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Credit union guarantor query

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  • 14-06-2011 6:23pm
    #1
    gimmetheloot
    Closed Accounts Posts: 2 ✭


    Hi, I have just applied for a loan in the credit union to go on an internship visa abroad and they approved it but asked for a guarantor. The Woman I spoke with said my Mother could go guarantor as she also saves there but said that if this was the case that her funds would also be frozen until the loan was cleared. I objected to this and said I wouldn't go through with the loan if this was the case but the staff member said that she could come in tomorrow and withdraw most of her funds before signing as guarantor. I thought this was sort of strange for her to tell me this since it sort of contradicts the idea of having a guarantor but the woman I spoke with was encouraging my mother to do this.

    My Mother saved about 100euro per week and has been doing so for about 4 months now but has been a customer for years. I really don't like the idea of asking her to withdraw all her funds and stop saving there until my loan is paid off. She doesn't have any plans to get a loan herself from the CU however so it probably would not make much difference and she is trying to help me out however she can with my loan. I sort of assumed that once she went guarantor that her situation would remain the same and I didn't expect them to tell me they would freeze her savings also. Seems weird as that would mean that effectively she might as well be the one getting a loan.

    Has anybody been in this situation before with the Credit Union, I'm not really sure what to do, its pretty confusing.


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