Credit Union Loan

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Pinchy

Registered User

Messages

43

• 5 Aug 2008

• #1

Hi there,

Just wondering if anyone knows if I can pay off a credit union loan with payment and releasing my shares that I have in that branch?

ie I have 4000 loan and 2000 in shares, can I just pay 2000 off in cash and ask that they take the rest out of my shares?

J

 

A

advisor

Registered User

Messages

160

• 5 Aug 2008

• #2

Yes there is no problem in doing this (although they don't like you to!) It's just like having money in a savings account.

 

D

doll2824

Registered User

Messages

27

• 5 Aug 2008

• #3

yes you can do that.they dont like it when people do it but you certinly can.

 

A

allthedoyles

Registered User

Messages

1,011

• 5 Aug 2008

• #4

yes but u lose all your savings and cant borrow there again

 

A

advisor

Registered User

Messages

160

• 6 Aug 2008

• #5

allthedoyles said:

yes but u lose all your savings and cant borrow there again

Click to expand...

You can start saving again and build back up your shares. You can then borrow again - you don't receive a lifetime ban!!!

 

P

Pinchy

Registered User

Messages

43

• 6 Aug 2008

• #6

thanks for your help everybody,

Weight off my shoulders.

J