Credit Union

cookemeister

Hi there Has any one had any dealings with a Credit Union as They know i have applied for an IVA yet have contacted My Wifes parents (who is a guaranteur as am I ) saying that we have not payed our loan lately

gingerfurball

I know that our local credit union are decent people to work with. They have been very understanding to me. As long as you contact them and tell them your circumstances...don't put it off.

cookemeister

A bit afraid to as they know my circumstances and i have had harsh words with their senior credit controller!!
Any ideas

Emmzi

They can ask the guarantor for full payment if they are not fully repaid, whatever the circumstances. So if you do get an IVA they can still go to guarantor.

ASG_2

Hi cookemeister,
I work for a credit union and would endorse what gingerfurball said. I like to think that we are the human side of financial organisations. We know that members sometimes have difficulty making their loan repayments, but we'd rather know than have to chase them up. Talk to your credit union. Is your credit union loan part of your iva?
We have in the past frozen the interest for people who have had problems, maybe you could ask if this can be done in your case.
I'm not sure about why they've contacted your wife's parents - all credit unions have to comply with the data protection act.
If I can be of any help whatsoever pm me.
I hope you get this sorted out.

smokey112

Don't mean this to scare you but I know of someone who had a Trust Deed (Scottish IVA) and the Credit Union made them Bankrupt !! as the Trust Deed was not protected and the Credit Union was one of their Creditors .

I know that when we declared BR we did not owe the Credit Union any money but was trying to use the account for savings - but they closed the account when we declared BR

cookemeister

Monthly Incomings:

My salary - £1,130.85
Partners salary - £360 (Maternity)
Benefits - £181 (Child Tax + Income support)

Total - £1671.85

Monthly Outgoings:

Mortgage/Rent - £425
Car Finance - £192.93
TV License - £10.99
Electric - £63.00 (was in arrears on a plan now)
Sky £37.00
Phone - £40.00
Oil- £40
Food - £300
Car Insurance - £37.00
Petrol - £120
Gym- £20
Car Tax-£10
MOT- £30
Total: £1,439.83


Egg CC – Balance £1,300 APR 12.9%(debt Coll agency)

Egg Loan – Balance £6,000 APR 8.9% (debt Coll agency)
Overdraft - £1,500(limit £1,000) APR 20%( First Direct, Abbey, Halifax) all (DCA)
Barclay card Balance- £700 (DCA)
Halifax Credit Balance -£ 4,350 (DCA)
Credit Union Loan- £ 6000

as I have only applied for the IVA on the back of an advert and I panicked
Should i go back to the credit union and explain my situation and do a DMP for my creditors!!
Really filling my pants now esp as wife is on my back

Hellon_Wheels

Delighted to see some mention of the Credit Union at last. I live in England, but come from N Ireland where there is a CU in every town and village and they provide a wonderful service. When I try to explain their function to people here they don't seem to understand what I'm talking about. Anyone know how a CU is started? I know some community-minded people here who might be interested.

mountainofdebt

Helen I don't know how you start a credit union, although I reckon if you contact these people :http://www.abcul.org/page/about/intro.cfm it would be a good starting point.

To the OP - I must admit I am surprised that you owe the CU so much as when I enquired about borrowing from a CU, I was told that you could only borrow after saving with for a while, and when you were allowed to borrow it would be a small multiple of the amount borrowed.