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Finding a loan

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  • 08-04-2014 9:35pm
    #1
    helpmeplease
    Registered Users Posts: 133 ✭✭


    Hi

    I have been turned down for a loan by BoI and Ulster Bank (where I have my own account).

    I don't have any savings and am struggling with bills due to high costs associated with my partner's illness.

    Prior to her illness, I had a strong savings record but this has been eaten away over time. We have downgraded our house and our outgoings are now in line with our income. However, previous bills are creating a burden and we are still struggling as a result.

    A loan of approx 2000 would give us much needed room to get back on our feet and clear the bills. The loan repayments would be manageable but the bank still refused our loan. Where can we go to get the loan? Will we have more chance in a credit union? We dont have a mortgage or any other loans.

    I looked at personal credit companies but they charge very high interest rates.

    If anyone could give any advice we would be so grateful.


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    #2
    drunkmonkey
    Registered Users Posts: 28,191 ✭✭✭✭drunkmonkey


    This might get you in worse trouble but if you do it right it'll work out for you, see will someone give you a credit card with a 2k limit. Spend what you need then transfer the balance to another credit card company offering a very low or 0% interest for balance transfers.
    If it goes to plan you'll be charged €80 for the 2 credit card fees but you should pay none or very littler interest.

    That's a completely reckless way to get 2 grand, but it's an option. If you could mange €166 or so in repayments on the card it should be clear in the year.

    Is there any missed DD on your account that may cause the bank to refuse, if you were refused online you could go to your local branch and talk to someone you may fair better face to face and get some honest advice on how to improve things.


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    #3
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    If you can't pay your bills then how can you pay back a loan taken to pay your bills, while continuing to pay bills that up until now you haven't been able to pay?


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    #4
    helpmeplease
    Registered Users Posts: 133 ✭✭helpmeplease


    MagicMarker wrote: »
    If you can't pay your bills then how can you pay back a loan taken to pay your bills, while continuing to pay bills that up until now you haven't been able to pay?

    :rolleyes: Thanks for the help. Why even bother commenting if you are going to be unhelpful?

    To answer your question, I'll quote from the OP
    our outgoings are now in line with our income.
    The loan repayments would be manageable

    We moved house so our rent is now considerably less, but there's a cash flow problem and a loan would help with that.

    Thanks for offering no solution whatsoever though. Maybe leave the attitude in the Utd thread in future?


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    #5
    Sadderday
    Registered Users Posts: 1,229 ✭✭✭Sadderday


    The Credit Union's seem to be very accomodating. if you have a little savings there?

    I know if you have a bit of savings you can go and tell them that you need help... they will check you out and may lend you what you need holding your bit of savings as collateral. It's worth having a chat with them because you can pay back what you can afford each month with no penalties if you come into a few quid and want to clear it early.

    If you don't have savings with them you should probably still drop in - they may have some solution for you or offer you advice.


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    #6
    helpmeplease
    Registered Users Posts: 133 ✭✭helpmeplease


    drunkmonkey wrote: »

    Is there any missed DD on your account that may cause the bank to refuse, if you were refused online you could go to your local branch and talk to someone you may fair better face to face and get some honest advice on how to improve things.

    Thanks very much for the help, appreciate it. yes I have some missed DDs which seems to have been the deciding factor in the last refusal. I tried with the manager and she was very supportive. She recommended that I be given the loan but the underwriters still refused. She argued the case with them but no good. Before my partner's illness, I was saving between 700 and 1200 a month. The bank manager could see that we just needed some help but we were refused anyway:(


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    #7
    helpmeplease
    Registered Users Posts: 133 ✭✭helpmeplease


    Sadderday wrote: »
    The Credit Union's seem to be very accomodating. if you have a little savings there?

    I know if you have a bit of savings you can go and tell them that you need help... they will check you out and may lend you what you need holding your bit of savings as collateral. It's worth having a chat with them because you can pay back what you can afford each month with no penalties if you come into a few quid and want to clear it early.

    If you don't have savings with them you should probably still drop in - they may have some solution for you or offer you advice.

    Thanks for the advice. I dont have a CU account and no savings with them. But I will drop in anyway and see what they say. Thanks for the suggestion:)


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    #8
    Sadderday
    Registered Users Posts: 1,229 ✭✭✭Sadderday


    helpmeplease wrote: »
    Thanks for the advice. I dont have a CU account and no savings with them. But I will drop in anyway and see what they say. Thanks for the suggestion:)


    They really dont seem as hard up as banks.... so even if you have no luck you should open an account and pop €2 in a week...

    once you start saving with them they may be able to help you.

    Plus, if you get a loan with them, its insured so if anything happens to you - you don't leave anyone with that debt.

    If the CU and banks won't entertain you, you might have to ask family or friends to help you get your head above water. Whatever you do, don't be tempted to go with the quickfix money lenders they will have your heart broken in the long run.

    good luck


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    #9
    Sadderday
    Registered Users Posts: 1,229 ✭✭✭Sadderday


    sorry for another post...

    I don't know your personal situation... whether your working or not or whether the medical costs are ongoing but you may be eligable to some kind of grant or support from the government.... ?

    You may get a tax credit if your acting as a carer for your partner? Also, if you find that you are in a really bad way vincent de paul charity might help you considering the circumstances... it's not like you splashed all your money on cars and booze.

    Ring citizens information on 0761 07 4000, Monday to Friday, 9am to 8pm.

    Explain the situation and they may be able to point you in the right direction thats what they are there for.

    Ring them honestly, try everything - you may get support you need here if you cant get a loan anywhere.


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    #10
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Sorry OP to hear of your problems. You should contact MABS (money advice & budgeting Service) they will help you negotiate with your lenders. You also need to check if you qualify for carer's allowance for your partner and if she qualifies for Disability benefit etc. As a previous poster advised contact Citizen's advice and I believe MABS will be of assistance with any loans you have.

    Best of luck

    helpmeplease wrote: »
    Hi

    I have been turned down for a loan by BoI and Ulster Bank (where I have my own account).

    I don't have any savings and am struggling with bills due to high costs associated with my partner's illness.

    Prior to her illness, I had a strong savings record but this has been eaten away over time. We have downgraded our house and our outgoings are now in line with our income. However, previous bills are creating a burden and we are still struggling as a result.

    A loan of approx 2000 would give us much needed room to get back on our feet and clear the bills. The loan repayments would be manageable but the bank still refused our loan. Where can we go to get the loan? Will we have more chance in a credit union? We dont have a mortgage or any other loans.

    I looked at personal credit companies but they charge very high interest rates.

    If anyone could give any advice we would be so grateful.


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