Loan with deferred payment plan?

DECEiFER

Hi folks,

I was wondering if it would be possible to borrow money and begin payments after about, say, 12 months?

Here's the situation. I'm a student, but I'm not getting any grant or any social welfare, nor am I employed. No income.

However, I have just found out that a bit of money was being left to me after a death in the family, but that money is going to be tied up with red tape for a year or less. I can no longer support myself after the next month or so, and I need some way to finance my living expenses, etc.

I was planning on borrowing €10,000, maybe a bit more, but I'm not entirely sure as yet. I do know that it will be a bit less than what is coming to me from the will. Not much less, but there is a guaranteed small cushion there so that I will be able to repay the loan once the money comes to me. It's not the how much, it's the when.

I would be able to supply proof of the will, I'm sure, so that the bank can verify that I'm not telling lies to them. Can such a loan be taken out with any of the main banks, or would there be any way to do it with another institute?


Can anyone offer any advice? Am I screwed? Be brutal!


Many thanks.

chris85

DECEiFER wrote: »

Hi folks,

I was wondering if it would be possible to borrow money and begin payments after about, say, 12 months?

Here's the situation. I'm a student, but I'm not getting any grant or any social welfare, nor am I employed. No income.

However, I have just found out that a bit of money was being left to me after a death in the family, but that money is going to be tied up with red tape for a year or less. I can no longer support myself after the next month or so, and I need some way to finance my living expenses, etc.

I was planning on borrowing €10,000, maybe a bit more, but I'm not entirely sure as yet. I do know that it will be a bit less than what is coming to me from the will. Not much less, but there is a guaranteed small cushion there so that I will be able to repay the loan once the money comes to me. It's not the how much, it's the when.

I would be able to supply proof of the will, I'm sure, so that the bank can verify that I'm not telling lies to them. Can such a loan be taken out with any of the main banks, or would there be any way to do it with another institute?


Can anyone offer any advice? Am I screwed? Be brutal!


Many thanks.

If the solicitor dealing with the will or your solicitor is willing to provide a letter of undertaking to the bank they may be able to give you a loan on the basis that what the money comes in that the loan will be cleared in full.

You could also request interest only for a year to start. But €10k for a student i wouldnt put any bets you will get it this way.

chris85

BTW heres link for graduate loan, no harm in applying... can defer payments with it (only for three months though).

http://www.bankofireland.ie/personal/borrowing/loans/graduate_loan/index.html

DECEiFER

Thanks for your reply, Chris. I'd rather clear it in full, just get it done and over with. So IF they agreed to that, I'd do it. It's a long-shot, though.

I might go in to my own bank tomorrow at lunch. Would you normally get to speak to someone on-demand or would you need an appointment?


Thanks again.

chris85

DECEiFER wrote: »

Thanks for your reply, Chris. I'd rather clear it in full, just get it done and over with. So IF they agreed to that, I'd do it. It's a long-shot, though.

I might go in to my own bank tomorrow at lunch. Would you normally get to speak to someone on-demand or would you need an appointment?


Thanks again.

should be able to get to speak with someone on demand. Although i would imagine the loans officer will be able to do nothing for you. You will have to get to talking to the branch manager probably.

It wont be easy but worth a shot.

I would ask the solicitor first would he provide a letter of undertaking for the bank. this letters means the solicitor will directly pay the bank when the money so the bank will get paid before you basically.

stepbar

Just to echo what chris said if ur solr can give an undertaking it could be done. However you could take a loan and start repaying in 3 months. There is a facility to stop payment for nov and dec and start again in jan. But i'd say to get that you'd have to be employed but i could be wrong. Worth a shot.

DECEiFER

I'll give it a shot, I'll let you guys know what happens. If I don't go in today, then Monday or sometime next week.


Thanks guys!