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Asking to skip a loan repayment

  • 25-06-2020 04:56PM
    #1
    moneyquestion
    Registered Users, Registered Users 2 Posts: 1 ✭


    I took out a credit union loan to finance studies. As well as keeping up the payments, I've sent money to the credit union whenever I could. This has placed me a few payments ahead.

    I was laid off work temporarily in March, but I've been asked to return full-time from next week. I'm delighted about this but it means that my finances will be tight next month. I changed from being paid monthly to receiving the pandemic payment weekly, and now I won't be paid until the end of July.

    In this situation, is it acceptable to ask the credit union to skip a monthly direct debit? It wouldn't put my loan account into arrears.


Comments

  • #2
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,948 ✭✭✭✭Calahonda52


    If you are ahead of the payment schedule then just pen then a letter along the lines of your text and ask then not to run the DD as if there are not sufficient funds you may get hit with a 10 or 12 euro fee

    “I can’t pay my staff or mortgage with instagram likes”.



  • #3
    pillphil
    Registered Users, Registered Users 2 Posts: 793 ✭✭✭pillphil


    Shouldn't be a problem, I've done it before with credit union loans. Just call them before it gets too close to the next payment date to cancel the payment.


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