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€200 Share Withdrawal from Credit Union?

  • 03-01-2016 5:01am
    #1
    cathal newbanks
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi everyone I have a loan off the credit union from last May of €4000 and have paid €100 Weekly even though my repayments are only €50 a week. So I am prepaid by over a €1000

    Currently
    Shares: €1,317
    Loan: €1,208

    Will they have a problem with this ?
    I am going up to ask on Monday would like a opinion on this. I have been a member for 10 years.
    Thanks In Advance


Comments

  • #2
    cerastes
    Closed Accounts Posts: 3,601 ✭✭✭cerastes


    They would probably prefer you not do that as they probably want you to try maintain your share balance or increase it, but it is your money and if you are transferring against your loan balance then there shouldn't be an issue.
    With that amount due, would you think of reducing the loan by 500? Then at your current 100 per week amount you are already paying, your loan will be paid in 2 months?

    Potentially you could do what you are saying to save paying the interest, but as you are ahead, maybe another way of doing this would be to reduce your balance by a set amount, then to keep paying the 100 amount but allocate less to pay the loan and more to pay rebuilding shares?

    I think that's just another way of doing the same thing and the other option is less complicated.

    I think the main thing is, the credit union I have felt want people to make set manageable payments regularly to maintain contact and either pay agreed amounts or talk to them to make a manageable payments if problems arise rather than relying on on tapping into your shares as they essentially need shares to make loans and interest to pay for those loans and costs.


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