Why Save with Credit Union?

If i have a loan of 13k with the CU and 3.5K in savings...can I just ask them to put the 3.5k off the loan and then continue paying weekly as normal therebu reducing loan and rebuilding savings?
 
They will advise you that your loan is insured - should anything happen to you, it will be cleared and your nominee may receive up to €7,000 plus €1,300 Death Benefit. They will not allow you reduce your savings balance to 0, but may allow you to withdraw a lump sum and you can pay that off your loan and reschedule the repayments, i.e. reduce them. Slim
 
Slim said:
Yeah, deffo. Put up on office notice board each month.
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Is the notice board in a public area of the office?
annemarief8 said:
If i have a loan of 13k with the CU and 3.5K in savings...can I just ask them to put the 3.5k off the loan and then continue paying weekly as normal therebu reducing loan and rebuilding savings?
Click to expand...
Not that they may well discourage you from doing this. Don't ask them 'can I withdraw my savings to repay the loan. Ask them 'If I make a lump sum repayment, can you reschedule my loan'. When you withdraw your savings, leave it a week or so before making the lump sum repayment, and make sure the amounts aren't exactly the same.
 
Is the notice board in a public area of the office?
Click to expand...
Of course!

Not that they may well discourage you from doing this. Don't ask them 'can I withdraw my savings to repay the loan. Ask them 'If I make a lump sum repayment, can you reschedule my loan'. When you withdraw your savings, leave it a week or so before making the lump sum repayment, and make sure the amounts aren't exactly the same.
Click to expand...

Yes, they will discourage you, but I would not get too devious about it. It's your funds after all. Be upfront with them.
 
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