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  • FIRST POST
    • rls
    • By rls 10th Sep 17, 3:23 PM
    • 2Posts
    • 0Thanks
    rls
    Credit Union Loans - Experiences?
    • #1
    • 10th Sep 17, 3:23 PM
    Credit Union Loans - Experiences? 10th Sep 17 at 3:23 PM
    Closed - Issue sorted
    Last edited by rls; 11-09-2017 at 12:26 PM. Reason: Problem sorted
Page 1
    • strongboes
    • By strongboes 10th Sep 17, 4:21 PM
    • 83 Posts
    • 58 Thanks
    strongboes
    • #2
    • 10th Sep 17, 4:21 PM
    • #2
    • 10th Sep 17, 4:21 PM
    Put every spare pound you have into your payday loans and get rid of them asap, you don't owe too much so just knuckle down.
    • sourcrates
    • By sourcrates 10th Sep 17, 4:38 PM
    • 12,477 Posts
    • 11,867 Thanks
    sourcrates
    • #3
    • 10th Sep 17, 4:38 PM
    • #3
    • 10th Sep 17, 4:38 PM
    Borrowing more money to repay existing debt is not a good course of action to take.

    Credit unions usually like you to of been a saver with them for a period of time, before they will lend to you.

    Its usually the start of a long slippery slope into debt and despair, that rules your life for ever, until you break the chain.

    Budget correctly, get rid of the payday loans ASAP, if you really cant afford the repayments, then default on them and come to a payment arrangement with your creditors, better that than borrowing ridiculous amounts of money you will no doubt consolidate several more times before you realise the folly of it all.

    Take it from someone who knows............
    Last edited by sourcrates; 10-09-2017 at 4:42 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • tallyhoh
    • By tallyhoh 10th Sep 17, 9:08 PM
    • 2,084 Posts
    • 2,116 Thanks
    tallyhoh
    • #4
    • 10th Sep 17, 9:08 PM
    • #4
    • 10th Sep 17, 9:08 PM
    Our local credit union requires you to have savings with them before you can take out a loan, if I recall you could only loan how much you had in savings??
    Last edited by tallyhoh; 10-09-2017 at 9:13 PM.
    Tallyhoh!

    Stopped Smoking October 2000. Saved £21,840 so far!
    • DCFC79
    • By DCFC79 10th Sep 17, 9:21 PM
    • 30,301 Posts
    • 19,166 Thanks
    DCFC79
    • #5
    • 10th Sep 17, 9:21 PM
    • #5
    • 10th Sep 17, 9:21 PM
    Cut your spending, close the catalogue account or at least dont spend anymore on it.

    Maybe post on the dfw board.

    Another loan isnt the answer.

    If the debts were to reoccur you would be in the same position or worse.
    Last edited by DCFC79; 10-09-2017 at 9:35 PM.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • rls
    • By rls 11th Sep 17, 10:03 AM
    • 2 Posts
    • 0 Thanks
    rls
    • #6
    • 11th Sep 17, 10:03 AM
    • #6
    • 11th Sep 17, 10:03 AM
    It has changed, you only need to be a member to take out a loan or savings now
    • StokieBecks
    • By StokieBecks 11th Sep 17, 11:31 AM
    • 4,364 Posts
    • 26,170 Thanks
    StokieBecks
    • #7
    • 11th Sep 17, 11:31 AM
    • #7
    • 11th Sep 17, 11:31 AM
    You have already said entering the world of credit was a big mistake so why would you want to take out more.

    I am with Sourcrates on this one, contact all those you owe money to and try and come to an arrangement with them if you are struggling to meet payments. Write letters to them all and tell them you are going to seek advice from Stepchange/Payplan.

    If needs be depending on the advice you are given make sure you use a free debt charity to set up a debt management plan.

    As others have said put up a statement of affairs showing a truthful list of your incomings and outgoings and maybe we can help you see where to save some extra money. 1300 a month on outgoings seems very high
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