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Playon

I owe my credit union 43000, if I lose my job I can't make the monthly payment of 750. I own my home but its a small cottage valued at 60000.can they make me sell it to recover the debt.
Any information greatly appreciated

endacl

Are you in danger of losing your job? If no, just keep making the payments. If yes, talk to your credit union about restructuring your payments.

Make a payment every month, even if it’s just a tenner.

The Hill Billy

Hi OP & welcome to boards.

I've moved your thread from Forum Requests to a more relevant forum for your query.

tHB

PS - I'd suggest that you talk to MABS.

Liam D Ferguson

As a general rule, credit unions tend to be more reasonable and accomodating to their members about coming to agreements in times of difficulty than commercial banks. As has been said above, if you do lose your job, talk to your credit union straight away and come up with a plan to give them something every month that you can afford.

Playon

Liam D Ferguson wrote: »

As a general rule, credit unions tend to be more reasonable and accomodating to their members about coming to agreements in times of difficulty than commercial banks. As has been said above, if you do lose your job, talk to your credit union straight away and come up with a plan to give them something every month that you can afford.

Thanks for replying yes there's a chance I may lose my job soon, . hoping to find something else soon. Of course I will make some arrangement with the c.u., but I was told they could force me to sell up to cover the debt and that's my worry.the loan is a consolidation of all previous debts and was suggested by them. Hopefully I can find something else

notharrypotter

Liam D Ferguson wrote: »

As a general rule, credit unions tend to be more reasonable and accomodating to their members about coming to agreements in times of difficulty than commercial banks. As has been said above, if you do lose your job, talk to your credit union straight away and come up with a plan to give them something every month that you can afford.

I have always found my CU approachable though I have never borrowed the amount been mentioned.

The OP mentions that it is a consolidation of a number of other loans.

I think that they need to talk to MABS or similar as there is not sufficient information and too many variables.
Especially as to how they got to the point of having multiple loans which needed to be amalgamated.

Possibly being in a precarious employment situation may indicate an underlining issue as to how this arose in the first place.

dennyk

It's possible you could eventually be forced to sell your house during enforcement of a judgement against you for the outstanding loan amount, even if the loan itself is unsecured, but it's not automatic and there are many, many factors involved, and it's not something that would happen instantly; the full procedures could take months or years, so it's not like if you lost your job tomorrow you're going to be out on the street come next weekend or anything.

Your best option is to come to some sort of a repayment arrangement with the credit union should you lose your job. Have you any savings or other assets that could be sold to help pay off this loan (stock shares, investment funds, valuable collectibles or equipment for your hobbies, etc.)? If you are unable to work something out, you can check with Insolvency Service of Ireland, who may be able to provide you with some possible approaches.

You also need to reexamine your financial habits in general; a 43k unsecured loan is really quite excessive, and it's really rather surprising the credit union allowed you to take out such a sizable consolidation loan without a correspondingly large amount of savings on deposit; that's a lot more risk than I'd think a credit union would normally be comfortable with. You really need to figure out how things got so out of hand with your debt and fix the underlying issues, if you haven't already, otherwise you're just going to end up even deeper in the hole no matter what happens. Time to cut back on every unnecessary expense and start living like a monk (just not ol' Gerry!) for the foreseeable future, I'd say...

jimmycrackcorm

I don't think you should be worked up about losing your home over this for several reasons.

If you read anything about repossessions you'd know how difficult and how many years it takes for Banks to do this when they have the house secured against the loan.

Secondly, as mentioned already, CUs are more flexible and helpful to deal with changing circumstances.

Thirdly, you'll get another job at some point and will be able to get back on track.