BOI just refused my loan, if I apply elsewhere will I be penalised?

louisenf2014

So basically I've been with BOI forever, I've always worked and currently have a take home salary of 2,450 pm.  I have a €200 OD facility that I don't use that much, no unpaid DD's or standing orders in the last 2 years.....my monthly expenses aren't loads €136 car payment, €40 phone, €40 car insurance - that's it really

I changed jobs in March and am on 6 months probation in my new job,  the first person I spoke to was very helpful and allowed me send over my (very positive) 3 month appraisal in an effort to assist in getting the application through....

So, the loan was refused but they kindly told me I don't have the wait the 6 months and can reapply when my probation period is over.

This is all well and good however I really need this money now and not in 3 months.  I'm caretaking an apt for my uncle who is going in to a nursing home, which means moving in, I've already made the plans to move in and unfortunately the apt is completely uninhabitable as it stands and no one would live there.  He hasn't lived there much but he certainly left his mark on the place.

So, basically I'm pretty desperate and will now be forced to apply elsewhere for the loan as I can't wait until the end of Sept - I've read before that constantly applying for credit to different institutions can have a negative affect on your credit, I'm a little concerned about this however BOI have given me no other option really.  I'm a little offended that BOI feel I can't pay back €212 a month also...

Any suggestions besides waiting, which is not an option?  I can't borrow this money from family, parents are retired and It's not their responsibility, I promised my elderly uncle I would mind his apartment and I can't go back on that. 

listermint

louisenf2014 wrote: »

So basically I've been with BOI forever, I've always worked and currently have a take home salary of 2,450 pm.  I have a €200 OD facility that I don't use that much, no unpaid DD's or standing orders in the last 2 years.....my monthly expenses aren't loads €136 car payment, €40 phone, €40 car insurance - that's it really

I changed jobs in March and am on 6 months probation in my new job,  the first person I spoke to was very helpful and allowed me send over my (very positive) 3 month appraisal in an effort to assist in getting the application through....

So, the loan was refused but they kindly told me I don't have the wait the 6 months and can reapply when my probation period is over.

This is all well and good however I really need this money now and not in 3 months.  I'm caretaking an apt for my uncle who is going in to a nursing home, which means moving in, I've already made the plans to move in and unfortunately the apt is completely uninhabitable as it stands and no one would live there.  He hasn't lived there much but he certainly left his mark on the place.

So, basically I'm pretty desperate and will now be forced to apply elsewhere for the loan as I can't wait until the end of Sept - I've read before that constantly applying for credit to different institutions can have a negative affect on your credit, I'm a little concerned about this however BOI have given me no other option really.  I'm a little offended that BOI feel I can't pay back €212 a month also...

Any suggestions besides waiting, which is not an option?  I can't borrow this money from family, parents are retired and It's not their responsibility, I promised my elderly uncle I would mind his apartment and I can't go back on that. 

Sound like you already have a loan with them 'Car Payment' have you considered asking for a top up on that loan. Or wherever you got that loan from ?

louisenf2014

listermint wrote: »

louisenf2014 wrote: »

So basically I've been with BOI forever, I've always worked and currently have a take home salary of 2,450 pm.  I have a €200 OD facility that I don't use that much, no unpaid DD's or standing orders in the last 2 years.....my monthly expenses aren't loads €136 car payment, €40 phone, €40 car insurance - that's it really

I changed jobs in March and am on 6 months probation in my new job,  the first person I spoke to was very helpful and allowed me send over my (very positive) 3 month appraisal in an effort to assist in getting the application through....

So, the loan was refused but they kindly told me I don't have the wait the 6 months and can reapply when my probation period is over.

This is all well and good however I really need this money now and not in 3 months.  I'm caretaking an apt for my uncle who is going in to a nursing home, which means moving in, I've already made the plans to move in and unfortunately the apt is completely uninhabitable as it stands and no one would live there.  He hasn't lived there much but he certainly left his mark on the place.

So, basically I'm pretty desperate and will now be forced to apply elsewhere for the loan as I can't wait until the end of Sept - I've read before that constantly applying for credit to different institutions can have a negative affect on your credit, I'm a little concerned about this however BOI have given me no other option really.  I'm a little offended that BOI feel I can't pay back €212 a month also...

