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Consolidation loan (credit union)


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Hello,

 

I currently have several debts which I am currently paying back through a DMP with Stepchange, obviously because of this my credit rating is poor and therefore I will not be able to get a loan through normal channels so I am going to consider credit unions.

 

If I was to clear the debts I would have around £1000pm available to pay of a consolidation loan, I would also hopefully be able to reduce what I owe by offering Full and Final settlements. I will need around 14k to clear all my debts.

 

I want to do this so that I can start to rebuild my credit rating and simplify my debts however is it likely that a credit union would consider me?

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I don't think a credit union would consider a loan of that size - I may be wrong.

 

Best bet is to find a local credit union and go and have a chat with them. I think most credit unions like you to save with them for a while before they consider you for a loan.

It never rains but it pours...

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Yes, they have. We featured an email received from a cagger in our July 2013 newsletter.

 

 

Credit Unions - they really do work!

 

Following our Newsletter about Credit Unions, we received this email:

 

Hi there CAG, Just to say I received an email from you about credit unions I looked into it and have just consolidated a load of debts

I couldn't repay as they wanted one lump or nothing into a fair, honest monthly repayment.

I wouldn't have even known about it if it wasn't for you, that's probably one of the most valuable emails I've ever received, so thank you so much for it.

 

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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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Have we helped you ...?         Please Donate button to the Consumer Action Group

Uploading documents to CAG ** Instructions **

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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