Well if the loan was in your name then yes it was up to you to ensure it was being paid. Maybe your parents never paid off the lump off it for whatever reason or it wasn't enough to clear it and just let the payments continue but then if they have moved abroad maybe that account was closed and the payments stopped.
Either way, if it's in your name then buck stops with you, odd though that you didn't hear anything for 7 years!
I took out a loan of a few thousand about 10 years ago, but the credit union would only give it if the money came out of my parents bank account. I paid my parents for 2 years then i gave them a lump some because i came into a small bit of money and went off travelling for 2 years. Upon my return my parents decided to move abroad in retirement.
I am after getting letters lately from credit union saying that there is still a debt of a few grand on the loan and i am to repay it. I have ignored them but now i am getting rather annoyed about it all. It says the loan has not being repaid in over 7 years. I have never spoken with them or got back to them. I do not want to bother my parents as they have giving me enough and my fathers health has not being good past few years.
Is it my fault that the money did not come from there accounts? am i fully responsible here? Any advice on what i should do?
My work had me on the move frequently around country and abroad . Only moved home in last while and have got this from them
Well if you do not want to bother your parents you should repay your loan.
When you paid your parents the lump sum before you went travelling was it clear this money was to be used to pay off your credit union loan?
Was it your parents address you used at that time? Is that where they are sending the reminders now?
What do you mean the money had to come from your parents accounts, do you mean the repayments.
Ya repayments from there Bank account. Letters to the home place only in last while.
Are you back in the family home?
you want help, be more forthcoming!
Timelines please. At the very least. Are you statute barred for example, I guess not, was your expectation the lump sum equal led the credit union loan to be repaid not understood this way by your parents. For example.
Sounds like you know the answer, then. The CU won't know anything about a lump sum you gave your parents and you are the borrower so you are responsible for the loan. You need to ask your parents.I think my parents took the money and thought they would just leave the weekly installments continue. But upon departing did nothing about it.
So when you say letters to the home place, you just mean your new residence in the area you used to live in.
What happened the instalments ?
When did your parents move abroad?
Are you back for good?
Have you responded to the letters in any way?
Eight years. Any poster know the statute limits on debt as I can't remember.
Did your parents guarantee the loan? Do they have assets in Ireland? Their home in the area for example.
How much is a few grand? 20k? 5 k?
I have good news for you, IF you are sure there are six years clear with no contact between you and the credit union.
Because they are a community based organisation
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