Credit Union/Shares

Bryando

I have been with the Credit Union for over a year roughly. Since I get Income Support do I need to inform the DWP every year of the amount of shares I have with them, or loans I take out with them?

healy

Bryando wrote: »

I have been with the Credit Union for over a year roughly. Since I get Income Support do I need to inform the DWP every year of the amount of shares I have with them, or loans I take out with them?

Only if it takes your capital over the lower capital limit of £6000.

Bryando

So when I have £6000 or more that's when I must inform the DWP? I have no idea what shares mean in regards to Credit Unions.

healy

Bryando wrote: »

So when I have £6000 or more that's when I must inform the DWP? I have no idea what shares mean in regards to Credit Unions.

Yes that is correct.

bestpud

Shares are basically savings. They call them shares as credit unions essentially belong to the members.

If you have been saving a while, perhaps you could approach them for a loan rather than JCP?

Bryando

I have already got my second loan from them. Not based on my shares. Paying this back.

I have not took a loan out based on my shares if this makes sense?

If I was to say withdraw majority of my shares will this cause me any damage down the road for future loans?

bestpud

Bryando wrote: »

I have already got my second loan from them. Not based on my shares. Paying this back.

I have not took a loan out based on my shares if this makes sense?

If I was to say withdraw majority of my shares will this cause me any damage down the road for future loans?

Ah, I didn't realise you already had two loans from them.

Withdrawing your shares will make them less likely to loan to you in the future, but if you pay back into shares what you would have spent on loan repayments then you also gain what you'd have had to pay in interest...

If you don't mind me saying, you appear to be on a downward spiral and accumulating debt quite rapidly.

Have you been on some of the other boards to see if you can get help with budgeting, or if there is ways around getting a loan for the things you need?

Bryando

The first loan was paid off, this by Standing order. The current one is also getting paid off by same way. Never missed payments.

I set up credit union up as in few years will require money to pay my fees for 2 years of a Law degree. Therefore aim to get my shares to the max as poss and withdraw the lot to pay for tution fess. Thats if I can't find money other means.

I aint in debt in the sense I can manage. Gas debt, Social fund , council Tax, vodaphone and Credit union.

Gas £4.00 Per week
Social 4.00 per week
council tax £3.25 per week
Vodaphone £12.00 per month
Credit Union £10.00 per week

There is nothing to worry me. Could pay alot more to things but I don't.

Push comes to I shall just get food, Gas and electricity and get what I need.

bestpud

Bryando wrote: »

The first loan was paid off, this by Standing order. The current one is also getting paid off by same way. Never missed payments.

I set up credit union up as in few years will require money to pay my fees for 2 years of a Law degree. Therefore aim to get my shares to the max as poss and withdraw the lot to pay for tution fess. Thats if I can't find money other means.

I aint in debt in the sense I can manage. Gas debt, Social fund , council Tax, vodaphone and Credit union.

Gas £4.00 Per week
Social 4.00 per week
council tax £3.25 per week
Vodaphone £12.00 per month
Credit Union £10.00 per week

There is nothing to worry me. Could pay alot more to things but I don't.

Push comes to I shall just get food, Gas and electricity and get what I need.

Sorry if I offended you - that wasn't my intention.

Glad you have things under control.

AnxiousMum

Um, if you are saving to pay off a law degree, surely that must be more than £6K? If you have savings over the £6K I believe you do have to inform them.

Bryando

bestpud wrote: »

Sorry if I offended you - that wasn't my intention.

Glad you have things under control.

No no not offended me at all.