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credit union question

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  • 21-01-2014 3:09pm
    #1
    Play Bunny
    Registered Users Posts: 362 ✭✭


    how does a credit union work out arrears? is it the particular month u haven't paid the interest from that?.


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Play Bunny wrote: »
    how does a credit union work out arrears? is it the particular month u haven't paid the interest from that?.

    Its how far behind you are on payments, plus there may be some penalty interest on this balance. For instance if you are due to pay €100 per month and you dont for 6 months you would be €600 in arrears, this €600 would also be on the balance and would be accruing interest (and possibly penalty interest) so could be higher.


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    #3
    Play Bunny
    Registered Users Posts: 362 ✭✭Play Bunny


    Ah righty, well my repayments are €160 pm I've never defaulted on the Loan & I'm always on time , but this month I need the money for something else so was thinking of giving it a miss, I'm not in arrears at the mo...


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    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Play Bunny wrote: »
    Ah righty, well my repayments are €160 pm I've never defaulted on the Loan & I'm always on time , but this month I need the money for something else so was thinking of giving it a miss, I'm not in arrears at the mo...

    You should contact to CU to discuss and see if you can sort something out. Just missing the payment could affect your credit rating.


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    #5
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    chris85 wrote: »
    You should contact to CU to discuss and see if you can sort something out. Just missing the payment could affect your credit rating.
    Yes, do contact them.

    CUs are usually fairly flexible, provided that your general record is good. That is because they exist for the benefit of their members, not to make as much profit as possible.


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    #6
    Play Bunny
    Registered Users Posts: 362 ✭✭Play Bunny


    Thanks guys ....I've made other arrangements so I will pay it...


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    #7
    PollyHog
    Registered Users Posts: 9 ✭PollyHog


    Play Bunny wrote: »
    how does a credit union work out arrears?...

    Clear and accurate explanation available here

    http://www.askaboutmoney.com/showthread.php?t=177878

    HTH


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