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Credit Union loan payment missed. What will happen?

  • 13-01-2018 1:43pm
    #1
    PLUG71
    Registered Users Posts: 640 ✭✭✭


    Hi,i have failed to make my payment at the Credit Union this month for my car loan.

    Can anyone tell me what will happen?:(


Comments

  • #2
    Darren 83
    Registered Users, Registered Users 2 Posts: 1,685 ✭✭✭Darren 83


    PLUG71 wrote: »
    Hi,i have failed to make my payment at the Credit Union this month for my car loan.

    Can anyone tell me what will happen?:(

    Ring them up and explain the reason behind it even try and pay the interest on it, it will be marked on ICB report.

    I would try to pay it back pay a little extra each month to show you are trying.


  • #3
    PLUG71
    Registered Users Posts: 640 ✭✭✭PLUG71


    Darren 83 wrote: »
    Ring them up and explain the reason behind it even try and pay the interest on it, it will be marked on ICB report.

    I would try to pay it back pay a little extra each month to show you are trying.

    Thanks for the info.

    Can I ask what an ICB report is?


  • #4
    Darren 83
    Registered Users, Registered Users 2 Posts: 1,685 ✭✭✭Darren 83


    PLUG71 wrote: »
    Thanks for the info.

    Can I ask what an ICB report is?

    Link

    http://www.icb.ie


  • #5
    Bubbaclaus
    Registered Users, Registered Users 2 Posts: 4,461 ✭✭✭Bubbaclaus


    I hope you didn't have any plans to get any other loans in the next 5 years


  • #6
    Acey10
    Registered Users, Registered Users 2 Posts: 219 ✭✭Acey10


    Happened to me, got a letter informing me not to miss three payments in a row, just don't let it happen again!


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  • #7
    PLUG71
    Registered Users Posts: 640 ✭✭✭PLUG71


    Bubbaclaus wrote: »
    I hope you didn't have any plans to get any other loans in the next 5 years

    I have spoken to them and it does not affect anything regarding future loans


  • #8
    Bubbaclaus
    Registered Users, Registered Users 2 Posts: 4,461 ✭✭✭Bubbaclaus


    PLUG71 wrote: »
    I have spoken to them and it does not affect anything regarding future loans

    So they told you it's not going on the ICB report? Or they just told you it won't effect loans from them?


  • #9
    PLUG71
    Registered Users Posts: 640 ✭✭✭PLUG71


    Bubbaclaus wrote: »
    So they told you it's not going on the ICB report? Or they just told you it won't effect loans from them?

    Yes no ICB report as long as I go in and catch up. It was a missed standing order thanks to the Bank Of Ireland never informing me about charges.
    The CU was very helpful and easy to deal with.


  • #10
    joeguevara
    Registered Users, Registered Users 2 Posts: 8,089 ✭✭✭joeguevara


    As long as it is paid within the month that the payment was supposed to be made then no report to ICB and Central Credit Register. If it goes to the next month then it will be reported.

    Reports on the ICB and Central Credit register does not mean automatic refusal of future loans but patterns of missed loans will be taken into consideration. Bank of Ireland will have notified you of charges when opening account and will have further notified you of changes to these charges. I don’t understand why you are blaming them for failure of standing order. Maybe discuss a temporary overdraft or change to payment date if the current date has the possibility of insufficient funds.


  • #11
    rustynutz
    Registered Users, Registered Users 2 Posts: 790 ✭✭✭rustynutz


    PLUG71 wrote: »
    Yes no ICB report as long as I go in and catch up. It was a missed standing order thanks to the Bank Of Ireland never informing me about charges.
    The CU was very helpful and easy to deal with.

    This is why I prefer dealing with my local CU as opposed to the bank. I have always found them very flexible when applying for a loan, and on repayments


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