Any suggestions besides waiting, which is not an option?  I can't borrow this money from family, parents are retired and It's not their responsibility, I promised my elderly uncle I would mind his apartment and I can't go back on that. 

Sound like you already have a loan with them 'Car Payment' have you considered asking for a top up on that loan. Or wherever you got that loan from ?

That's a Hire Purchase Loan for my car through a garage.  I'm pretty sure those loans are only given to companies and are asset based

Bank of Ireland: Nicola

Hi louisenf2014,

Thanks for contacting us on Boards.

We are sorry to hear that you are unhappy with the decision on your loan application and understand you have been advised in relation to reapplying in the future.

These applications are subject to certain criteria and we would not be able to discuss an individual application here.  

However, if you would like to discuss the decision further you can get in touch with an adviser in your Bank of Ireland branch.

Contact details for our branches can be found here.

Thanks


Nicola

snapcracklepop

To be honest boi are in a league of their own. I cancelled a credit card after having it for two years. Paid the bill on the month and I've a very good take home pay (2900 net) for a single person with no dependants. 4 months after cancelling it I found that the visa debit card couldn't be used for certain transactions so I applied for a credit card with boi again and was refused. The lady on the phone said she couldn't tell me why because it was the credit team that deals with applications. I ordered a statement from the credit bureau (basically to audit myself) in case I missed a upc bill or something in the past. It was clean. Perfect credit rating. I reapplied 2 months later and was approved for a credit card with twice the limit. My advice - go to a different bank. Personally I've been with them for 15 years and it's things such as this petty nonsense (not to mention their ridiculous bank charges) that are making me want to go to the extra effort of switching banks. Will be doing it next week. Hasta luego boi.

No Pants

If you have a history of saving with them, even if only for a short while, your local credit union is made for stuff like this. If you haven't, try another bank. You'll have to bring more paperwork as they can't see your account history, etc.

When you're sorted, see if you can spare a couple of quid each week/month for the credit union. You may find it useful in the future if you need another loan. If not, you'll at least have a small amount of savings.

snapcracklepop

No Pants wrote: »

If you have a history of saving with them, even if only for a short while, your local credit union is made for stuff like this. If you haven't, try another bank. You'll have to bring more paperwork as they can't see your account history, etc.

When you're sorted, see if you can spare a couple of quid each week/month for the credit union. You may find it useful in the future if you need another loan. If not, you'll at least have a small amount of savings.

God bless the credit union. They will actually try to give you more money thank you ask for. A great place. But as you say - does depend on how long you're with them.

That said - a friend of mine who recently went travelling got 9k off of them. He had no history with them. He just opened a new account. They required that 2k savings be in his account first. So he just put 2 of the 9k loan into savings. Could be worth thinking about.

No Pants

snapcracklepop wrote: »

God bless the credit union. They will actually try to give you more money thank you ask for. A great place. But as you say - does depend on how long you're with them.

That said - a friend of mine who recently went travelling got 9k off of them. He had no history with them. He just opened a new account. They required that 2k savings be in his account first. So he just put 2 of the 9k loan into savings. Could be worth thinking about.

My local (Swords) will only loan out twice the amount that you have saved. I suspect each credit union has their own rules and they've probably tightened them up over the past couple of years.

louisenf2014

No Pants wrote: »

snapcracklepop wrote: »

God bless the credit union. They will actually try to give you more money thank you ask for. A great place. But as you say - does depend on how long you're with them.

That said - a friend of mine who recently went travelling got 9k off of them. He had no history with them. He just opened a new account. They required that 2k savings be in his account first. So he just put 2 of the 9k loan into savings. Could be worth thinking about.

My local (Swords) will only loan out twice the amount that you have saved. I suspect each credit union has their own rules and they've probably tightened them up over the past couple of years.

Thanks all,

I got in touch with my local CU and they said I can borrow x4 what I deposit so I'll set something up with them next week.  I spoke to them about the "being on probation at work" issue and they said they don't penalise people for changing jobs as it's part of life and they will look at the persons overall history.  They normally want you to save for 3 months but will make exceptions, so it looks like they will be my saviours this time.

In terms of my bank one of my friends switched to KBC recently and is finding them great with regard to savings on card transactions etc.  I'm definitely considering it after this fiasco.  I've been with BOI forever and this is a real smack in the face.