# Credit Union Refusal



## roker (3 Nov 2011)

My daughter applied for a loan with the CU and the person in the branch said she could have a loan in a month, so she bought an airline ticket €900 on the strength of this, I loaned it to her her temporary, then when she went for the loan she was refused. Not very professional


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## Slim (3 Nov 2011)

roker said:


> My daughter applied for a loan with the CU and the person in the branch said she could have a loan in a month, so she bought an airline ticket €900 on the strength of this, I loaned it to her her temopary, then when she went for the loan she was reefused. Not very professional


 
Is it possible she was told she could have a 'decision' in a month, rather than a 'loan'? If she was to re-apply and you were to go guarantor, she might have a better chance.


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## Billo (3 Nov 2011)

roker said:


> My daughter applied for a loan with the CU and the person in the branch said she could have a loan in a month, so she bought an airline ticket €900 on the strength of this, I loaned it to her her temopary, then when she went for the loan she was reefused. Not very professional



Why was she refused ?


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## donee (3 Nov 2011)

roker said:


> My daughter applied for a loan with the CU and the person in the branch said she could have a loan in a month, so she bought an airline ticket €900 on the strength of this, I loaned it to her her temopary, then when she went for the loan she was reefused. Not very professional


 i went into a bank to apply for a loan for a house i was going to bid on in an auction in 2005. I was told in principle by the assistant manager that it would be no problem. but because this was on a monday and the auction was on the wednesday he agreed to up my over draft by 17k. I bid and was sucessful in the auction wrote the cheque and then on the friday I was rang by the assistant manager and told that my loan was refused.
So I had to get the mortgage somewhere else or lose over 20k. so unless you have the money in your hand you should'nt spend it. it does happen


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## ontour (3 Nov 2011)

Your daughter got her holiday and you paid - nothing amateur about that !!


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## roker (4 Nov 2011)

ontour: You are correct. I would rather she paid me back weekly than give them the satisfaction of going as a Guarantor. The point is she was told there would be no problem getting it and they never informed her there was a problem.


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## Complainer (4 Nov 2011)

You'd have to be 100% clear on what exactly she was told before you'd kick up a fuss. Was she told 'there will be no problem' or was she told 'there probably won't be a problem'.


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## CU Manager (6 Nov 2011)

There just isnt enough information here at all. Why was she refused the loan?

My guess (with the lack of information provided) is that she was told if she kept saving on a weekly basis for the month she would have built up the necessary payment history with the CU and would then meet the necessary criteria of the CU.
If so, perhaps she didnt make those payments into her savings???


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## Billo (6 Nov 2011)

Well roker



Billo said:


> Why was she refused ?


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## emeralds (7 Nov 2011)

In my opinion she was foolish to go ahead and book a €900 airline ticket without having the money in her hand..and then to try and blame the credit union is daft..


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## dereko1969 (7 Nov 2011)

It wasn't very professional of her to not get anything in writing either. 

Every loan decision from a Credit Union has to go through a loan committee. Did she have enough funds in her share account to normally meet the funding requirement ie a third or quarter of the value of the loan?


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## donee (7 Nov 2011)

emeralds said:


> In my opinion she was foolish to go ahead and book a €900 airline ticket without having the money in her hand..and then to try and blame the credit union is daft..


 were you never young and foolish  i still am..........


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## emeralds (7 Nov 2011)

Yes I was young and foolish but my parents would not have been able to bail me out to the tune of almost €1000 at a moments notice! And certainly not for a holiday...


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## roker (7 Nov 2011)

She was not told why they refused, but they have now change their mind and are now going to give a loan if we sign as guarantor. By the way it was not for a holiday.


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## CU Manager (8 Nov 2011)

@Roker Have you changed your mind about "I would rather she paid me back weekly than give them the satisfaction of going as a Guarantor"?


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## dereko1969 (8 Nov 2011)

roker said:


> My daughter applied for a loan with the CU and the person in the branch said she could have a loan in a month, *so she bought an airline ticket €900 on the strength of this*, I loaned it to her her temporary, then when she went for the loan she was refused. Not very professional


 


roker said:


> She was not told why they refused, but they have now change their mind and are now going to give a loan if we sign as guarantor. *By the way it was not for a holiday*.


 
I'm having difficulties squaring the two comments in bold here.

So her application was for X (educational course/dental treatment whatever) having been approved for X she then spent the money she was going to get for X on Y (the holiday).

Surely X = Y?


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## elcato (8 Nov 2011)

Well she could be emigrating which may explain why the CU thought better of giving the loan without a guarantor.


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## dereko1969 (8 Nov 2011)

Yes that would explain it but surely that would show the CU protecting it's money and should not be a cause for criticism?


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## Complainer (8 Nov 2011)

dereko1969 said:


> I'm having difficulties squaring the two comments in bold here.
> 
> So her application was for X (educational course/dental treatment whatever) having been approved for X she then spent the money she was going to get for X on Y (the holiday).
> 
> Surely X = Y?



People do travel on airplanes for reasons other than holidays. It could be business travel, or education, or medical treatment, or family support.


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## dereko1969 (8 Nov 2011)

Well then the flight/holiday was a subset of the application whereas my reading of the OPs statement was that it wasn't initially. Maybe I just read it wrong.


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## roker (8 Nov 2011)

I repeat it was not for a holiday, but I do not have to explain personal details why she booked a flight for over €900


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## ClubMan (9 Nov 2011)

roker said:


> My daughter applied for a loan with the CU and the person in the branch said she could have a loan in a month, so she bought an airline ticket €900 on the strength of this, I loaned it to her her temporary, then when she went for the loan she was refused. Not very professional


Getting back to the root of this thread ... what exactly is the question/point or is it just a rant about _CU _policy/practice in this specific case?

In my personal opinion based on the info posted she was very foolhardy to go ahead and spend money that she did not have on the back of an alleged verbal assurance that she would be able to borrow it.

Are you/she looking for other advice about this matter?


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