Well for a start, in the last five years they have been the ideal way to borrow a deposit for a house, so that it won't show up when a mortgage bank does a search. Of course this has been changing recently.Glenbhoy said:I've never had any dealings with CU's - what advantage do they offer over banks?
My time auditing mortgage approvals left me well aware of that!!Well for a start, in the last five years they have been the ideal way to borrow a deposit for a house, so that it won't show up when a mortgage bank does a search.
CCOVICH said:But is the credit union insured against the bad debts of it members?
ontour said:credit unions are also insured, it is tied in to being a member of the Irish League of Credit Unions. Part of the membership fee is the insurance. There have been a number of cases whereby large sums of money mysteriously(!) disappeared from a credit union. The members of those credit unions have never lost that money.
Yes. If you die your loan dies with you and they also give triple (or so) your share value to give to your next of kin. This is why old people always were members long before the current wave of younger members. It was known as the burial money. It also is the reason that they tell you to borrow and leave existing shares in your account.I understand that members loans are insured in the event of death etc.
2Pack said:Has anybody seen todays Irish Times.
[broken link removed]
It seems some credit unions are carrying so many crap loans that they are technically insolvent .
If their regulator pressurises them (as he did Monaghan ) to clean up their books and to write the crap off then they could be in serious trouble in certain cases. Others will survive the cleanup . Others do not need to clean up at all. Look what happened to Monaghan afterwards here and more worryingly [broken link removed].
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