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Credit Union money in shares

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  • 08-11-2011 2:48pm
    #1
    emmlouj
    Closed Accounts Posts: 10 ✭


    Hi,

    I have a loan out with the credit union and I have about €6,000 left to pay and I have about €2000 in shares. Will they let me talke out the money I have in shares as I really need it? I also have a guarantor against my loan. Any help would be great.

    Thanks.


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    #2
    Mrs_H
    Registered Users Posts: 27 ✭Mrs_H


    I don't think so. I have memories of trying to take shares out before when i had a loan and was told i could not do it. Good luck!


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    #3
    emmlouj
    Closed Accounts Posts: 10 ✭emmlouj


    oh no...for some reason I think the same.
    Thanks :)


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    #4
    Foxytrot
    Registered Users Posts: 26 ✭Foxytrot


    Maybe give your cu a shout. I know that you can usually access your shares. It depends on whether the shares were pledged as security for your loan?
    Had you the €2000 in shares there before you got the loan or was it put in after?


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    #5
    stinkle
    Registered Users Posts: 1,159 ✭✭✭stinkle


    My guess is no, BUT talk to them and find out. I used to work in my local CU, and the rule was you can't take out shares when secured against a loan. They're all different though, and it's been a good few years since I worked there. Since you have a guarantor it MIGHT make a difference. Otherwise you might be able to top-up your loan if you're stuck and your credit history is alright. Maybe bring an up-to-date payslip/proof of any earnings just in case you end up applying for a top-up, it might save you a bit of time in the long run. Hope it works out for you :)


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    #6
    emmlouj
    Closed Accounts Posts: 10 ✭emmlouj


    thanks a mil. I think applying for a top up is the best thing to do. :) Going to give them a ring soon to plead my case. I put in the 2000 after I got the loan.


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    #7
    stinkle
    Registered Users Posts: 1,159 ✭✭✭stinkle


    emmlouj wrote: »
    thanks a mil. I think applying for a top up is the best thing to do. :) Going to give them a ring soon to plead my case. I put in the 2000 after I got the loan.

    That might make a difference, like I said, they all have distinct rules, and I've heard of some (generally big) CUs allowing share withdrawals if the shares weren't used as security for the loan. Hopefully worst case scenario is a top-up, good luck :)


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    #8
    emmlouj
    Closed Accounts Posts: 10 ✭emmlouj


    iv just been to see them and as we thought cant touch the 2000eur. I can apply for a top up. I have never missed a repayment but I do live from my wages week to week so my statements wont by the healthies...oh well, worst they can say is no!!


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    #9
    stinkle
    Registered Users Posts: 1,159 ✭✭✭stinkle


    emmlouj wrote: »
    iv just been to see them and as we thought cant touch the 2000eur. I can apply for a top up. I have never missed a repayment but I do live from my wages week to week so my statements wont by the healthies...oh well, worst they can say is no!!

    apply nonetheless, as long as you have a good credit history with them that's the main thing :) times are tight for everyone, nothing wrong with spending your earnings once the bills are paid. If you don't have it already, offer to set up a standing order for the loan perhaps? That can be favourable, but if it suits you to go in yourself every week/month then stick with that. Also if you have proof as to why you need the loan (e.g. dental expenses, or car repair quote) make sure you provide a copy if possible -the more info you have to support your application the better; and it means less time wasted in the long run


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