Can't get a BOI loan if you live abroad...

Stadler

[Before I start - I know loans are discretionary and i'm not entitled to one just because I want one]

I had to emigrate 2 years ago to the uk, have landed on my feet with a good job and am managing my loan repayments to BOI without fail. I recently enquired about a topup to my loan to cover a group of large expenses that have all come at once and went through the usual prep, chatted to branch loan officer, they sent the forms out (eventually), sent them back and had to wait only to be told that the 'underwriters' declined my application because I live outside the country.

I can't get credit in the Uk yet because I don't live here long enough and now I'm in an uncomfortable situation.

What bugs me even more is that I have an account with BoI for the last 16 years and a few years back I remember the bank telling me and my graduate class numerous times that we would be better off sticking with our existing bank for things in the future like loans and mortgages etc. Oh how times have changed. I could comfortably continue to pay off the loans for years, I just haven't the lump sum I need. My credit history is spot on so WTF? I'm now in limbo, can't get credit on either side of the water, but surely my credit history counts for something?

Have I NO options?

westies4ever

I'm not saying you would but if you defaulted there is sweet fa they could do about to recover their money.

76wx1

Have you tried to get credit in the UK? I'd find it hard to believe that with two years working over here, you couldn't get credit. You are obviously getting your salary paid into a bank here? Why don't you ask them for credit? I got credit in UK less than two years after arrival.

Where are you based? If you are in London, contact BoI in Croyden and see can they help?

HSBC & Barclays should be able to help.

Stadler

With Lloyds TSB in Cumbria. Decent salary going direct into Lloyds a/c for last 2 years but still manager's computer said no... that's when I tried BOI. I'm meeting local Lloyds manager again next week to discuss

Bank of Ireland: Linda

Hi Stadler,

All loan applications are considered on a case by case basis with a range of factors been taken into consideration. If you would like to discuss your loan application further you can contact your lending advisor in your local branch.

Another option you might want to consider is, as you are now resident in the UK, maybe to contact a bank in the UK who may be happy to help.

Thanks
Linda

Stadler

Hi Linda, I already spoke to the loan adviser. He states the underwriter wouldn't top up the loan because I was not resident in Ireland now. Something about changes to legislation etc.
It's just frustrating, having had a 16 year relationship with the bank and regular loan repayments, none missed etc.

Bank of Ireland: Tara

Hi Stadler,

We understand your frustration, however, we cannot comment on individual cases here. Linda was suggesting speaking to your lending advisor again to discuss further. We also have an appeals procedure which is done through your branch.

Hope this helps,
Tara