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Credit Union Loan

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  • 05-05-2023 11:37pm
    #1
    LousClues
    Registered Users Posts: 15 ✭


    Hi guys.

    I took a loan out over a year ago. At the time I set up €100 a week to go off my loan but the credit union would only take €75 due to my earnings and in case I missed a payment, I havnt.

    The extra money was going into a ‘prepaid’ balance.

    In 2 weeks time the prepaid balance will be more than what I owe on the loan.

    Can I use the prepaid balance to pay off my loan. Or even stop the direct debit and leave the money come out of the prepaid balance each week ?

    I rang the credit union this morning and was advised someone would ring me back but never did.

    thank you



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    #2
    AnRothar
    Registered Users Posts: 541 ✭✭✭AnRothar


    2 things here.

    1 For my credit Union once the pre paid balance exceeds the loan they clear it automatically.

    You would need to clarify it with yours though to be sure.


    2 Once the loan is cleared the direct debit may keep going. This would just go to your shares.

    This is what happens for me.

    Again read the loan agreement for specifics.



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    #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,642 Mod ✭✭✭✭Henry Ford III


    Surely the answer here is to simply ask the C.U.

    Many have differing rules and practices.



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