Credit Union loan payment missed. What will happen?

PLUG71

Hi,i have failed to make my payment at the Credit Union this month for my car loan.

Can anyone tell me what will happen?:(

Darren 83

PLUG71 wrote: »

Hi,i have failed to make my payment at the Credit Union this month for my car loan.

Can anyone tell me what will happen?:(

Ring them up and explain the reason behind it even try and pay the interest on it, it will be marked on ICB report.

I would try to pay it back pay a little extra each month to show you are trying.

PLUG71

Darren 83 wrote: »

Ring them up and explain the reason behind it even try and pay the interest on it, it will be marked on ICB report.

I would try to pay it back pay a little extra each month to show you are trying.

Thanks for the info.

Can I ask what an ICB report is?

Darren 83

PLUG71 wrote: »

Thanks for the info.

Can I ask what an ICB report is?

Link

http://www.icb.ie

Bubbaclaus

I hope you didn't have any plans to get any other loans in the next 5 years

Acey10

Happened to me, got a letter informing me not to miss three payments in a row, just don't let it happen again!

PLUG71

Bubbaclaus wrote: »

I hope you didn't have any plans to get any other loans in the next 5 years

I have spoken to them and it does not affect anything regarding future loans

Bubbaclaus

PLUG71 wrote: »

I have spoken to them and it does not affect anything regarding future loans

So they told you it's not going on the ICB report? Or they just told you it won't effect loans from them?

PLUG71

Bubbaclaus wrote: »

So they told you it's not going on the ICB report? Or they just told you it won't effect loans from them?

Yes no ICB report as long as I go in and catch up. It was a missed standing order thanks to the Bank Of Ireland never informing me about charges.
The CU was very helpful and easy to deal with.

joeguevara

As long as it is paid within the month that the payment was supposed to be made then no report to ICB and Central Credit Register. If it goes to the next month then it will be reported.

Reports on the ICB and Central Credit register does not mean automatic refusal of future loans but patterns of missed loans will be taken into consideration. Bank of Ireland will have notified you of charges when opening account and will have further notified you of changes to these charges. I don’t understand why you are blaming them for failure of standing order. Maybe discuss a temporary overdraft or change to payment date if the current date has the possibility of insufficient funds.

rustynutz

PLUG71 wrote: »

Yes no ICB report as long as I go in and catch up. It was a missed standing order thanks to the Bank Of Ireland never informing me about charges.
The CU was very helpful and easy to deal with.

This is why I prefer dealing with my local CU as opposed to the bank. I have always found them very flexible when applying for a loan, and on repayments

Lenar3556

https://www.boards.ie/discussion/comment/123034553#Comment_123034553

Sorry to hear. I suggest getting advice from MABS on how to best navigate the situation.

https://www.boards.ie/discussion/comment/105835615#Comment_105835615

The account is in your name. Therefore your responsibility to ensure that it is pre-funded to meet any direct debits and standing orders.

Raichų

replying to posts from 2018 folks… I think your advice is not much use 7 years later

con747

https://www.boards.ie/discussion/comment/123048851#Comment_123048851

If you look at @Lenar3556 post above they were replying to a post from the 8th Jan 2025 which somehow has been moved without the following posts going with it to here.

https://www.boards.ie/discussion/comment/123034553#Comment_123034553

Jim2007

There is already a new thread spring from the 2025 post. thread closed.