Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Credit Union Loan after its liquidated

  • 16-07-2020 10:51am
    #1
    Slashs hat
    Registered Users, Registered Users 2 Posts: 26 ✭


    Hi,

    I recently had ‘shares’ and a loan greater value) from Drumcondra Credit Union. The Credit Union has since gone into liquidation and I received my ‘shares’ back as part of the central bank deposit return scheme.

    My question is what is the story with my loan. Do I need to continue to pay it back? What is my legal standing as my contract was with Drumcondra CU who has since gone bust?

    Thanks


Comments

  • #2
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,806 ✭✭✭GerardKeating


    Slashs hat wrote: »
    My question is what is the story with my loan. Do I need to continue to pay it back? What is my legal standing as my contract was with Drumcondra CU who has since gone bust?

    Eventually the liquadatior will contact you i assume, or you might contact them?


  • #3
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,998 ✭✭✭✭Peregrinus


    On the Drumcondra CU website there is information about the liquidation, identify of the liquidators and details of the bank account to which you should now direct your loan repayments.

    If I were you I'd be proactived in contacting the liquidators, and keep up your loan repayments. Any interruption or delay in repayments will only add to your interest bill.

    Your loan is not going to be written off or discounted; the liquidators have a duty to collect it.


  • #4
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,632 ✭✭✭✭Marcusm


    Peregrinus wrote: »
    On the Drumcondra CU website there is information about the liquidation, identify of the liquidators and details of the bank account to which you should now direct your loan repayments.

    If I were you I'd be proactived in contacting the liquidators, and keep up your loan repayments. Any interruption or delay in repayments will only add to your interest bill.

    Your loan is not going to be written off or discounted; the liquidators have a duty to collect it.

    Surprising that the loan was not offset against the deposit rather than the compensation scheme paying out the deposit.


Advertisement