Credit union savings

[Cuddlyd]

Can I access some of my savings from credit union? I have a loan but it's all up to date regarding payments. I'm really struggling after Christmas and my oil has just run out, I really don't know how I'm going to manage if I don't get some money

 

[VBiz74]

If your loan is less than your shares they will let you withdraw, but if not the loan is secured against the shares to my knowledge. Maybe give them a call and check.

 

[Humpty Dumpty]

Was limiting people from accessing their savings due to loans not deemed to be illegal or something to that effect?

 

[Brendan Burgess]

The only way to find out is to ask the Credit Union.

They might not let you access your savings, but they might give you a fresh loan.

Brendan

 

[Fiddlybits]

AsV Biiz74 said. Any savings since loan was drawn down can be withdrawn.

 

[Slim]

The credit union can allow you to reduce your savings as long as they don't fall below 25% of current loan balance, provided they have confidence in your ability to repay.