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Credit Union Loans - Experiences?
rls
Posts: 2 Newbie
Closed - Issue sorted
0
Comments
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Put every spare pound you have into your payday loans and get rid of them asap, you don't owe too much so just knuckle down.0
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Borrowing more money to repay existing debt is not a good course of action to take.
Credit unions usually like you to of been a saver with them for a period of time, before they will lend to you.
Its usually the start of a long slippery slope into debt and despair, that rules your life for ever, until you break the chain.
Budget correctly, get rid of the payday loans ASAP, if you really cant afford the repayments, then default on them and come to a payment arrangement with your creditors, better that than borrowing ridiculous amounts of money you will no doubt consolidate several more times before you realise the folly of it all.
Take it from someone who knows............I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Our local credit union requires you to have savings with them before you can take out a loan, if I recall you could only loan how much you had in savings??Tallyhoh! Stopped Smoking October 2000. Saved £29382.50 so far!0
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Cut your spending, close the catalogue account or at least dont spend anymore on it.
Maybe post on the dfw board.
Another loan isnt the answer.
If the debts were to reoccur you would be in the same position or worse.0 -
It has changed, you only need to be a member to take out a loan or savings now0
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You have already said entering the world of credit was a big mistake so why would you want to take out more.
I am with Sourcrates on this one, contact all those you owe money to and try and come to an arrangement with them if you are struggling to meet payments. Write letters to them all and tell them you are going to seek advice from Stepchange/Payplan.
If needs be depending on the advice you are given make sure you use a free debt charity to set up a debt management plan.
As others have said put up a statement of affairs showing a truthful list of your incomings and outgoings and maybe we can help you see where to save some extra money. 1300 a month on outgoings seems very high£2 Savers Club for 2022 #120
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