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Credit union query

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  • 29-08-2014 9:40am
    #1
    crazy cat lady
    Registered Users Posts: 1,196 ✭✭✭


    I applied for a loan on our joint cu account about 6 months ago. They rang a few days later to say that it had been approved and that both account holders would need to sign to withdraw the loan.

    We then decided that we did not need the loan after all and no more was said or done about it.

    I then went to our cu yesterday and they asked if we still wanted the loan. I informed them that it was not required and they said it was no problem and they would cancel it.

    Got a printed statement while I was there and it looks like the money was put into our account 6 months ago and they used the money to pay off the remainder of the loan (we have always had a regular standing order which was covering repayments)

    In addition to this, we have also paid a substantial amount of interest which I went back and queried this morning to be told that because someone rang me the loan was put into effect.

    Can they do this? We never signed anything after the initial application and my husband has never signed anything.

    Thank you in advance for any replies


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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    You would normally have to sign a loan agreement form prior to any funds been drawn down.

    I'd be expecting a full refund of any interest charged and a apology.


  • Options
    #3
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    You should ask to see a copy of the loan contract (which you are entitled to under The Consumer Directive) and ask them to point to your signatures on the contract. If the CU can't do either, then you are in need of a serious apology in writing and you should issue a formal complaint as this is just so far off the wall!

    Let us know how you get on


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    #4
    crazy cat lady
    Registered Users Posts: 1,196 ✭✭✭crazy cat lady


    Thanks,

    They actually rang me within an hour of me asking for the documents to let me know that everything had been paid back.

    Relief!


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