Can I change repayment terms on CU loan

Hi all

Just wondering if anyone can advise me if this is possible, DH and I both have fairly large CU loans, around 13k each, we've been paying them back fortnightly, and the repayments are over five years. Is it possible to stretch them over 6 or 7 years, just to give a bit of breathing space. Although we are stretched at present, we are expecting a lump sum towards the end of the year and will be clearing them in full then. There are no arrears on either account and we both hold some savings with them as well.

sw girl

I think you should talk to the CU about rescheduling the loans. The worst they will say is no and if you havebeen good members, they should have no real difficulty. They can also factor in the upcoming lump sum.

Slim

The credit unions are generally a lot more flexible than the banks.
Arrage a meeting & explain your situation & what repayments you can afford. I am sure there will be no problem

Hi guys
Just one thing to note is that the credit unions have changed things a bit . If you have say a 10 year loan and want to get a top up, the loan is then renegotiated over a 5 year term and the payments increase because of this.
The reason being the credit unions were instructed by "a body" im not sure which, but they are no longer allowed to give loans loans for periods over 5 years. I myself have a 30 k loan with them paying 400 euro a month over ten years, I went down last week to see about toppping up by 1500 euro as we were in a spot of bother and although yes they would give the money , they informed me the loan repayments would then be over 5 years and would increase to 641 a month. We didnt take the top up.

heretohelp, the body might have been the Irish League of Credit Unions which, among other things, provides an advice service for affiliated CUs. I imagine the CU should not have given 10-year loans in the first place. Not that it is illegal, just that it is not really what is envisaged in the whole CU model, which presumes short or medium term loans.

One of the great advantages of CUs is the scope for flexibility. I suggest, swgirl, that you ask for a temporary easing of your repayments rather look than a renegotiation that pushes you towards making it a long-term arrangement.

Thanks for all the advice folks, will def give them a call and find out either way, can keep paying as normal but its just that life has got so expensive, only thing that keeps me going is that they will be cleared shortly.

sw girl