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Credit Unions: Official MoneySavingExpert.com Discussion

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  • ahai1
    ahai1 Posts: 1,589 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    People on a low income in most cases would be better off with a bank as the banks do offer a good service if you can manage your money.

    I would not say that all credit unions are the same but one thing that dealing with 2 has taught me is to look at the fine print.
  • Just thought I'd let people know that Cheshire Neighbours Credit Union has recently changed it's common bond. Anyone living, working or being educated in the council areas of Cheshire East or Cheshire West & Chester can now join (open an account). For more info search for cheshire-neighbours online.
    I find that credit unions work for people who want to put some money away for either a specific reason or for something unexpected, and if you need a loan then the best thing to do is be honest with the people at the credit union as they just want to help people.
  • debrag
    debrag Posts: 3,426 Forumite
    How easy is it to get a loan with them? I have an appointment on Friday for a £500 loan to use towards a deposit.
    I am currently on benefits but soon to be working. I have been told to take along details of benefits, bank accounts etc
  • beanielou
    beanielou Posts: 95,534 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Do you have any savings with them at all?
    Some credit unions need you to have saved for a minimum of 3 months before you can get a loan.
    But they are all different.
    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.
  • debrag
    debrag Posts: 3,426 Forumite
    edited 8 September 2009 at 5:56PM
    they seem to be fine with the little I have in there as I mentioned it in the email I sent them and they told me to bring xxx in with me and they will sort something out.
    Plus the guy had my account details while on th phone
  • beanielou
    beanielou Posts: 95,534 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Seems like should be ok then :)
    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.
  • debrag
    debrag Posts: 3,426 Forumite
    edited 11 September 2009 at 4:47PM
    Nothing like I thought it would be, just asked how much I would like, how much I could pay each fortnight, what it was for and set up a budget. Now it's gone off to committy, I may be asked to put some money into my savings account before I can get the loan but hopefully that won't be much and I can do that in one go.

    One thing I don't quite understand:

    The loan will be repaid by this number of fortnightly repayments 23
    The amount of the fortnightly repayments will be £25
    And a final repayment of £5.13
    The total amount payable £555.13

    Start date 25/09/09
    Finish date 30/07/10

    Think the finish date is wrong.
  • beanielou
    beanielou Posts: 95,534 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Think the finish date could indeed be wrong.Remember to query it.
    The commitee normally deceides quite quickly.
    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.
  • debrag
    debrag Posts: 3,426 Forumite
    I've been told 7-10 days, so I'm keeping everything crossed lol
  • Im looking for some clarification on how the credit union works. I am aware that they can take the monthly contribution straight from your monthly wage and that this appears on your wage slip.

    My question is - is this contribution taken before or after tax?
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