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Credit Union Loan Query

  • 06-12-2022 6:26pm
    #1
    Buttercake
    Registered Users, Registered Users 2 Posts: 539 ✭✭✭


    Hi all,

    Credit union realted question

    I have a loan with my CU, the amount outsanding is 2000euros and I have 2200euro in shares.

    I have an app form my CU and it allows me to transfer between accounts, I tried to transfer the 2000euro loan balance last night and got a message this morning saying 'We are unable to process this tranasction, The shares are being held as a pledge against the loan'

    I sent them a message explaining that I wanted to clear my loan but they are ghosting me. I am in the process of a morgtage applicaitton with my bank and want to clear out any remaining loans, it will be another year of direct debits until the balance is cleared. Am I in my rights to use my shares to close out this loan or can they stop me from doing so? TIA



Comments

  • #2
    iwillhtfu
    Registered Users, Registered Users 2 Posts: 6,372 ✭✭✭iwillhtfu


    It can be done, I'd imagine it just can't be processed online as your savings are collateral against the loan. Call into your local branch and they should be able to take care of it.



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