Need help with credit union balance

Discussion in 'Credit Union issues' started by johnny b, 18 Mar 2019.

  1. johnny b

    johnny b New Member

    Posts:
    2
    Last edited: 18 Mar 2019
    Wanted to no I got a loan out and there is

    Balance / interest / arrears
    €2008. / .00 / €650


    Does that mean my overall balance is
    €2658left to pay

    Or

    €2008 including arrears
     
    Last edited: 18 Mar 2019
  2. Fiddlybits

    Fiddlybits Registered User

    Posts:
    24
    Best place to ask is your Credit Union.Looks like very round figures...Balance you owe is €2000 but you have built up €600 in arrears.
     
  3. johnny b

    johnny b New Member

    Posts:
    2
    Wondering is it €2000 left to pay including arrears or €2600 to pay
     
  4. luckystar

    luckystar Frequent Poster

    Posts:
    90
    I would imagine €2008 outstanding of which €650 is arrears. But you really need to talk to the credit union!
    How much Do you have anything in shares?
     
  5. @21Cre

    @21Cre New Member

    Posts:
    1
    Usually arrears are included in the outstanding balance. They represent the total amount in repayments that you are behind on the present/scheduled loan position, e.g if your repayment €50 pw then you are 13 weeks behind where you are scheduled to be if repayments were up to date. For simplicity purposes (without including an interest), your loan balance would be €1358 if you had paid the €650.