I have a loan with a credit union that has mistakenly been under paid for several years. A loan for €10,000 that should have been paid at €40 a week was paid at €25. As far as I knew the €25 was the agreed and correct amount, although I will confess to not really sitting down and examining it very closely. As a result I have now paid a total of €5000 into the credit union but my loan has only gone down €2500. Ouch.
The strange thing is that the guy in the credit union said that if I just clear all the arrears and the accruing interest we can "forget" about the present outstanding interest of €1000. I asked exactly what he meant and he said just get everything else cleared and if I need to borrow again I can open another account to do so. He said that it was partly their mistake. I can't quiet get my head around it all.
Any thoughts?
The strange thing is that the guy in the credit union said that if I just clear all the arrears and the accruing interest we can "forget" about the present outstanding interest of €1000. I asked exactly what he meant and he said just get everything else cleared and if I need to borrow again I can open another account to do so. He said that it was partly their mistake. I can't quiet get my head around it all.
Any thoughts?
