be made following 6 months continuous employment.
AD-DALIADAU BENTHYCIAD CAR
CAR LOAN REPAYMENTS
2 Flynedd/ Yrs / 3 Blynedd/ Yrs / 4 Blynedd/ Yrs / 5 Mlynedd/ Yrs£1000 / Llog / Interest / 45.00 / 60.00 / 75.00 / 90.00
Cyfanswm / Total / 1045.00 / 1060.00 / 1075.00 / 1090.00
Misol / Monthly / 22x 46.00 / 34x31.00 / 46x23.00 / 58x18.00
Taliad olaf / Final Payment / 33.00 / 6.00 / 17.00 / 46.00
£1500 / Llog / Interest / 68.00 / 90.00 / 112.00 / 135.00
Cyfanswm / Total / 1568.00 / 1590.00 / 1612.00 / 1635.00
Misol / Monthly / 22x70.00 / 34x46.00 / 46x34.00 / 58x28.00
Taliad olaf / Final Payment / 28.00 / 26.00 / 48.00 / 11.00
£2000 / Llog / Interest / 90.00 / 120.00 / 150.00 / 180.00
Cyfanswm / Total / 2090.00 / 2120.00 / 2150.00 / 2180.00
Misol / Monthly / 22x93.00 / 34x62.00 / 46x46.00 / 58x37.00
Taliad olaf / Final Payment / 44.00 / 12.00 / 34.00 / 34.00
£2500 / Llog / Interest / 113.00 / 150.00 / 187.00 / 225.00
Cyfanswm / Total / 2613.00 / 2650.00 / 2687.00 / 2725.00
Misol / Monthly / 22x117.00 / 34x77.00 / 46x58.00 / 58x46.00
Taliad olaf / Final Payment / 39.00 / 32.00 / 19.00 / 57.00
£3000 / Llog / Interest / 135.00 / 180.00 / 225.00 / 270.00
Cyfanswm / Total / 3135.00 / 3180.00 / 3225.00 / 3270.00
Misol / Monthly / 22x140.00 / 34x92.00 / 46x69.00 / 58x56.00
Taliad olaf / Final Payment / 55.00 / 52.00 / 51.00 / 22.00
£3500 / Llog / Interest / 158.00 / 210.00 / 262.00 / 315.00
Cyfanswm / Total / 3658.00 / 3710.00 / 3762.00 / 3815.00
Misol / Monthly / 22x163.00 / 34x108.00 / 46x81.00 / 58x65.00
Taliad olaf / Final Payment / 72.00 / 38.00 / 36.00 / 45.00
£4000 / Llog / Interest / 180.00 / 240.00 / 300.00 / 360.00
Cyfanswm / Total / 4180.00 / 4240.00 / 4300.00 / 4360.00
Misol / Monthly / 22x186.00 / 34x124.00 / 46x93.00 / 58x75.00
Taliad olaf / Final Payment / 88.00 / 24.00 / 22.00 / 10.00
£4500 / Llog / Interest / 203.00 / 270.00 / 337.00 / 405.00
Cyfanswm / Total / 4703.00 / 4770.00 / 4837.00 / 4905.00
Misol / Monthly / 22x210.00 / 34x139.00 / 46x104.00 / 58x84.00
Taliad olaf / Final Payment / 83.00 / 44.00 / 53.00 / 33.00
£5000 / Llog / Interest / 225.00 / 300.00 / 375.00 / 450.00
Cyfanswm / Total / 5225.00 / 5300.00 / 5375.00 / 5450.00
Misol / Monthly / 22x 236.00 / 34x155.00 / 46x116.00 / 58x93.00
Taliad olaf / Final Payment / 33.00 / 30.00 / 39.00 / 56.00
£5500 / Llog / Interest / 248.00 / 330.00 / 412.00 / 495.00
Cyfanswm / Total / 5748.00 / 5830.00 / 5912.00 / 5995.00
Misol / Monthly / 22x260.00 / 34x170.00 / 46x128.00 / 58x103.00
Taliad olaf / Final Payment / 28.00 / 50.00 / 24.00 / 21.00
£6000 / Llog / Interest / 270.00 / 360.00 / 450.00 / 540.00
Cyfanswm / Total / 6270.00 / 6360.00 / 6450.00 / 6540.00
Misol / Monthly / 22x280.00 / 34x185.00 / 46x139.00 / 58x112.00
Taliad olaf / Final Payment / 110.00 / 70.00 / 56.00 / 44.00
£6500 / Llog / Interest / 293.00 / 390.00 / 487.00 / 585.00
Cyfanswm / Total / 6793.00 / 6890.00 / 6987.00 / 7085.00
Misol / Monthly / 22x306.00 / 34x200.00 / 46x150.00 / 58x121.00
Taliad olaf / Final Payment / 61.00 / 90.00 / 87.00 / 67.00
P:\Byrddau & Adrannau\B Ad & Eiddo-R & Prop Bd\Adran Polisi&Perfformiad\Meeting 24 October 2013\7 Car Loan Rules and Application Form Aug 2013.doc