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Buachaill, Lawyer
Category: Republic of Ireland Law
Satisfied Customers: 10627
Experience:  Barrister 17 years experience
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I have an unsecured large loan with Credit Union and due

Customer Question

Hi, I have an unsecured large loan with Credit Union and due to a change in my circumstances, my only income now is Invalidity Pension, I am unable to pay.. I have restructured my mortgage which is fine and I am meeting repayments but The CU won't freeze interest etc.. What can I do? Martina .
Submitted: 2 years ago.
Category: Republic of Ireland Law
Expert:  Buachaill replied 2 years ago.
1. I would advise you to formally write to the Credit Union and seek a moratorium on the Credit union repayments so that the credit union does not seek to enter judgment against you for you being unable to repay the large unsecured loan. You need to avoid a default situation. Alternatively, you can approach your mortgage holder and see if they would advance the monies to pay off the credit union loan and roll the new loan into the mortgage. That way you would have all your liabilities with one financial provider and only one payment to meet and deal with.