Credit union south to north default

linny343

Hi guys firstly I have not defaulted even once ……I’m northern Irish was living in In Southern Ireland for 15 years we built a house there loved the people and the area ..but unfortunately found it a difficult place to live with bureaucracy and other factors , when we first signed for our land / site our solicitor said to us well guys your now citizens of the Republic of Ireland welcome to one of the most corrupt countries in Europe …we gasped and looked at each other and she wasn’t wrong ….both of our grand parents are from different areas of the south so we felt comfortable moving ….building the house was filled with ups and downs having previously built in the north we thought it would be a breeze …very naive of us we had a healthy budget two good jobs and it took us 5 years to complete the house ….I’m waffeling at this stage …..I have a 35,000 euro credit union loan we sold the house and moved back to the north brexit scared us to be fair and also the high living costs in Eire…we took a loss on the house so no funds to pay back the loan …..I have never missed a payment on my credit union loan even with being back in the north 3 years but I have had some bad health news and I can’t work my loan is 500 euro a month I can only pay 300 euro ….my question is will they take me to court here in the north if worst comes to worst and I can’t pay anything where do I stand ……obviously I’m a good hard working person and I was hoping my credit union loan would be finished in the next 6 years ……I’m very scared what would happen to me if I can’t even pay the 300 euro each month …I’m feeling very frustrated and worried sick …any advice please

Boards.ie: Niamh

Moved to Banking forum. Welcome to Boards @linny343

Jim2007

We can't tell you what they will actually do, only they know that..

My guess would be that they will sell the loan to a third party who will be more aggressive and experienced in chasing down the repayment. So given the size of the loan I would expect that they will try to collect in NI, although it could take a couple of years for them to get around to it.

Ginger83

You could discuss reducing the payments with them or even possibly covering interest only for a period.

Henry Ford III

Do credit unions factor loans?

tvjunki

Credit unions do go after people that do not pay. I know of a couple who got 7k loans each and went to Australia. The cu engaged a solicitor in Australia and they have been paying off the loans ever since. That was a few years ago.

Contact the Credit Union and explain your circumstances. They will ask for new contact details and you can discuss lower payments and they may stop the interest and set a lower repayment. They can sell the debt and the new company may not be as flexible as your current Credit Union. Good luck.

Bannasidhe

Do NOT default. Credit Unions sell loans on to collection agencies.

DO contact them and explain your circumstances. Credit Unions are usually more than helpful when it comes to reaching a workable agreement.

Jim2007

https://www.boards.ie/discussion/comment/118658027#Comment_118658027

Yep, if the figure is high enough and they don't have any alternative. To do otherwise might be considered a failing to act in the best interests of the members. Also they tend to be a lot less commercial and more communal and as a result tend to take a default as a personal affront to them - begin told that there was a default of 35K can create quite a stir among members.