credit union loan

kellyk31

Hi I have a credit union loan which I pay every two weeks, so last week I didn't have the money for the payment and said I'd pay two payments next week instead which I thought was OK to do as they are always saying its flexible and ive had loan for a few years never a late payment but today I got a letter about the loan now in arrears as I missed last weeks payment... So my question is was this letter just automatically sent by a computer and me making the payment next Thursday will still all be fine or am I going to start getting repeated letters and phonecalls over the next week??? Anyone experience this or can shed some light on the arrears policy in credit unions and how they deal with it?

J_E

You should ring up your branch to discuss it and make sure there is a mutual understanding. I was under the impression from my loan at least that they want payments made on the agreed date, it's better to discuss with them if you know there won't be a payment than assume it's ok.

phone2000

It depends on how their Credit Control process works, in some CU's as soon as you miss a payment you're placed into credit control and this automatically triggers a letter to the member. In other, more sensible, CU's they give you 7 days to get back up to date (to cover bank holidays, delays in getting to the branch etc.). As soon as you clear the arrears you will be removed from Credit Control.

It would be best to ring them as soon as you can to clarify the situation, if you don't call and if your CU is a member of the ICB then a missed payment may be flagged on your account.

kellyk31

OK thanks for the info I will call today to discuss this with them