Credit Union loan

Mart7379

Hi guys, 
I have a credit union loan which is no longer affordable and going forward I am unsure what route to go down, I have other debts which I plan to add to a dmp, would I be allowed to add the credit union loan to this plan, I currently pay for it via payroll deductions so would any mention of a dmp with the credit union result them attempting to take more than the agreed weekly payment from my payroll deductions? 

Or am I better just going to the credit union for financial advice and to look at a decrease in weekly payments.  

DCFC79

Mart7379 said:

Hi guys, 
I have a credit union loan which is no longer affordable and going forward I am unsure what route to go down, I have other debts which I plan to add to a dmp, would I be allowed to add the credit union loan to this plan, I currently pay for it via payroll deductions so would any mention of a dmp with the credit union result them attempting to take more than the agreed weekly payment from my payroll deductions? 

Or am I better just going to the credit union for financial advice and to look at a decrease in weekly payments.  

Imo the CU loan is a debt just like any other debt. Id add it to your dmp.
Who is your dmp with ?

sourcrates

Credit Unions can be funny things when you can’t afford the contractural repayments.
Yes it is just another unsecured debt, but lots have prior form for not accepting lower payments.
I would recommend speaking to them, see if an agreement can be made.

Mart7379

DCFC79 said:

Mart7379 said:

Hi guys, 
I have a credit union loan which is no longer affordable and going forward I am unsure what route to go down, I have other debts which I plan to add to a dmp, would I be allowed to add the credit union loan to this plan, I currently pay for it via payroll deductions so would any mention of a dmp with the credit union result them attempting to take more than the agreed weekly payment from my payroll deductions? 

Or am I better just going to the credit union for financial advice and to look at a decrease in weekly payments.  

Imo the CU loan is a debt just like any other debt. Id add it to your dmp.
Who is your dmp with ?

I haven’t actually taken out the dmp yet, but was looking at stepchange 

inmypocketnottheirs

I have in the past been a director of a credit union. 

My advice would be to speak directly to the CU. It’s the right thing to do, also on the basis you have borrowed money from other members and not from shareholders.