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Loan and arrears explanation

  • 18-04-2014 9:09am
    #1
    Mrpaul88
    Registered Users, Registered Users 2 Posts: 2 ✭


    my loan balance was €717 and my arrears balance was €165, i paid off my loan and my arrears balance went to €545, what's the explanation for this?
    This loan is from a credit union.


Comments

  • #2
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭HcksawJimDuggan


    Mrpaul88 wrote: »
    my loan balance was €717 and my arrears balance was €165, i paid off my loan and my arrears balance went to €545, what's the explanation for this?
    This loan is from a credit union.

    Are you sure the new arrears balance isn't a negative/minus balance of €545? i.e. Payments of the loan are now ahead of the loan repayment schedule by €545.


  • #3
    Mrpaul88
    Registered Users, Registered Users 2 Posts: 2 ✭Mrpaul88


    HcksawJimDuggan wrote: »
    Are you sure the new arrears balance isn't a negative/minus balance of €545? i.e. Payments of the loan are now ahead of the loan repayment schedule by €545.

    Yes it's -€545,
    Loan balance is €0,
    Arrears is -€545,
    How much do I owe?
    How can I be €545 ahead if my loan balance is €0???
    It's my first loan so trying to figure out this situation?


  • #4
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭HcksawJimDuggan


    Mrpaul88 wrote: »
    Yes it's -€545,
    Loan balance is €0,
    Arrears is -€545,
    How much do I owe?
    How can I be €545 ahead if my loan balance is €0???
    It's my first loan so trying to figure out this situation?

    Nothing to worry about. You don't owe anything. Your arrears balance just shows where about's you are with your payment schedule. If you match all monthly payments exactly, it would remain at nil. As you paid off your balance with a lump sum, your repayments are now ahead of the agreed schedule by €545.


  • #5
    Triangla
    Registered Users, Registered Users 2 Posts: 818 ✭✭✭Triangla


    I was looking at a CU statement earlier and the loan balance is zero now but I was looking at a box near the top of the statement that says'Arrears:' 150. With 'Pay this amount' under the figure forming part of the box.

    I take this as I owe a further 150 that I need to pay them now the loan is zero. Pretty confusing, is there a reason they don't have the one figure?


  • #6
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭HcksawJimDuggan


    Triangla wrote: »
    I was looking at a CU statement earlier and the loan balance is zero now but I was looking at a box near the top of the statement that says'Arrears:' 150. With 'Pay this amount' under the figure forming part of the box.

    I take this as I owe a further 150 that I need to pay them now the loan is zero. Pretty confusing, is there a reason they don't have the one figure?

    If your loan balance is zero, you don't owe anything. Can you post a picture of the statement to give a better idea.


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  • #7
    Triangla
    Registered Users, Registered Users 2 Posts: 818 ✭✭✭Triangla


    HcksawJimDuggan wrote: »
    If your loan balance is zero, you don't owe anything. Can you post a picture of the statement to give a better idea.

    Attached PIC there. Cheers.


  • #8
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭HcksawJimDuggan


    Triangla wrote: »
    Attached PIC there. Cheers.

    Don't know how you could owe arrears if your loan balance is 0. Might be best to call the cu to get an explanation as it looks from the picture they are demanding payment. Most cu's should be back open tomo.


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