help??

jockey79

hi,
i have 2 outstanding loans with aib, car loan 10,000. and personal loan 9,000, i have 15,000 equity on my house and could do with some cash.. will these loans come against a successful top up application?? mortgage is with ebs

dotsman

I'm sorry to say but I imagine they wouldn't.

What do you mean that you have 15,000 equity on your house? How and when was it valued? Given today's climate I imagine it would be very difficult to get an exact figure on your house. 15,000 sounds like very little (depending on the value of the house) and there are many houses selling for 15,000 less than their asking price.

Also, given today's climate (credit crunch), I would imagine that EBS would not let you release any equity that would bring the LTV more than 92% (by the sounds of things, your LTV is already higher than this).

I don't mean to sound like Eddie Hobbs, but I seriously think you are living outside your means? With this much debt already, why are you trying for another loan? How much is your car worth? Can you not sell it to discharge your 10,000 debt and possibly have some left over for a cheaper car and some cash? What was the 9,000 loan for? Do you have any assets you can dispose of? Do you have any expenses that you can cut back on (socialising/holidays/luxury items etc)?

jockey79

ebs adviser told me i'd 15,000 equity on the house! told me to apply.. he did it all for me but i only realised after he never asked me about any outstanding loans i had... obviously thyey will see these when they do cred check??? i could really do with the money? mortgage now 210000, valuer valued it now at 250,000.... 250000 x 90% = 225000 - 210000 = 15000! ebs advisor told me the top up onto my mortgage would cost approx 80eur - trs a month.. surely affordable! 9k loan was to furnish the house as i got a 100% mortgage! payments 60eur per week, car payments 65eur per week. earning 43500 per year + 300 eur per month on rental income!

jockey79

i recently applied for a top up with ebs, my mortgage advisor told me id 15,000 equity which could be released.. he went through application very quickly and only afterwards i thought to myself he never asked me about any outstanding loans i had.. i have car loan 10000 and personal loan 9,000 with aib. will these come against my application.. will they see these?

stepbar

If I were you I'd forget about getting a remortgage. I'd be looking to move my mortgage away from EBS!!!. They're one of the most expensive lenders out there. I guarentee that you would save money and you'd have more to pay those loans.

jockey79

i have a cred card with mbna 8000 in the red... if i contacted them is it possible to turn that into a loan?

Thomas_S_Hunterson

Get a loan from another financial institution and pay MBNA.

There'd be no sense in MBNA dropping your interest rate just because you contacted them to acknowledge it. And besides, I think they only deal in credit cards, not other forms of finance.

ircoha

3 points;
1: why did it take a separate post to reveal the CC debt?
http://www.boards.ie/vbulletin/showthread.php?t=2055273998

2: the ebs broker is on commission so of course he will plug any product that will earn him commission

3: u are in serious risk of going bust so you need to get a grip, chop up the cc and refinance the personal l,oan and the cc loan.
Is the car loan a HP loan, u may have a problem refinancing that

stepbar

What other debt do you have??? On a salary of 43k you shouldn't have so much personal debt. So summing up you owe 10k on a car loan, 9k of a personal loan and 8k to MBNA. Total debt 27k :eek: Now, your problem is finding a bank that will take on the debt because typically banks do not take on other bank debt. As I've suggested, you should look to move your mortgage away from EBS and save yourself money in the long run. Then look to consolidate your debt. You should maybe look at the Ulster Bank offer or BOI's mortgage switcher. It may take a few months to get it sorted but it will be worth it.

stepbar

It's no wonder (as a lender) I'm very reluctant to give loans to people who bank with other banks. It's a quagmire of sh1te TBH.

jockey79

ill be honest with u step.. i come from a very suspected business family.. and unfortunately got into gambling problem with online bloody poker sites! havent told any one about this not even girlfriend! fortunately i havent gone near a bookies or a poker site in nearly 3 months now.. i just dont know wat to do m8! would the ebs consolidate 15000 worth of the loans instead of topping up with cash?

stepbar

Get yourself down to MABS first - http://www.mabs.ie/. I had to send a person to same recently after she came to me with 60k of personal debt :eek: OK, 27k is a large debt, on your salary it's very managable. You'd be looking at about 500 - 600 p.m. But you would need to get a plan done up. And cancel the credit card. If there's one company I'm beginning to despise its MBNA. They would give a card to a homeless person. It's rediculus.

You might want to tell your girlfriend. It's not fair on both of you TBH.

jockey79

i know.. i filled out form on ryan air flight just for fun thinking none of it.. 3 weeks later visa arrives in the door with 8k limit.. just ridiculous! you reckon im screwed with ebs top up?

stepbar

First check out the interest rate with EBS and shop around. As I've said the interest rates with EBS are terrible. Otherwise ask them to reduce it.

Or you could get the re-mortgage and then move. But I'd be thinking of moving first off. Anyhow, see how it goes with EBS. If they didn't ask about it just see how it goes. If it's approved pay off the card and cancel it. Might be an idea to get a debit card and see how you go with that.

Then pay down the loan with the next highest interest rate. Then in a few months look to move the mortgage and consolidate the rest of the debt before you move the mortgage.

On your salary it should be ok but you need to be proactive about your finances TBH.

jockey79

really appreciate this step,
thats the plan if its approved to pay cred card.. tore it up two months ago! never use one again! won't the ebs see those loans anyway????

BuffyBot

Merged into one thread.

You don't need to start a new one everytime jockey79

jockey79

?????

stepbar

jockey79 wrote: »

really appreciate this step,
thats the plan if its approved to pay cred card.. tore it up two months ago! never use one again! won't the ebs see those loans anyway????

I'm sure they will. As the saying goes "Say nothing til you hear more". It might be useful in this suitation.

jockey79

got top up.. cleared cred card, and personal loan.. means im saving 650 per month... no messing around from now on.. strictly tight budget, im very lucky, things coulda been alot worse

broker2008

How much debt have you left ? €225K on the mortgage , 10k on car loan and 2k on credit card ? Based on you owing 27K and getting 15K, that would leave 12K.

Make sure MBNA is fully paid off and no interest outstanding and just tearing up is no good - make sure that account is closed, you will possibly owe €30 stamp duty on closure plus outstanding interest. Call them and see that you have fully paid off AND closed account otherwise there will be interest on the government duty and then interest on that etc until fully cleared.

You might consider having a separate account for the rental income which services the car loan debt.

Most of all ensure that because you have effectively remortgaged by topping up loan that you live within your means or you will have problem again. You're next aim is to clear the loan with the highest interest and then the car loan.

Good luck - you got outta jail. Don't get yourself into that situation again.