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80 Credit Unions to close...

  • 11-05-2011 11:55am
    #1
    HellFireClub
    Closed Accounts Posts: 3,912 ✭✭✭


    Looks like another debt bubble has been discovered in our Fairy Liquid economy...

    A major overhaul of the country's 410 credit unions is expected in the coming months.

    It is thought that more than half of all credit unions will be amalgamated, with the first 80 closing by the end of this year.

    It is expected that stress tests results will show that at least 80 of the country's credit unions are in serious trouble.

    Read more: http://www.breakingnews.ie/ireland/stress-tests-set-to-lead-to-80-credit-union-closures-504462.html#ixzz1M2nYOhkO


Comments

  • #2
    jakdelad
    Closed Accounts Posts: 452 ✭✭jakdelad


    IRELAND
    shes on her side and sinking slowly......


  • #3
    Owen
    Registered Users, Registered Users 2 Posts: 12,683 ✭✭✭✭Owen


    I feel sorry for those losing their jobs, but quite frankly, Credit Unions have short memories. I gave them quite a lot of money down through the years and never missed a payment on about 30k of loans. I asked them last year if they'd help with restructuring a loan which I intended to pay fully off this year, and they refused as I was self employed - ignoring all the history I had with them. I ended up doing it with my own Bank, and cleared it 2 months ago as promised.

    As a consequence, I have no interest in the Credit Union or their products in future. They blab on about community, but when it comes down to it, they're quite two-faced.


  • #4
    HellFireClub
    Closed Accounts Posts: 3,912 ✭✭✭HellFireClub


    PaintDoctor wrote: »
    I feel sorry for those losing their jobs, but quite frankly, Credit Unions have short memories. I gave them quite a lot of money down through the years and never missed a payment on about 30k of loans. I asked them last year if they'd help with restructuring a loan which I intended to pay fully off this year, and they refused as I was self employed - ignoring all the history I had with them. I ended up doing it with my own Bank, and cleared it 2 months ago as promised.

    As a consequence, I have no interest in the Credit Union or their products in future. They blab on about community, but when it comes down to it, they're quite two-faced.

    I had similar issues with them recently and when I went on a mission to find out exactly what the problem was, low and behold, public sector workers in the form of civil servants from the Financial Regulator's office were basically running the show, they had been in and were "micromanaging" the particular Credit Union I was dealing with, telling them to decline any loan application that could be associated with any risk whatsoever...

    That's what you get for trying to start a business in this country, the state conspiring behind your back to stop you from doing so.


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