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Struggling to pay Credit Union Loan

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  • 23-03-2010 1:35pm
    #1
    Sidetracker
    Closed Accounts Posts: 99 ✭✭


    On the question of Credit Unions, can anyone tell me what you can/should do when you just cannot meet your CU weekly payments. I am a retired pensioner and I am struggling to make €170 weekly payments to my Credit Union.


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    #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    Post moved to it's own thread.

    OP, the first thing you need to do is call into your CU and advise them that you are struggling. They may be able to reduce the payments for a while until you get sorted.


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    #3
    staker
    Closed Accounts Posts: 5,677 ✭✭✭staker


    Got into difficulty with my Credit Union regarding arrears about 10 years ago.
    Obviously I approached the manager and explained my circumstances. I was very fortunate to meet a decent human being who had a conscience,he deferred my payments (not interest) until I got myself sorted out.
    OP approach them, get to them first and you'll give yourself way more "leverage".


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    #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    170 p.w :eek:

    Is the old age pension the only income you've got?


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    #5
    Sidetracker
    Closed Accounts Posts: 99 ✭✭Sidetracker


    Yes. Having had to retire from my job, through ill health my only income is my pension. I am considdering equity release on my home


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    #6
    DLohan
    Closed Accounts Posts: 31 ✭DLohan


    Sidetracker wrote: »
    Yes. Having had to retire from my job, through ill health my only income is my pension. I am considdering equity release on my home

    Be very careful about how you do that. If you sell your house now you will get (if you sell) less than it was worth some time ago.

    There are other schemes that pay you now and you leave your house to them. I would be extremely careful about entertaining any such notions. Your best bet is to go back to the Credit Union and advise them of your position. Be business like - remember it is not a huge amount of money and you intend to pay it back. All you want is more time and their assistance. Given the present environment it is very understandable.


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    #7
    kmick
    Registered Users Posts: 3,375 ✭✭✭kmick


    Sidetracker wrote: »
    Yes. Having had to retire from my job, through ill health my only income is my pension. I am considdering equity release on my home

    That will very expensive for you with property prices as they are. Could you sell up and move to a smaller place and use the extra to pay off the loan? Might leave you with some cash as well. You can get a decent 2 bed apt for quite a small amount of money these days.


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    #8
    Sidetracker
    Closed Accounts Posts: 99 ✭✭Sidetracker


    DLohan wrote: »
    Be very careful about how you do that. If you sell your house now you will get (if you sell) less than it was worth some time ago.

    There are other schemes that pay you now and you leave your house to them. I would be extremely careful about entertaining any such notions. Your best bet is to go back to the Credit Union and advise them of your position. Be business like - remember it is not a huge amount of money and you intend to pay it back. All you want is more time and their assistance. Given the present environment it is very understandable.

    I have been successful in reaching moratoiium agreements with my other creditors, who have frozen all payments inc. intrest, but CU is a different kettle of fish.


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    #9
    Daisy Steiner
    Closed Accounts Posts: 751 ✭✭✭Daisy Steiner


    Have you approached them yet? I found my credit union to be quite helpful when I was in difficulties, they switched me to interest only for a good few months, it really helped me to get out of a hole.

    It's always better to approach them first. Hope you get on well.


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    #10
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    DLohan wrote: »
    Be very careful about how you do that. If you sell your house now you will get (if you sell) less than it was worth some time ago.

    There are other schemes that pay you now and you leave your house to them. I would be extremely careful about entertaining any such notions. Your best bet is to go back to the Credit Union and advise them of your position. Be business like - remember it is not a huge amount of money and you intend to pay it back. All you want is more time and their assistance. Given the present environment it is very understandable.

    The chap has SFA all options with a loan @ 170 p.w bar remortgage / sell the house. And even at that no bank would touch a remortgage with all the debt he has out there. A loan of 170 p.w is huge money....


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