If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Help ! Credit Union loan showing arrears after restructure

Howjoe1 · 2013-09-09 17:03:36

I recently had to restructure my loan due to a drop in income. I wrote to the CU advising of same. They wrote back confirming that they agreed an interest only period of 4 months as per verbal agreement, with a new lower repayment coming into effect thereafter as signed and agreed. But my new restructured loan shows…

Options

09-09-2013 6:03pm

#1

Howjoe1

Closed Accounts Posts: 2,666 ✭✭✭

Join Date: December 2007

Posts: 2602

I recently had to restructure my loan due to a drop in income. I wrote to the CU advising of same. They wrote back confirming that they agreed an interest only period of 4 months as per verbal agreement, with a new lower repayment coming into effect thereafter as signed and agreed.

But my new restructured loan shows arrears!

When I query same they state that the arrears relate to the period I paid interest only for 4 mths as was verbally agreed. They've always received a monthly payment per pre-agreement. Should monies from agreed "interest only" period tag on as arrears on the new restructured loan?

0

Comments

Options
#2 30-09-2013 4:21pm
ScaldyMc

Registered Users Posts: 171 ✭✭

Join Date: March 2011

Posts: 165

You are behind on your payments for the original loan, hence the arrears balance. So yes, they are correct. If it was a new loan (such as a reschdule) then this would not be the case.

0