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Query re loan

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  • 06-05-2010 8:16am
    #1
    largepants
    Registered Users Posts: 813 ✭✭✭


    If applying for a loan can a bank check if you have an outstanding credit union loan? I heard somewhere that they can't but somehow I can't see how that is true.


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    #2
    BnB
    Registered Users Posts: 1,083 ✭✭✭BnB


    largepants wrote: »
    If applying for a loan can a bank check if you have an outstanding credit union loan? I heard somewhere that they can't but somehow I can't see how that is true.

    I know 5 years ago they couldn't anyway. And I don't think things have changed since that.

    The only thing to look out for is of you are paying off the loan by direct debit from your Bank A/C they might spot it. Or if, when you initially drew down the loan, you lodged it into your bank account, they might see the lodgement and question it.

    But otherwise, I don't think they have any way of finding out.


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    #3
    largepants
    Registered Users Posts: 813 ✭✭✭largepants


    BnB wrote: »
    I know 5 years ago they couldn't anyway. And I don't think things have changed since that.

    The only thing to look out for is of you are paying off the loan by direct debit from your Bank A/C they might spot it. Or if, when you initially drew down the loan, you lodged it into your bank account, they might see the lodgement and question it.

    But otherwise, I don't think they have any way of finding out.

    Cheers for that. Interesting. The reason I was querying it was that I applied for a loan recently and they insisted I pay off a credit union loan, which I did. However I am still paying a small amount into shares and they were questioning it.I'm sure if you have a direct debit into a credit union you could always say it is going into shares. How are they to know otherwise?


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    #4
    pjmn
    Registered Users Posts: 1,067 ✭✭✭pjmn


    I could be wrong here - but I thought some individual Credit Unions (perhaps the larger ones) had signed up to be members of the Irish Credit Bureau (ICB). If that were the case then if your particular CU were a member then your information (on loans) would be available.

    Perhaps if you were to seek an ICB report on yourself you'd be able to find out...


    pjmn


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    #5
    BnB
    Registered Users Posts: 1,083 ✭✭✭BnB


    largepants wrote: »
    Cheers for that. Interesting. The reason I was querying it was that I applied for a loan recently and they insisted I pay off a credit union loan, which I did. However I am still paying a small amount into shares and they were questioning it.I'm sure if you have a direct debit into a credit union you could always say it is going into shares. How are they to know otherwise?
    Just be careful. They are not fools.

    If you say you are paying into Savings, they will very likely ask you for a statement of the savings from the Credit Union.

    If you have something coming out in Direct Debit, they will question it.


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    #6
    BnB
    Registered Users Posts: 1,083 ✭✭✭BnB


    pjmn wrote: »
    I could be wrong here - but I thought some individual Credit Unions (perhaps the larger ones) had signed up to be members of the Irish Credit Bureau (ICB). If that were the case then if your particular CU were a member then your information (on loans) would be available.

    Perhaps if you were to seek an ICB report on yourself you'd be able to find out...


    pjmn
    Quick Google there confirms you are right....

    From the ICB website, here is the list of Credit Unions that are currently signed up. Below that is the list of CU's that are in the process of signing up...

    http://www.icb.ie/membership.php#CreditUnions


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    #7
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    BnB wrote: »
    Just be careful. They are not fools.

    If you say you are paying into Savings, they will very likely ask you for a statement of the savings from the Credit Union.

    If you have something coming out in Direct Debit, they will question it.

    Banks are well aware of the old trick of not declaring borrowings at the credit union, and I've seen a few people get caught out by this recently.


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    #8
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    If you're smart enough about it then yes you may get away with it. However, I've seen enough personal loan applications and current accounts to know that when it comes to this sort of stuff, people never think ahead and end up getting caught out. And remember it's your creditability that's at stake here. It could come up to bite you in the ass in the future.


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    #9
    dermothickey
    Closed Accounts Posts: 489 ✭✭dermothickey


    don't let them inspire you to drop your money going in to CU shares... Saved me many a time the credit union.


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    #10
    largepants
    Registered Users Posts: 813 ✭✭✭largepants


    stepbar wrote: »
    If you're smart enough about it then yes you may get away with it. However, I've seen enough personal loan applications and current accounts to know that when it comes to this sort of stuff, people never think ahead and end up getting caught out. And remember it's your creditability that's at stake here. It could come up to bite you in the ass in the future.

    I've nothing to hide to be honest. Just querying it for the simple reason of them being really inquisitive about it so I assumed they didn't have access to my particular credit union.

    As it is the bank refused the loan (was a top-up mortgage) so I'll be heading to CU to see what they can do for me. Jezz they are gone extremely tight with their money. Just as happy to be going to the CU to be honest.


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