Need help with credit union balance

johnny b

Registered User
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:
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.
 
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?
 
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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