Loan from Credit Union

exharris

nu_nu wrote: »

While not wishing to join this thread, I feel obliged to point out that NOT ONCE in a very long time during which the CCCS have managed my DMP have they failed to pay my creditors. Their service to me has been impeccable and has saved my sanity!!

The issue, so I'm told, is to do with some technicality of payment structure. They told me I need to pay them for the first of each month, for them to distribute payment on the 26 of that month. So, I pay them in advance (om the 15th of the month prior, if you will), and apparently for some technical reason I cannot explain this can sometime mean they make duplicate payments in one month, and no payment in the second. This breaks all the agreements with your creditors. Plus some are still charging interest.

Anihilator

I really hope your current creditors catch out the fact your trying to get out of a chunk of the loans to buy a car and say no.

Truly disgusting

exharris

Anihilator wrote: »

I really hope your current creditors catch out the fact your trying to get out of a chunk of the loans to buy a car and say no.

Truly disgusting

I shant rise to this other than to say you are entitled to your opinion and I respect that, although obviously I disagree.

All I will say is if it does work...whahhahahah!! :j

tripled

Surely if you were a 'Debt Free Wananbe' [sic] as your signature implies, if you did get a reduction off the final payments why aren't you using it to reduce your loan with the Credit Union?

Personally I don't see a problem with you making an offer, it's a good idea and if the companies accept it, more fool them. I just hope the credit union isn't stupid enough to lend you that kind of money.

hazelize_uk

DadsDown wrote: »

A few things....
Firstly most posters don't agree with borrowing more money to repay old money, hence the attitude. Though this may appear unhelpful, it is not intended that way, and CU is the way to go.
Secondly, savings on a credit union may only be offsetted against the loan when the savings are greater than the amount outstanding, therefore 'not at any time'. I imagine it would be handy coming out of your salary, but a DMP is only a single payment anyway. Remember too that you cannot afford to get into any issues with work, etc.
QUOTE]

Offsetting your savings against your credit union loan doesnt necessarilly need to be greater than the loan it vary by credit union. I work for an employment based credit union and we are able to transfer shares to loans provided that a 1/3 of the loan balance remains in savings. You are unfairly receiving some pretty negative comments here, and if I was personally dealing with your application we would suggest that payment of the loan itself were made directly to your original debtors to ensure that it is being used responsibly, we would also be able to take over the duty of the DMP by making the regular payments for you again directly from your pay. As long as you demonstrate a commitment to getting on top of your finances they should be more than happy to help you, and dont feel that just because you have gotten into a little bit of a pickle that you therefore no longer deserve to update your car! I think with the right CU advisor you could really get on top of things - keep you chin up