# Credit Union Loan- Need I Declare?



## Gus2008 (18 Feb 2008)

I have a credit union loan which I pay direct from salary.

When applying for my mortgage last year, my mortgage broker advised me not to declare it and it wasn't mentioned again. 

I'm now considering consolidating my current loans into one loan but the rates at the CU aren't great. If I apply for a loan with a bank or other institution, do I need to declare the existing CU loan?


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## PM1234 (18 Feb 2008)

You are supposed to declare all loans.


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## amtc (19 Feb 2008)

Some credit unions do belong to the ICB; my work one does for example.

If you have to provide salary slips how do you explain the deductions?


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## Gus2008 (19 Feb 2008)

Thanks for feedback- you've confirmed what I had presumed but thought I'd check.

The deductions were never queried by any of the lenders when I was applying for the mortgage. As I said, it was on the advice of my broker that I left it off the application forms. It wouldn't have been my preference to hide it, but it worked out in my favour.


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## Tadhgin (19 Feb 2008)

Dear Gus 2008,
Shop around between Credit Unions. You will find that different rates apply, and some offer better value than others. You will usually find you are eligible for membership of more than one credit union, one where you live, and one where you work. And by and large, they offer good ancilliary benefits, such as Loan Protection Insurance at no direct cost to the borrower.
Some are members of the ICB, and some aren't.


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## ClubMan (20 Feb 2008)

Tadhgin said:


> Dear Gus 2008,
> Shop around between Credit Unions.


How can you shop around when membership is supposed to be contingent on sharing a "common bond" with a _CU_? Surely most people would qualify for membership of one, maybe two and rarely more _CUs_?


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