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Gem loan revoked

  • 18-06-2017 4:13pm
    #1
    tedtwo31
    Registered Users Posts: 1 ✭


    I've a BOI gem loan which was revoked by the underwriters to pay my yr3 fees.

    Here's my situation: I paid my yr1 fees by a non-gem tailored student loan and made repayments and cleared the loan in 1 yr. Y2 fees I again took a non gem loan to 6000, cleared this again within a year. I then took out a gem specific loan for the remainder of my fees at 9000 at the end of my yr2. I paid off over 2,500 and presently owe just over 7,000 on a gem loan for first 2 yrs of the course. So I've made substantial repayments during the course. This loan was taken with 2 guarantors approved up to the value of 60,000. This yr the underwriters revoked on the loan for yr 3 fees saying my guarantors could no longer be used. I'm overdue fees for the university at this stage also and can't progress into final year until I pay.

    Has anyone had their gem loan revoked during the course?


Comments

  • #2
    TATA box
    Registered Users Posts: 6 ✭TATA box


    Hey tedtwo31, fair play to you for being able to repay as much as you can while in college. Yeah loan was denied for my 3rd year too reason being that my guarantor was not sufficient. I will be taking the year off to work and fund my fees for 4th year. Will finish in 2019 if all goes well.
    I am currently paying 249 euro monthly to BOI for my prior loan (now 18000+)


  • #3
    LikeDolphins
    Registered Users Posts: 3 ✭LikeDolphins


    Hi tedtwo31 and TATA box, thanks for sharing your experiences with funding GEM, though I'm sorry to hear about the issues with it. I'm hoping for a place in September and the money element is of course a concern.

    Can I ask, did the bank explain why your guarantors were deemed not sufficient, despite being approved for previous years? I understand there may have been a change in the guarantor's circumstances, in which case I don't want to be nosey, but it would be helpful to know what could be in store before signing up for a GEM loan.

    I really hope it works out for you both, wishing you all the best.


  • #4
    TATA box
    Registered Users Posts: 6 ✭TATA box


    LikeDolphins wrote: »
    Hi tedtwo31 and TATA box, thanks for sharing your experiences with funding GEM, though I'm sorry to hear about the issues with it. I'm hoping for a place in September and the money element is of course a concern.

    Can I ask, did the bank explain why your guarantors were deemed not sufficient, despite being approved for previous years? I understand there may have been a change in the guarantor's circumstances, in which case I don't want to be nosey, but it would be helpful to know what could be in store before signing up for a GEM loan.

    I really hope it works out for you both, wishing you all the best.

    Hey LikeDolphins, I wish you luck come September.
    Looking back now, I actually do not remember what the reason was. I was so pissed off at the time and all I could hear over the phone was that my application has not been successful. But it has to be said that my guarantor has gone back to college and does not have same prior earning capacity.


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