MANCHESTER, U.K.–One credit union here is attempting to help some of the hundreds of thousands of people whose travel plans have been turned upside down by the collapse of giant travel firm Thomas Cook.
The company’s abrupt closure has left travelers who were already away from home on a Thomas Cook holiday stranded in other countries, while causing financial losses for those who had trips planned that are now canceled.
In response, Co-op Credit Union has been reaching out to members who have been affected and is helping with affordable loans for alternative travel plans, according to CO-OP News.
One member, identified as Mickala, told the publication, “I’ve spent 12 months saving up for our family holiday and we were scheduled to fly on Tuesday October 1 with Thomas Cook. Then, on Monday September 23, the news hit that Thomas Cook had ceased to trade. Having spent the last two months listening to my two children getting increasingly more excited about their holiday, I found myself in the position where I may have to tell them we may no longer be going.”
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To find a solution, Mickala emailed Co-op Credit Union and asked to speak to a member of the team, CO-OP news reported, adding the credit union agreed a loan so Mickala could book a replacement – and when she receives a refund from the travel insurance she had taken out, she can pay the balance off without any penalties for early settlement.
Co-op Credit Union told CO-OP News any members in a similar position to Mickala can contact them, with evidence of their booking with Thomas Cook, and they will be considered for a flexible loan.
“Subject to approval, funds can be in a member’s account the next working day. Once any refund for the Thomas Cook holiday is processed, funds can be part or fully settled with no early repayment penalties,” according to the publication.