dree812004
Registered User
- Messages
- 12
Yes it is a credit union loan I am not great at calculations hence how I am in this pickle but from my last slip when I was in there it said something like 190 off the loan 130 interest per month?
Hi dree
If it's an Irish credit union, the highest rate they can charge you is 1% per month on the outstanding balance. Most charge a lot less than this.
There is no penalty for increasing the repayments. You will save a lot of interest by doing so.
Do you have money in a share account? If so, ask them to set that against the outstanding balance to reduce the interest charged.
It can be "touched" by only with the approval of the CU.I think it cannot be touched
With 10k outstanding and interest on that sum running at < 100 per month - yes you should have it paid within a year if you paid 1000 per month.I could nearly clear it in the year
It can be "touched" by only with the approval of the CU.
With 10k outstanding and interest on that sum running at < 100 per month - yes you should have it paid within a year if you paid 1000 per month.
If you use the shares to pay off the final 1900, you should be clear in +\- 9 months.
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