Can I move abroad with an outstanding Credit Union loan?

I have an outstanding credit union loan however I have been offered the opportunity to move abroad for a post grad I applied for. I will be taking this offer and moving but this may mean I will need to reduce my payment amount on my loan.

However, I am wondering if moving country is against the terms of my loan, or if it should be ok provided I continue to make my repayments? I don't want to call and ask, for obvious reasons. Thanks for any insight.

NSAman

As long as you continue the repayment why would there be an issue?

https://www.boards.ie/discussion/comment/117805598#Comment_117805598

I'm just not sure if leaving the country would be against the terms of my loan?

DarkJager21

https://www.boards.ie/discussion/comment/117805677#Comment_117805677

You could be in Zimbabwe for all they care once the repayments are made.

L1011

You will need to check your loan agreement, nobody here is going to know the contents of it; but its exceptionally unlikely such a clause would exist.

irelandrover

I don't think moving will be against the terms of your loan. Reducing your payment amount is a much bigger issue.

NSAman

https://www.boards.ie/discussion/comment/117805677#Comment_117805677

Hate to tell you, they don't care about you.. just that the loan is paid... as someone mentioned previously, I paid mine from Africa and Europe. Why would it be against terms of a loan? You get the loan it has to be paid back, if you don't are they going to fly to Australia and bang on your door telling you that you broke loan rules?

Jim2007

https://www.boards.ie/discussion/comment/117805677#Comment_117805677

You could try reading the terms and conditions of the loan AND the CUs general terms and conditions as both would apply to you. I don’t expect it to be an issue.

However unilaterally reducing or defaulting on payments would have consequences especially if someone has guaranteed the loan in any manner.

ratracer

CU’s generally don’t have an issue with restructuring loan payments. The important thing is to engage with them, be upfront and let them know you still intend to repay the loan in full.

Failure to repay could come back to bite you if/ when you look for further loans from any financial institute on return home.

Curious_Case

https://www.boards.ie/discussion/2058205891/can-i-move-abroad-with-an-outstanding-credit-union-loan

I'm thinking you're not one for walking on the grass 🙄

Jim2007

https://www.boards.ie/discussion/comment/117808817#Comment_117808817

It does not even have to be a return to home, under the EU directive all financial institutions within the EU have access to the the CCR report in any case.

badgerbroc11

Contact the CU to let them know that you are moving and you'll forward new contact details when you have them. There's no problem with continuing to pay while working abroad.

Building the personal relationship with the CU helps and if you get into difficulty while abroad it can be great to have the connection to help you out.