Need help with credit union balance

johnny b

New Member
Messages
2
Wanted to no I got a loan out and there is

Balance / interest / arrears
€2008. / .00 / €650


Does that mean my overall balance is
€2658left to pay

Or

€2008 including arrears
 
Last edited:

Fiddlybits

Registered User
Messages
27
Best place to ask is your Credit Union.Looks like very round figures...Balance you owe is €2000 but you have built up €600 in arrears.
 

luckystar

Frequent Poster
Messages
141
I would imagine €2008 outstanding of which €650 is arrears. But you really need to talk to the credit union!
How much Do you have anything in shares?
 

@21Cre

New Member
Messages
2
Usually arrears are included in the outstanding balance. They represent the total amount in repayments that you are behind on the present/scheduled loan position, e.g if your repayment €50 pw then you are 13 weeks behind where you are scheduled to be if repayments were up to date. For simplicity purposes (without including an interest), your loan balance would be €1358 if you had paid the €650.
 
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