I am helping a co-worker out who is going through a very rough time financially. I have helped him draft letters to his creditors who have been positively responsive, all apart from his local credit union.
He has €2000 shares but has an outstanding loan of €3,500. The credit union have refused to offset the shares against the loan. He continues to make a payment each week but it is not covering the interest.
The CU have threatened to write off the debt, close his account and said his shares would be lost?? This he nor I can understand??
We would be happy to hear from anybody with experience of CU debt.
Thank you.
He has €2000 shares but has an outstanding loan of €3,500. The credit union have refused to offset the shares against the loan. He continues to make a payment each week but it is not covering the interest.
The CU have threatened to write off the debt, close his account and said his shares would be lost?? This he nor I can understand??
We would be happy to hear from anybody with experience of CU debt.
Thank you.