CU loan 22k, now clutch gone in car and need €600. How difficult?

Thanks Crugers. Hope you are on the board of my CU !
 
Crugers said:
Eh If we leave out the borrow we're only left with 'beg or steal'... Do you have a recommendation?
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Not sure what your point is Crugers but there are other options than beg or steal or the credit union. There is borrow from family member and save for emergencies. OP has stated that their rainy day fund is being used for a holiday. The danger is OP will go on holiday, maybe overspend on that on a credit card, come back having that bill, and now also owe 600 Euro extra and next thing you know will not be able to pay a utility bill or the credit union. What's going to happen if anything else breaks down, rainy day fund is gone.
 
Thank goodness I don't have a credit card. Got rid of that as part of our cost saving ! so we only have what we have saved which we will need for the first day or two and then DH gets paid and we will have enough on that for the rest of the holiday.In fairness when we get there we won't be doing much (with 4 smallies under 9 and two with Special needs - one on the higher end of the scale). It will just be the beach and the pool. I have told the kids they can have one ice cream and one drink every day thats the limit. There is no way we can't pay the CU its direct from DH salary and he would have to go and change the mandate and give it to the payroll girl who is on the credit committee so its just not even an option, even though we wouldn't do it. We want the loan reduced ASAP that way it will give us EUR700 a month extra making us a lot more comfortable. In addition to this we have the respite grant (EUR1700) coming in beginning of June and considering we have taken our respite already this will be used to plough back into the rainy day fund.
 
SBW said:
Thank goodness I don't have a credit card. Got rid of that as part of our cost saving ! so we only have what we have saved which we will need for the first day or two and then DH gets paid and we will have enough on that for the rest of the holiday.In fairness when we get there we won't be doing much (with 4 smallies under 9 and two with Special needs - one on the higher end of the scale). It will just be the beach and the pool. I have told the kids they can have one ice cream and one drink every day thats the limit. There is no way we can't pay the CU its direct from DH salary and he would have to go and change the mandate and give it to the payroll girl who is on the credit committee so its just not even an option, even though we wouldn't do it. We want the loan reduced ASAP that way it will give us EUR700 a month extra making us a lot more comfortable. In addition to this we have the respite grant (EUR1700) coming in beginning of June and considering we have taken our respite already this will be used to plough back into the rainy day fund.
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Firstly, I think it is awful the amount of stress this (relatively) small expense is causing you. Secondly, all credit unions are bound by the same rules, as pointed out, and are subject to closer scrutiny than ever from the ILCU and the regulator. That said, you would probably be dream members for most credit unions.

This thread here http://www.askaboutmoney.com/showthread.php?t=155464 sets out the rules on reducing your savings to no less than 25% of your loan balance. It is, however, a Board matter and will usually have to be considered by the Board at its next meeting. Alternatively, you should be able to top up your existing loan by the €600 without too much difficulty. From what you have said, the CU staff may have the authority to do this for you without Board approval. This would be the fastest way but you may have to press the staff member to do this quickly.

On a boroader issue, I feel there may be a conflict of interest that a payroll staff member is also on the Board of your CU, creating discomfort for members, if that is happening. It is your credit union and it should be doing its best to facilitate you, the member.

Good luck with this and the holidays. I have no doubt you deserve the break. Slim
 
I posted earlier but for some reason it didn't post.

Well Thankfully the lady from Del Monte said Yes. Apparently she didn't even look up from her desk.. so I was obviously worrying about nothing.

You have all made some very valid points and we all so genuine, thank you so much.

It would be intereting to know going forward where we stand with them again if we are ever stuck ..but here's hoping we won't be, But its nice to know we have a fall back. The account is in my DH name so he deals with it but we do everything together banking wise and he says this women is just not very pleasant at all to deal with on top of her giving us the feeling that she is parting with her own money.

Thanks again so much, now I am so so looking forward to our holiday
 
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