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Credit Union Loan - any chance of suspension of payment for a year

  • 09-06-2008 8:35am
    #1
    smellybiker
    Closed Accounts Posts: 361 ✭✭


    I've got a credit union loan presently standing at €10,000. I'm going travelling in December to Canada for a year and am trying to pay off as much of it as possible (if not all) before I leave. Despite my progress in reducing it (it was €16000 three months ago), I'm worried that I might not be able to pay it all off before I go (with having to save for Canada and having Christmas to pay for as well). Someone suggesting going in and talking to them to ask would they allow payment to be suspended for a year until I get back. This doesn't seem to be as plausible to me as it did to the person whom suggested it but just wondering has anyone tried this or know if it can be done???


Comments

  • #2
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    I'd find it highly unlikely that they would..nothing to stop you from asking however.


  • #3
    diamonds&cream
    Closed Accounts Posts: 25 ✭diamonds&cream


    What about applying to pay interest only, if agreeable by the CU, they could calculate the interest for you on the principle, times the interest by 52, you could lodge that amount to your bank account and set up a standing order/direct debit to pay it weekly, bi weekly or monthly as suits to the CU.


    or what about a share to loan transfer, maybe the CU would consider that and reduce the principle so you can clear the loan before you go.

    I wouldn't normally suggest using your shares to clear a loan but maybe it is an option for you, so you wouldn't have a big loan hanging over you while you are away and you could start building your shares again when you are in a better position.

    Good luck


  • #4
    smellybiker
    Closed Accounts Posts: 361 ✭✭smellybiker


    diamonds&cream wrote: »
    or what about a share to loan transfer, maybe the CU would consider that and reduce the principle so you can clear the loan before you go.

    I wouldn't normally suggest using your shares to clear a loan but maybe it is an option for you, so you wouldn't have a big loan hanging over you while you are away and you could start building your shares again when you are in a better position.

    Good luck

    This would be a good idea but i only have shares worth €800 and they are what i used for collateral against the loan. I'm currently trying to sell my house and if that happens, the loan will be paid in full but with the current market the way it is, i'm not too concerned with this option as a certainty!

    One thing i also need to stress is that up until one month ago, i had arrears on my account in excess of €2000 - this was cleared from the sale of a van that i had and now i'm in a better position and able to pay more than the agreed payments but i still don't believe i've enough time to pay it all off!


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