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Help ! Credit Union loan showing arrears after restructure

Howjoe1 · 2013-09-09 17:03:36

I recently had to restructure my loan due to a drop in income. I wrote to the CU advising of same. They wrote back confirming that they agreed an interest only period of 4 months as per verbal agreement, with a new lower repayment coming into effect thereafter as signed and agreed. But my new restructured loan shows…

09-09-2013 5:03pm

#1

Howjoe1

Closed Accounts Posts: 2,666 ✭✭✭

Join Date: December 2007

Posts: 2602

I recently had to restructure my loan due to a drop in income. I wrote to the CU advising of same. They wrote back confirming that they agreed an interest only period of 4 months as per verbal agreement, with a new lower repayment coming into effect thereafter as signed and agreed.

But my new restructured loan shows arrears!

When I query same they state that the arrears relate to the period I paid interest only for 4 mths as was verbally agreed. They've always received a monthly payment per pre-agreement. Should monies from agreed "interest only" period tag on as arrears on the new restructured loan?

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Comments

#2 30-09-2013 3:21pm

ScaldyMc

Registered Users, Registered Users 2 Posts: 171 ✭✭

Join Date: March 2011

Posts: 165

You are behind on your payments for the original loan, hence the arrears balance. So yes, they are correct. If it was a new loan (such as a reschdule) then this would not be the case.

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