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Want to decrease the repayment on my credit union loan

  • 18-01-2011 8:41pm
    #1
    tobytyler
    Registered Users, Registered Users 2 Posts: 5 ✭


    I just wonding if anyone has approuched their credit union to restructure their loan repayments. I have a loan with the credit union and in recent months I'm finding it a struggle. I am a long standing member of the credit union and I am up to date with my payments but I'm finding it harder each month to pay.

    Are they open to reducing payments if you are under pressure. I am in secure fulltime employment.

    What has been other peoples experience ? I am anxious about contacting them ? Should I do it by phone or letter ? I'm embarrassed as I am a member of a smaller credit union and I am know to many of the staff on a personal level


Comments

  • #2
    Kennie1
    Registered Users, Registered Users 2 Posts: 302 ✭✭Kennie1


    Dont be one bit anxious about contacting them, they will have a lot more respect for a person that comes in and explains their situation. All you need to do is go in and explain that due to the budget and so on that you are having difficulity with the repayments and that you need to extend the term of the loan (thus having the effect of reducing the payments). They will probably ask you to fill in a new loan application form and will give you an answer after the following weeks credit meeting if not there and then, but rest assured you will have no problems, dont forget we all have taken paycuts and are paying a hell of a lot more tax today so this is nothing to get embarrassed about its just a fact of life these days! Make the call tomorrow and dont put it off!!!


  • #3
    tobytyler
    Registered Users, Registered Users 2 Posts: 5 ✭tobytyler


    Thanks a million. I think I will. Just needed some reassurance


  • #4
    tobytyler
    Registered Users, Registered Users 2 Posts: 5 ✭tobytyler


    I contacted them today and I was informed that the financial regulator has stopped them from restructuring loans- but I am to come in and see them with all my documentation


  • #5
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    I find that strange to say the least :/

    Ask to see proof of this. TBH you now need to do up a budget and see what you can afford to pay. It should give you some leverage in your dealings. Otherwise, go straight to MABS. Might take a while but it may produce results.


  • #6
    tobytyler
    Registered Users, Registered Users 2 Posts: 5 ✭tobytyler


    Thanks for the advice


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