Pay off Credit Union Loan with Shares / Savings?

[stefg]

Hi All,

I think I'm probably reading too much into all the hype about deposit guarantees etc but I'm wondering if I should take some action regarding my situation with the Credit Union.

I took a car loan with the Credit Union and I am now in the situation where my loan amount remaining almost matches my shares / savings in the Credit Union.

This is probably a very naive question but is there a risk that I could lose my savings and still be liable for the loan? Would it be a good idea for me pay off the loan with the shares / savings and start saving from scratch again elsewhere? Any thoughts?

I had been using my savings in the Credit Union as way of saving some money that I don't want to use until next year and I can handle the car loan repayments without any major difficulty.

Any suggestions? Is there any need for me to change the situation? Should I carry on paying the loan and leave my savings there?

I know that there is a lot of hype going around and I don't want to react unnecessarily but I also don't want to lose my hard earned money.

Thanks,
Stefg

 

[sam27]

i am in a similar situation, however a bit different.

i had over 1200 in shares and had a loan of approx 2700 taken out ( with an agreement to repay €50 per week for just over a year. I was made redundant and telephoned Credit Union last January to see if i could reduce repayments to €25 per week. The head man agreed over the phone to this.
I was called in to speak to Credit Controller two weeks ago. I have an excellent credit rating and have nevr missed a repayment. He informed me that I was now over €900 in arrears. With savings of 1200 and owing nearly 1400, he informed me that I should transfer all my shares to cover the loan.

Today, I received a long letter from him stating that after a recent Board of Directors meeting, the authorised a withdrawl of €1,000 to repay most of arrears and rest of loan (leaving approx €200 in shares and €320 in loan and still €22.96 in arrears. Furthermore, he requested that I stick to original agreement and repay €50 per week to clear off the loan.

I strongly believe that this was unjust and unfair. Is their anything that I can do???

 

[pudds]

Hi All,

I think I'm probably reading too much into all the hype about deposit guarantees etc but I'm wondering if I should take some action regarding my situation with the Credit Union.

I took a car loan with the Credit Union and I am now in the situation where my loan amount remaining almost matches my shares / savings in the Credit Union.

This is probably a very naive question but is there a risk that I could lose my savings and still be liable for the loan? Would it be a good idea for me pay off the loan with the shares / savings and start saving from scratch again elsewhere? Any thoughts?

I had been using my savings in the Credit Union as way of saving some money that I don't want to use until next year and I can handle the car loan repayments without any major difficulty.

Any suggestions? Is there any need for me to change the situation? Should I carry on paying the loan and leave my savings there?

I know that there is a lot of hype going around and I don't want to react unnecessarily but I also don't want to lose my hard earned money.

Thanks,
Stefg

Well if I was in your shoes I would pay off the loan and as the ad says, when their gone, their gone. Cause we never know whats round the corner these days.



I wonder if euro was devalued by 50% and hence all savings...would all debts/loans also be reduced by 50% .. I suppose they would have to be!!