# Small loan arrears bad credit



## DaveNicholas (2 May 2016)

Hi I got a first time loan in middle of last year 2015 of 1500 euro. I was paying them every week for 2 months and I got the shoe from home. I wasn't able to pay the credit union for 4 months and went into arrears of 691. I'm back home about 2 months now and have the arrears paid off. I literally had to paid them 150 a week and 1 week 300 to get out of arrears. I explained my situation and said would it be possible for a new loan once I have this paid off which I have 361 left to pay. The person said not for a good while. Has anyone ever been in this situation because I need a  new loan of 2500 euro for work. I work online btw. Will I be able to apply in 2 months or am I blacklisted for a year or so. I need this for work. I mean these dudes have made double back over arrear interest.


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## Bronte (2 May 2016)

Well your approach is all wrong as you can't even handle your first ever loan so what exactly do you expect from the Credit union.  Anyone who defaults is naturally enough not a good credit risk. 

What do you need the money for?

And you're not understanding the concept of credit if you think how much money in interest the CU has made has anything to do with it.  If you don't want to pay interest don't borrow and save it up front instead.


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## Gerry Canning (3 May 2016)

Dave,

No lender has to give anyone a loan.
When you got the (shoe) from home , did you let CU know ? As far as they were concerned, you alone decided to change the Rules on repayments, explaining your position later and expecting (forgiveness) or more money is a bit naiive .
Would you lend a friend money for 6 months and relend to him again if he repaid the first loan 10 Months ? I think not.
You are not (blacklisted) as such. Go into ICB , irish credit bureau and get your credit listing.
If CU has marked your slow payments it will take circa 2 years clear payments before CU  will entertain you.Most other lenders will have a dim view of you for longer than 2 years.
CU would have charged you circa 7% that means they made circa e200 and remember most of that 200 goes to look after accounts ie they make little nuff!

Can I suggest (please) be very careful about future accounts.


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