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Credit Unions: Official MoneySavingExpert.com Discussion
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Hi, I started with a standing order for £20 per week, saved for 3 months, then took out the maximum loan of £750, I pay it back at £15 per week, plus £5 towards my savings, I'll have paid it off by the end of November. I'm not sure if it works differently in other credit unions, but ours has a maximum 1st loan of £750, each loan thereafter goes up bit by bit, and you can borrow up to 3 x your savings. When your paying your loan back you need to pay a little to your savings too.
I can't fault it at all, it's allowing me to squirrel away some savings while I pay off my debts, and they also gave me fantastic advice on budgeting and paying off my existing debts.Sealed Pot Challenge member 1315
DFW Total debt [STRIKE]£14,453 [/STRIKE] £6,273
Lbs to lose [STRIKE]50[/STRIKE] 350 -
Hi, I started with a standing order for £20 per week, saved for 3 months, then took out the maximum loan of £750, I pay it back at £15 per week, plus £5 towards my savings, I'll have paid it off by the end of November. I'm not sure if it works differently in other credit unions, but ours has a maximum 1st loan of £750, each loan thereafter goes up bit by bit, and you can borrow up to 3 x your savings. When your paying your loan back you need to pay a little to your savings too.
I can't fault it at all, it's allowing me to squirrel away some savings while I pay off my debts, and they also gave me fantastic advice on budgeting and paying off my existing debts.
Thanks gambit!0 -
no probs, does anyone else have any idea if credit union loans are added to your credit file?Sealed Pot Challenge member 1315
DFW Total debt [STRIKE]£14,453 [/STRIKE] £6,273
Lbs to lose [STRIKE]50[/STRIKE] 350 -
At the moment AFAIK they are not added to your credit file.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Does anyone know whether it is still the case that you can claim tax relief on savings deposits in a credit union account?0
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Certainly nver heard of that bigsur.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Went to my local paypoint retailer to try and make a credit card payment to my credit union account (was hoping to use this as a way to stooze a 0% on spending offer) but the shop assistant said they only took cash or debit card payments. Can anyone confirm if this is correct? I looked at the paypoint web site but it was unclear.0
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My credit union certainly doesent accept credit card payments.
Check with yours though mrs t.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Same here, i've recently joined a credit union after reading this board
. Mine don't accept credit cards payments either. Maybe, they don't want to encourage cc use... 0 -
Not many places will allow you to pay debt off by using another debt (using a CC to pay off a loan).
To use a CC you would need a Super Balance Tranfer facility where you could transfer money from the CC, into your bank account, then out again to the Credit union account.0
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