€700k missing from Rush Credit Union

[cbreeze]

I'm in the Progressive Credit Union and the Car Draw is usually held at the AGM. Before my local Credit Union merged with the PCU there was an annual car draw and the supplier of the car was usually present for the photograph - so fairly public. As Rush CU were not holding AGMs for a few years the membership might not have known that so many cars were being purchased. You might expect there to be a draw for one car per year, not a whole fleet! It would be interesting to see who the car dealer was. Edited: from previous post above: Neary Motors (Lusk)

 

[willyfones]

It would be fairly common for credit Unions do a Car Draw every month with often 2 in December,, the members would pay about 2- 3 euro a month or so to entry the draw.. In my Credit Union members (like myself) in the draw keep a close eye to check if they have won each month.. So I would find it incredible that no members of Rush Credit Union ever asked "have I won the Car draw this month?" or "who won this month"...

I suspect there record keeping of the Draw is probably dodgey or non existant.. I would have thought a quick check with the Car Dealer involved would solve the mystery fairly quickly.

Either way I really hope any criminal activity would be dealt with severely.

 

[Bronte]

apparently they cant find the "winners" of 15 car draws. http://www.thejournal.ie/rush-liquidator-3094180-Nov2016/

How could this happen without someone smelling a rat? We laughed at the Fr Ted episode, but this is more bizarre!

1. Were cars actually purchases in the first place, there has to be a trail
2. Did the car dealer deliver the cars
3. Were the cars returned to the car dealer
4. Were the cars sold to someone else, engines have unique number and there is a log book too.

I'm sure the gardai are looking into this and will no doubt have already solved the car issue.

I understood a lot of these cars could be returned for cash. Because not everyone wants a car.

 

[sunnydonkey]

They could have been virtual car draws, appearing on the books but never publicised, allowing the cost of the cars to be disappeared.

 

[Willy Fogg]

My housemate has received a cheque for his shares in the post. He had a question I couldnt answer. He had a car loan with the CU, he is foreign and was unaware of the situation and was very surprised to get a check for his shares, he has had no communication in relation to his loan, what happens to it? I see from the site the CU is open for loan repayments only, but a third party says he would be mad to pay it back. Moral issue and bar stool economics aside what happens to the outstanding loans? Should he wait to receive communication on this, wait for someone to buy the loans? The shares would have cancelled out the loan with only a nominal amount remaining. I have read the above post about the probable actions that will be taken but what should happen in the short term?

The loan book will most likely be gobbled up by another institution, so in the short term it would be payments as usual. Same as pretty much happened with the others CU's that went bye bye, such as Newbridge etc.

 

[MrEarl]

The loan book will most likely be gobbled up by another institution, so in the short term it would be payments as usual. Same as pretty much happened with the others CU's that went bye bye, such as Newbridge etc.

Interesting choice of words "gobbled up"... buying that loan book would not be without it's risks, you woudl need the following:

- Absolute certainty that the loans were all legitimate
- Absolute certainty that all paperwork was in good order (i.e. all documents present, signed, dated and witnessed correctly etc)

Also, there may be issues trying to get everyone to honour the payments, with various allegations and disputes likely to arise

... lots of very careful due dilligence required by the people in Progressive Credit Union before any formal bid should go in for this loan book, imho.