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Loan Time???

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  • 23-04-2009 3:08pm
    #1
    Darr3nG
    Registered Users Posts: 79 ✭✭


    The company I'm currently working for has told us that they are closing, but can't put an exact date on when (could be another year).

    So, officially, no redundancy notifiction has been given.

    Can I apply for a bank loan now and take the option of redundancy insurance?

    What's the legality of this, and in general, how much will the lender cover for?


Comments

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    #2
    jeemojney
    Registered Users Posts: 90 ✭✭jeemojney


    i had a look at this before, they conditions say that if you knew that redundancy was a possibility when you took out the loan you won't be covered, they'll do all they can to wriggle out of paying up so i didn't bother in the end


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    #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    jeemojney wrote: »
    i had a look at this before, they conditions say that if you knew that redundancy was a possibility when you took out the loan you won't be covered, they'll do all they can to wriggle out of paying up so i didn't bother in the end

    True. You'd just be wasting your money taking out PPI, because it'll be null and void if you knew about the possibility of redundancy at the time of taking the loan.


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    #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    Just a quick warning, anyone who posts here encouraging/advising the OP to make false declarations on their loan app or anything of that nature will be banned. Feel free to give constructive advice on how the OP could go about getting a loan in their situation, but nothing dodgy or deceptive.


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    #5
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    The OP reminds me of a similer story of a guy who came to me one day looking for a loan. The chap worked for a company who (only days before) had gone bust. FFS the story was in the News!!! The fcuking cheek I thought to myself. The sad thing is had he got someone else he might have got away with it.

    I'm afraid Toots, there's not any sort of constructive advice one could give if thats what he's considering. I mean even going for a loan when he knows full well he will be unemployed in a year :confused: Its madness.

    By all means be at least honest to yourself about it and go for a loan over a year or less. I wouldn't recommend anything else.


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