# Settlement figures???



## Toodles (25 Jun 2013)

Do credit unions offer settlement figures and roughly what could i expect for a settlement figure if i owed roughly €15,000


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## Luternau (25 Jun 2013)

I would say that each credit union would have it's own policy on that. No harm asking them. Outline your circumstances to them and that you would like to pay them some money in full and final settlement. Otherwise, they may get nothing. Wondering why you wish to prioritise this debt over your other secured debts.


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## Toodles (25 Jun 2013)

Luternau said:


> Wondering why you wish to prioritise this debt over your other secured debts.



Hi Luternau, I replied to your question on my other post about unsustainable mortgage.  

I am going to sell my home at a loss, surrender or be repossessed within te next few months so I want to be able to deal with that shortfall without having credit union hanging over me too. And to be honest i feel like i need to pay back the CU.


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## Luternau (25 Jun 2013)

Ok. Maybe someone else will know more about the CU policy.
 Hope it all works out.


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## Bronte (26 Jun 2013)

Toodles said:


> Do credit unions offer settlement figures and roughly what could i expect for a settlement figure if i owed roughly €15,000


 
Yes they do. Put a reasonable offer to them. You'll also probably have to sign a confidentiailty agreement.


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## Toodles (26 Jun 2013)

Bronte said:


> Yes they do. Put a reasonable offer to them. You'll also probably have to sign a confidentiailty agreement.



I should hear in the next few days what they will accept. Keep you posted.


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## ellenb (4 Jul 2013)

Did you get anywhere with this? I am in similar position so would be good to know.


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## Toodles (5 Jul 2013)

Nothing yet Ellen, she did put it to the board but there wasnt full attendance, it was going in front on the board again yesterday and she would give me a call. No call yet, but I don't think this lady i deal with works on fridays so still waiting....


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## Toodles (12 Jul 2013)

Credit union have rang with a "settlement" offer. I owe €15,000 plus €320 interest. The offer is €15,000. This offer stays on the table untill the end of their financial year, which is end of september. According to my call this would accumulate to €940 (ish) interest. So there would be offering me €940 off my complete loan????
Any thoughts???  I had thought they would of offered me a better deal and am a bit disappointed, to be honest. And yes I know, I did borrow the money and I do owe them the money.


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## Gerry Canning (12 Jul 2013)

Toodles:
I am taken with your wish to sort the Credit Union, they have not been bailed out , they are generally consumer friendly , and simply not thieves.
...............................................................................................
You mention Repo/Surrender of house.
Can I suggest read the Threads on Mortgage Arrears/ Insolvency Options in Ask About Money. I expect you will find good practical advice . From my Limited knowledge Repo/Surrender is very much a last resort, unless your case is beyond redemption. You  appear to have access to some funds to sort the Credit Union . So I expect your Mortgage issues to be resolvable (I hope !!) 
Good Luck.


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## Toodles (12 Jul 2013)

The funds are hopefully to come from a sale of investment property. I thought i was trying to do the right thing by trying to settle with CU but thinking now I might be better to use this money to fund a move to the UK for 18 months and declare bankruptcy. Unfortunately my mortgage issues cant be solved. 

We have sale agreed on the house (no money changed over yet so im stil skeptical)  but it wouldn't even cover the arrears on our mortgage.


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## ellenb (26 Jul 2013)

Best of luck with everything.


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