N
Neady80
Guest
Hi hopefully someone can give me some advise.
Approximately 3 years ago I took out a Credit Union Loan of €25,000 euro with my father as guarantor. At the time I was in a well paid job earning in excess of €35,000 a year also at the time I had no other loans or responsibilities so of course it wasn't a problem then. However I lost my job this time last year and I have not been able to find one since. When I first lost my job I contacted the Credit Union and told them of my situation and asked them to review my loan. They agreed to reduce the payment on a 3 month basis and see were I go from there.
Of course now this has been going on a year and resently they call me in and told me that I had until July with the reduced repayment and then it will go back up to the full amount and that would be that. I have been frantic trying to get a job but of course nothing is coming my way, I am now worried that if I don't have a job earning sufficient money to afford to pay this loan and my other commitments it will fall to my father, which of course I don't want.
I have asked them to redo the loan over a longer period which would bring down the repayments and everyone will be happy but they said no as the finanical regulator would not allow that.
Has anyone any advise, as I have no idea what am going to do if I don't have a job by July.
Approximately 3 years ago I took out a Credit Union Loan of €25,000 euro with my father as guarantor. At the time I was in a well paid job earning in excess of €35,000 a year also at the time I had no other loans or responsibilities so of course it wasn't a problem then. However I lost my job this time last year and I have not been able to find one since. When I first lost my job I contacted the Credit Union and told them of my situation and asked them to review my loan. They agreed to reduce the payment on a 3 month basis and see were I go from there.
Of course now this has been going on a year and resently they call me in and told me that I had until July with the reduced repayment and then it will go back up to the full amount and that would be that. I have been frantic trying to get a job but of course nothing is coming my way, I am now worried that if I don't have a job earning sufficient money to afford to pay this loan and my other commitments it will fall to my father, which of course I don't want.
I have asked them to redo the loan over a longer period which would bring down the repayments and everyone will be happy but they said no as the finanical regulator would not allow that.
Has anyone any advise, as I have no idea what am going to do if I don't have a job by July.