Elliesausage
Registered User
- Messages
- 22
Hi there,
Just a few questions in relation to my cu loan. I'm new here and am delighted to have found this forum maybe someone can offer me some help and advice. I'll try and keep it short and simple..
-I took out a loan of €18,000 in May/June 2008. Repayments €374 a month
-From Oct 2008 i as unable to pay the loan
-2009- guarantor called into play- nothing she could do re payment. Her a/c frozen-no withdrawalls allowed
-May 2010 I'm in a position to pay, circumstances have changed. My father went to cu to negotiate on my behalf- i was not in a good place personally and not able for those kinds of meetings
-Agreement made €100 per week repayment. €5200 per year. -i signed nothing
-From May 2010 to present my loan has been paid under these new terms, never late, never a problem.
Now things have changed. I lost my job in Dec 2011. No reduandancy as wasn't working there long enough. Had a few €€€'s saved so managed to pay cu for Dec, Jan and Feb.
Last Oct I questioned the interest on my a/c as i found for every €100 i was paying €75 was interest.
I had a meeting with the CU manager and was told under no uncertain terms that i'm lucky they didn't take me to court, i signed an agreement at the agreed interest rate (9.6% i think) and there is a price to be paid for borrowing money that i am walking around with other members money in my pocket. That what i signed and agreed to was what they were firmly stiking to and there is no way they would budge on interest rate.
So now i am broke, still awaiting socilal welfare even if it does come through all i'll have is €188 a week. I am wondering if I should take the same approach as they did with me...I signed to pay €374 a month.I can no longer pay any more therfore will not and cannot pay any more then €374 a month. I can get some money from my boyfriend to supplememnt my income so i can pay the €374.
Also, last oct the cu manager point blank refused to move my €2056 shares into the loan a/c even though this was costing my €174 a year in interest to the loan while gaining pratically nothing in the share a/c.
Any advice greatly appreciated.
The credit union will huff and puff and threaten etc, but they will be glad to get the €374 pm. If you keep paying that, they will not institute legal action. If you have missed a lot of payments, you will have a backlog of interest to clear before you start making a dent in the principal. You will not pay additional interest except as a consequence of not reducing the capital.
In the matter of your savings, you will see a thread on this topic here. Basically, you should write to the CU and ask/demand that your savings of €2,000 be set against the loan capital and arrears due. Good luck and don't worry too much.
Strange reply there Ellie.
But if i was a member of the Credit Union and members were taking out loans and not making repayments I would consider it my business to know where the money was going.
Billo...not that i think it is any of your business where the 18k went i will tell you.
It went to renovate a cottage from being a deralict, unuseable building to a home where i can now live.-rent free. Boyfriend bought the house- he put 50k into doing it up i provided 18k and now i live rent free in the house. We were both paying rent prior to that. I saw it as a good investment at the time...i was paying €320 a month rent 320*12=3840 a year, have been living here 3 years = 11520 and will continue to live in the house by 2013 it will have paid for itself and i will be living completely free of charge in a house..not many people can say they live without mortgage or rent to pay.
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