Credit Union Rules on Shares

[redbhoy]

Say a credit union says that you can only borrow 3 times the amount of your shares but your loan is less than this (i.e. 2 times Shares 6K, Loan 12K)
Can the credit union refuse to gie you access to your shares? Say 1K out of them?
Apologies for poor title. Cant think of good one.

Thanks

 

[zztop]

Depends on the rules of the union.3:1 is not set in stone either.
They would probably give you extra money on loan rather than
let you take the money out but when you get to parity ie 6k v 6k
you can argue the toss.

 

[redbhoy]

They offered me a top up on the loan alright. Cheeky sods
Thanks.