the credit union

[indebtforever]

has anyone had any dealings with them??? it is an excellent service for the poor like myself[:I] you can save as little as you want as often as you want and if you need to borrow (i hope not)the interest you pay is only 1% per month so if you borrowed £1000 the most you would pay back is £1046 and you also get interest on your savings that can be as much as 8% if anyone wants further info i can put the link to see if there is an office near you but i will run it past admin first[:)]
you can only borrow like 2 x your savings and you also have to save a little each time you pay it i think it is an excellent service for the needy and to keep away from the sharks you have also got life insurance so if the worst happens it is payed in full

[kallis3]

They do one at work, and I believe they are quite good, but of course you could only save if you are in an IVA, not borrow.

[indebtforever]

yes i would hope all would know that[:0]

[Moneystinks]

Everyone at my place of work raves about the creit unionand alot of my colleagues have a few policies maturing this year. I only wish we had money to save [:(]

We will in 6 years tho! [:D]

[pixie]

sounds interesting, never heard of them before. I save everything in a separate current account but no interest. I don't want to apply for a savings account as it might be declined [:I]

[MelanieGiles]

I also practice in Northern Ireland where Credit Unions are very popular - particularly for families with lower incomes. I am not sure if they will accept new customers in IVAs though, and you would not be able to borrow money from them without the Supervisor's permission.

[Moneystinks]

I don't think I'd dare even ask the question as it is run via my workplace and less they know the better lol![:D]

[indebtforever]

you can still join whilst in an iva i have they dont run a credit check as you have to build up like a recommendation of saving amounts for 3 months before you can borrow against your savings ovecourse you cant loan whilst in the iva but it gets you on the road to saving little amounts and you will be surprised how quick it grows

[siorghra]

Does the Credit Union show up on your credit file?

[MelanieGiles]

Do you mean if you have a loan with them Siorghra?

[siorghra]

No I don't have a loan with them but my wife does. Its something she can top up in emergencies and if we are filling in a joint income, I don't want to upset things or breach the terms of my IVA. I hope that makes sense!!

[MelanieGiles]

If the loan is in your wife's name I cannot really see a problem with this to be honest.

[siorghra]

Thanks again Melanie. Hopefully we will never have to use it, but its good to know there is a bit of a 'safety net' for emergencies.