CU loan Questions? Need a wee bit of help.

T

topaz2

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Could anyone offer a little advise? We are a bit stuck here and could do with fresh eyes. As it stands, we have 10k in the CU. WE applied for a loan of 30k.
We need 15 for a new van for work, and 9 to pay off a v expnsive car and move it on. the car is petrol and a money pit and the van woudl be deisel. My husband is self employed so a diesel van makes much more sense. The other 6 k was to pay a loan my parents gave us when we had to restart our business when we found out our business partner was up to something untoward and we had to get out fast.
But the CU have come back today and sai we can only have 18K. Thats not enough. It means they ahve our 10k and are essentially lending us 8. I coudl have kept my 10k and left 3 in there and borrowed 9. I would be no worse off.
Anyone have any idea how to make the mats on this work? ho to get the van, which realy will save us SO much in the long run and we hav to pay the car off asap. 30k would have meant we could pay everythign we needed and give the business and us such a leg up. We are paying out the money anyway that the loan woudl ahve cost us, just paying it out elsewhere, like petrol we cant claim back on.
 
Is your husband VAT registered and do you have a relationship with your bank? If the van is 15k you could put 23% down as a deposit (the vat upfront) and finance the rest over 4/5 years through your bank or maybe the motor dealer if you are purchasing from a SIMI reg garage.If VAT registered your husband could claim the VAT back at next return date and then use the funds towards other borrowings that need to be cleared. This would leave you with approx 6500 in CU savings and you could borrow 11500 and add the VAT rebate and use these funds to clear car loan and clear parental loan. This would mean you have borrowed 26500 rather than 30k. One thing to be 100% certain of is that you have the capacity to repay the borrowings
 
Not meaning to be unsympathetic to you but why not buy a good secondhand van.
The credit unions are a bit hamstrung as well as the banks in what they are allowed to lend nowadays.
 
Small update. And Im not sure what is what /Not sure whats right and whats not. We have 10k in there. We went for a loan of 30, yikes i know but it was for a vehicle, and amalgamating other stuff etc etc etc. We had to wait a month for the board meeting about it. They came back and said we could have 18. My dh went in and spoke to a Credit controller on a Fri evening who said if we got up to date accounts in by monday, he could probably push it over the line to 24. Fine. We and our accountant worked thru the weekend to get it. Monday mornign comes round, we went in, met the manager, Chairman who is about 102 and barely able to walk comes in and joins us. Pretty much tells us we have a cheek asking for the loan as he doesnt know us from adam and we are not local. We live here 7 years. Told us our accounts were no good cos we coudl ahve made them up as they were not audited. Who has audited accounts in January?? Said he would try and get it to 24 on Thursday at the board meeting, to rign Friday. We ring Friday, eh no, you must have your info wrong, there was no board meeting. So no 24k.
So we said , grand time is an issue. We will take the 18. Eh No sorry, the 18 was cancelled.
You need to go back to the board. WTF?
So we were told we had to rign back today as they ahd another meeting last night. We rang today.
Told we can have 16k as there was no meeting last night and the Chairman has said we can have this amount. Dear This post will be deleted if not edited immediately the muppets.
Im disgusted with the whole thing. , lend us 16, which means we technically owe 6, yet pay repayments on 16.
It doesnt make financial sense. AND I do not believe we have been treated accordign to the Protocols applying to the Credit Unions and i woudl like to know what if anyhtign I can do.
 
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