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The credit union are akward enough to get a loan off, they want you to have at least a third of what you want to borrow in a savings account with them.
I don't know what credit union you use but that's the way my credit union work's. I have an account with them for 15 years, last year I tried to get a loan off them they wanted a third of the loan in my savings account their interest rate was 6% but there was so much hassel about getting the loan that I ended up going to the tsb instead for the same loan interest 7.5% I got the loan straight away no problem. What credit union do you deal with?Completely untrue. I know for a fact that E30,000 can be borrowed on just less than E2,000 savings. It's not all about your savings, it's about your ability to pay it back.
I will see if I can arrange a 0% transfer on my credit card and pay off as much as possible during the 6 months, then look at the possibility of a Credit Union loan over 5 years to pay off the remainder, I do have property in my name which might help to get a loan, but no savings.
unemployment and some very poor financial planning
Also, like Johnny1, i know that most CU's operate quite a restrictive loans policy, with most of them insisting on a savings record of some sort, and having at least a third or a quarter of the required loan amount as collaterol for any loan. They normally don't lend to people who just walk in of the street and open an account. Also, you are restricted to which CU you can join, by their [broken link removed] rule, so shopping around is not normally possible.
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Nobody was advising the OP to get into further debt...what was suggested was using a 0% for 6 month offer to gain some breathing space and then replace the ridiculously expensive credit card debt with a far cheaper term loan. In other words manage the situation more effectively.........
Contacting the credit card company and telling them you can't pay the money back is head in the sand stuff and could have grave consequences.
It is very important that you, without delay, make contact with those to whom you owe money in order to explain your financial situation. You can do this in person, by phone or by letter. Our advice is to make contact by letter. Do remember to keep a copy.
I think some people are missing the point here.
Nobody was advising the OP to get into further debt...what was suggested was using a 0% for 6 month offer to gain some breathing space and then replace the ridiculously expensive credit card debt with a far cheaper term loan.
Well said. A few people reading the wrong way into this. Apparently we're getting into a "barney"!!
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