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Are all Credit Union loans secured against your shares?

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  • 19-03-2012 5:04pm
    #1
    MarkyMark22
    Registered Users Posts: 554 ✭✭✭


    long story short....

    i got a loan recently,i've seen people on here talking about the loan being secured against the shares...

    however,nothing was ever mentioned to me about this when applying for my loan etc...

    so is it always the case that your loan is secured against your shares?

    thanks for any info...
    Tagged:


Comments

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    #2
    Random
    Closed Accounts Posts: 19,082 ✭✭✭✭Random


    check your copy of the loan documents. it should say it in that.


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    #3
    jd83
    Registered Users Posts: 1,445 ✭✭✭jd83


    They usually are. However they are usually quite flexible. Once your not missing any payments they will allow you to make withdrawals. Of course as the other poster said it varies from credit union to credit union. Best bet just ring them and ask.


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    #4
    Bigcheeze
    Closed Accounts Posts: 2,858 ✭✭✭Bigcheeze


    On a related topic, I discovered recently that my deposit balance cannot be set off against my mortgage balance in the event of the bank collapsing.


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