Nobody said anything of the sort. But they are far from the utopian solution to consumer savings/credit that many people like to believe usually having had it mindlessly inculcated in them for years by past generations that this is the case. It's one of those "well known facts" that is nothing of the sort that CU's are the cheapest/best lender for people. Why do people bother with them? Same reason some people take out mortgages/personal loans at higher rates than they could get elsewhere by shopping around etc. I suppose...If the credit unions are such blood sucking vampires as you have just made them out to be then why does anyone bother with them.
That is debateable especially given the issues that I raise above.i was simply making the point that they are far more fair with the ordinary person than the bank.
More and more CUs are joining the ICB these days by the way.i also think that people who have had a bad credit history and are now trying their best to get back on their feet deserve a chance.
Most variable rate secured and unsecured loans can be paid off without penalty.i'd like to have alist of all of the banks that allow you to pay off a loan with no penalty please.
Where would you pay off a €25000 loan with no penalty?Most variable rate secured and unsecured loans can be paid off without penalty.
Many lenders offer variable rate loans with no penalties for early redemption. All variable rate owner occupier mortgages from all lenders are one obvious example since by law they must not impose penalties for early redemption.Where would you pay off a €25000 loan with no penalty?
You are thinking wrong so if you are thinking of me.I'm thinking you must work in a bank.
Some people are not aware of the pitfalls with borrowing from a CU and are not aware of the possibly better options available to them.The fact remains that most people prefer the credit unions as do i.
Fair enough. At least now we know that you're not objective on this issue.i can't stand the banks.
If the credit unions are such blood sucking vampires as you have just made them out to be then why does anyone bother with them.
Margie said:i'd like to have alist of all of the banks that allow you to pay off a loan with no penalty please.
CU's
have arguably not treated their customers/members well in the past by blowing millions (€34M I believe?) on [broken link removed] (engaging at least three sets of consultants along the way before canning the project),
Did he actually resign? I thought that there was just talk about him considering this step. Did he take it in the end?Bill Hobbs recently resigned from the Credit Union Development Association. Was it because he was frustrated at lack of progress in coming into the 21st century?
As members of the ILCU individual CUs and their members had to foot the bill for this mess. They were badly treated by incompetent management allowing this mess to develop. Just because it was not deliberate doesn't excuse it in my opinion.I do not see a correllation between the treatment of members and a failed IT project. The failed project was by all accounts a disaster of epic proportions but unless you contend that this was done intentionally, it does not reflect how members are treated.
I agree. In some cases the CU may be the best option for some people. I know of some people for whom it is the only option due to irregular income and no banking track record to speak of. But they are certainly not always the best, only, cheapest option as some people still seem to assume.There are definitely a lot of ways in which credit unions can better meet memebers needs. Based on the specific comsumer's needs there are cases where credit unions are the best options but there are now and will always be many cases where other financial institutions will meet your needs better.
Oh please let's get real here. The fact is that credit unions are the more friendly lending option.
If you are willing to pay what will often be a premium for friendliness and flexibility then of course that's your prerogative. But please don't try to make out that the CUs are generally or always a better option than other lenders. You already told us that you can't stand the banks so there is not much point in trying to reason with you on that issue to be honest.What i would say to the OP is to pay alittle extra here and there off the loan when you can afford it and you won't feel paying it off. This is an option that BANKS DON'T GIVE.
There are definitely a lot of ways in which credit unions can better meet memebers needs. Based on the specific comsumer's needs there are cases where credit unions are the best options but there are now and will always be many cases where other financial institutions will meet your needs better.
You already told us that you can't stand the banks so there is not much point in trying to reason with you on that issue to be honest.
What about CUs (up to 1st April 2005 when they were forced to change) failing to quote APRs on loans and even when they do not pointing out that having to maintain money in deposits/shares while borrowing further increases the cost of borrowing?False advertising i say. You won't get that type of misleading info in the credit union.
They are obliged to quote you an APR on that. While it will not take into account the cost of having to maintain money in deposits/shares while borrowing it should be more helpful than this obfuscated explanation in comparing rates with other lenders.Balance of loan - €20668.09 on 12.5%%%% (On a reducing balance, whatever that may be). 5 Year term.
i can't stand the way banks operate. Eg. recently BOI had a 100%mortgage week for 1st time buyers. i walked into my bank and there were balloons and bunting and fancy posters up everywhere. A colleague of mine thought to himself great i'll go and inquire. his combined income with his partner is €65k p.a. and he was refused because you must have a joint income of €80k p.a. now that is ridiculous. he stated to the mortgage advisor that if you were getting that type of income you are more than likely both in professional roles and wouldn't need a 100% mortgage and the advisor AGREED with him.
False advertising i say. You won't get that type of misleading info in the credit union.
The Revenue Commissioners are the top plaintiffs in Ireland and have been awarded judgments totaling €137m. The biggest user of the courts is Bank of Ireland who won judgments against 10,444 customers for debts totaling €57m.
Credit Union are the second biggest users of the court endeavouring to force clients to pay monies owed. Credit Unions brought 8,327 people to court and were awarded €49m in judgments. Other top 20 court users include AIB, Eircom, Ulster Bank, Independent Newspapers, Everyday Finance and the ESB.
Oh! :-S
12.5%%%% (On a reducing balance, whatever that may be).
Imagine the heartbreak and stress which happens when the Mortgage cannot be repaid.
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