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Credit union loan and shares question

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  • 19-08-2011 10:03pm
    #1
    Donahg
    Closed Accounts Posts: 83 ✭✭


    I owe the credit union €700 on a 2k loan repayment and i have €700 in shares, would there be a problem with me using the shares to pay of the debt? If i phoned them on monday morning could they do that right away ?


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    #2
    johnam
    Registered Users Posts: 210 ✭✭johnam


    as far as I am aware, your shares / savings are used as collateral against your loan, so when the amount you have left to repay is the same as or less than your saving thenYES you can use them to pay off the loan. In terms of doing it over the phone, well that depends on your credit union, I would have to go in to mine to sign the paperwork etc.


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    #3
    patwicklow
    Registered Users Posts: 1,937 ✭✭✭patwicklow


    Yes sould be no bother i done same had 8000 in shares had a 20k loan, owed 7000 told them to wipe the loan and they did


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    #4
    naughtysmurf
    Registered Users Posts: 3,262 ✭✭✭naughtysmurf


    Donahg wrote: »
    I owe the credit union €700 on a 2k loan repayment and i have €700 in shares, would there be a problem with me using the shares to pay of the debt? If i phoned them on monday morning could they do that right away ?

    Why would you do that?

    €700 is a very small amount to owe, I wouldn't use my shares to clear the loan. €700 in shares gives you reasonable (compared to the banks) easy access to at least €2100 in credit at a reasonable rate with very flexible repayment options

    You never know when you may need a loan, personnally I would continue to tip away at the loan and keep my €700 in shares


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