Credit Union Advice

spacetraveller

Hello,

I have had a credit union share account for about three years. Last year I took out a loan, which has 3 payments to go until it is cleared. Basically, this month I have absolutely no money left until payday, this is another two and half weeks to go. All priority bills have been paid for this month. I have approx £120 savings in my credit union, but under the conditions of the loan i have to leave approx that amount in there until the loan is paid off.
I am just wondering whether anybody knows if CU's will make exceptions in difficult circumstances and allow me to withdraw my savings? I do not have access to any money, and need to buy groceries (cupboards bare) and put petrol in my car. I cannot borrow money from friends or family. Has anybody heard of CU helping in this kind of situation?

Thanks, Spacetraveller.

premierfella

Definitely talk to them - almost their entire reason to exist is to help those on tight budgets and they must encounter members in your situation all the time.

It is unlikely (given the information provided) that they will allow you to withdraw the savings. However, different credit unions offer different solutions in this situation depending on their lending rules (e.g. budget accounts, rearranging the loan) which could meet your needs (obviously at the cost of additional interest payments).

They can't help unless you talk to them, and you have nothing to lose by doing so.