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Is it worth Joining a credit Union
lizzy23
Posts: 193 Forumite
good morning all am looking for a little advice from you more knowledgeable people, i am about to start my DMP with CCCS, i know that my credit rating is trashed and to be quiet honest i have no intention of applying for CC or high street loans again, however i am concerned that at some time in the future we will both need to replace our vehicles (hubby needs his van for the business, and i do a 40 mile round trip to work), i have looked at our local credit union which on paper seems to be the answer and am thinking about paying any surplus i have no matter how small in to this for the duration of the DMP on the basis that in the future i will have built up a reasonable pot that i should be able to borrow against for a car/van, does anyone have any experience of credit unions good or bad, and more importantly being on a DMP and joining one?
LBM 2 and the OH is onboard sept 12, DMP will start on the 1st November, DFD who cares as longs as it comes:)
1 year down 5 to go and now under 30k and 10% paid off :beer:
1 year down 5 to go and now under 30k and 10% paid off :beer:
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Comments
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Joining a credit union as a saver will be no problem, and depending on your local options can be some of the best rates around right now. However, being on a DMP will make it difficult to borrow money at all if there's been any missed payments or if the lenders have marked your credit file. Rather than thinking about future loans, I would urge you to save each month for replacement of car/van - or perhaps more relevant to pay for any work that needs doing on them to keep them on the road.Total Debt 13th Sept 2006 (exc student loan): £6240.06 :eek:
O/D 1 [strike]£1250 [/strike]O/D 2 [strike]£100[/strike] Next a/c [strike]£313.55[/strike]@ 26.49% Mum [strike]£130[/strike] HSBC [strike]£4446.51[/strike]@15.75%[STRIKE]M&S £580.15@ 4.9%[/STRIKE]
Total Debt 30th April 2008: £0 100% paid off!
PROUD TO [STRIKE]BE DEALING [/STRIKE] HAVE DEALT WITH MY DEBT
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Joining a credit union as a saver will be no problem, and depending on your local options can be some of the best rates around right now. However, being on a DMP will make it difficult to borrow money at all if there's been any missed payments or if the lenders have marked your credit file. Rather than thinking about future loans, I would urge you to save each month for replacement of car/van - or perhaps more relevant to pay for any work that needs doing on them to keep them on the road.
We are doing all that anyway, i am talking way in the future, when the DMP has finished, bearing in mind they will have 5 years or so of savingsLBM 2 and the OH is onboard sept 12, DMP will start on the 1st November, DFD who cares as longs as it comes:)
1 year down 5 to go and now under 30k and 10% paid off :beer:0
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