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The clutch is gone in the car and we were hoping to go there tomorrow to look for approx. EUR600. I am dreading it. Anyone have any experience of something like this ? How tight have they gone?
Only with the specific approval of the Board of Directors...You should be able to withdraw the €600 you need
Again it would only be possible with specific Board approval. If you were having difficulty getting approval for a €600 loan I can't see approval being forthcoming....and up to about €2500, from your savings in the CU
This is a bit of a nuclear option. While it is possible your credit rating within the CU would most likely be seriously affected.and if you want you can offset the remainder of your shares against the loan. See here.
Each CU will have policies that set out interest rates, loan limits etc... So you would need to ask your particular CU.Wow that would be great. I always thought it was 3 x has it changed.
If you ask and get a loan restructured, even without any current or past arrears then Section 35 of CU Act imposes very strict controls and limits. There is very little the CU can do about that part of the Act!Is this statute still in place then as we tried to argue with them about the restructuring as we felt they were treating us like a bad debt when we are not.
It is frustrating for you the member and for the CU. The Regulator applies the "one size fits all" and the CU must toe the line!But they told us that there are alot of new rules in place from the regulator. In fact everything she tries to do she quotes the regulator on. I know they are under pressure from them but it's a bit frustrating where we clearly have nothing but a excellent repayment record.
Only with the specific approval of the Board of Directors...
If they reject an application for a top up loan of €600 I can't see them approving a withdrawal of savings.
Again it would only be possible with specific Board approval. If you were having difficulty getting approval for a €600 loan I can't see approval being forthcoming.
I disagree that the best option is to borrow more money at 9 or 10 % when you already have savings earning probably 1%.Your best option would to negotiate a top up of €600.00... You are only increasing the repayments schedule by a month or two at most!
...We did look in January to restructure the loan but were told if we did we would not get another one for 1-3 years ...
Snap!...looked up all of section 35 for us and ... came up with this...
...It appears that , in your case, arrears don't apply and therefore Section 35 shouldn't apply!...
Does anyone know what the above quote means which I found on their Annual report.
"The authorisation limit of the loans officer, is €25,000 above shares to be repaid over 5 years (subject to Credit Committee guidelines)."
If she is a member of the CU than that is exactly what she is doing! The funds in the CU are the members savings!!!Like she is giving you the money out of her own purse.
Making an application for a second loan, or a top up of the existing loan, of €600 is what the CU is supposed to be there for! It should be why they exist! Sometimes it can be hard to see the wood for the trees!
If she is allowed approve 25k + shares. Is this not then a total of 33k in our case that we can borrow ?
Yes I thought I'd strongly inferred that where I said...to do it's job correctly it has to access risk
...I think if more of the loan officers, managers, credit committees and boards had viewed the past loan applications as "coming from their own purse" a number of CU's wouldn't be in the sad state they are in now!...
Eh If we leave out the borrow we're only left with 'beg or steal'... Do you have a recommendation?...Borrowing more money is not necessarily the solution, maybe you could get it from a family member instead...
...they are the only ones we can turn to...
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