Letterkenny Credit Union.
A DONEGAL man who owes his local credit union a small fortune has been given 26 years to pay it off.
The man owes Letterkenny Credit Union €27,575.
Weekly repayments of 20 euro were agreed before a sitting of Letterkenny District Civil Court this week.
A solicitor representing the loan group told Judge Paul Kelly that after a statement of means had been obtained, Letterkenny Credit Union had agreed to accept the payment.
Judge Kelly agreed the settlement, one of a number in recent months involving agreed payment plans.
But it’s understood the settlement involving the Letterkenny Credit Union member is one of the largest of its kind – and also one of the longest agreed periods for repayment.
It will take 1,378 weeks to eradicate the debt.
That’s 26 years and six months.
If the repayment plan remains the same – it may be put up or down by a new court order – the final payment is due to be made in August 2042.