# Can't get Finance



## eoino1986 (27 Jul 2009)

Hi I was looking for a bit of Advice.

I am a Trainee Accountant in Dublin with a net income of €1500 per month, I owe €600 on a credit card €3000 on a personal Loan and €1600 on an overdraft all with AIB I am currently looking to consolidate and cancel the overdraft and credit card with a top up loan from AIB, but i would also like an extra €1000 in the consolidation loan for stuff like servicing the car and insuring it, but they seem very reluctant to give it to me. I currently have no savings and I havent missed any loan repayments

Any feedback would be greatly appreciated


----------



## marfsmal (27 Jul 2009)

*Re: Cant get Finance*

That's bad eh? So it's around 6.5-7 k you need? Why don't you go to credit union? You won't save much on interest they're all around the same and maybe you'd be better off just saying it's a personal loan/home improvements etc, which sounds better than consolidating debt- they won't ask for any proof of what you spend it on. I did that at the end of 2008 for just less than that amount.


----------



## eoino1986 (27 Jul 2009)

*Re: Cant get Finance*

Thanks for the reply But is it not true that you need savings in the Credit Union to take a loan from them


----------



## marfsmal (27 Jul 2009)

*Re: Cant get Finance*

That's true sorry I forgot about that.

Have you met with the branch manager of your local bank to explain your case? Bring a plan with you about how you intend to meet living costs and make repayments.

If they say no then you should take your business to another bank.

If any more problems with say a second bank yoy try, I would then be trying for a loan of 1000 with another bank, lodge it into credit union, and then get loan of 7000 to pay it all back.


----------



## eoino1986 (27 Jul 2009)

*Re: Cant get Finance*

Thanks for the help


----------



## PGD1 (27 Jul 2009)

*Re: Cant get Finance*

You shouldn't really be taking out loans for day to day living like car expenses.


----------



## eoino1986 (27 Jul 2009)

*Re: Cant get Finance*

While I accept your point i wouldnt call insuring a car a day to day motor expense when your net income every month is €1500


----------



## Mpsox (27 Jul 2009)

*Re: Cant get Finance*

It's extremly unlikely in the current environment that any bank will give an unsecured loan of this amount for debt consolidation and to pay day to day bills (regardless of whether or not you think car insurance on your salary is a day to day expense, as far as the bank is concerned, it probably is).

However why is your insurance so high, what are you driving and are you on a provisional or full licence? Worth shopping around to see can you get it cheaper.

Have you reviewed your tax affairs to see if you are getting all of the tax credits you can possibly claim?


----------



## marfsmal (27 Jul 2009)

*Re: Cant get Finance*

What if OP went to another bank asking for 1000 for car. 

Gets 1000. Lodges it to credit union.

Applies for 7k loan with credit union- NOT saying it's for debt consolidation! (you can just tell credit union it's for home improvements) 

Gets loan


----------



## marfsmal (27 Jul 2009)

*Re: Cant get Finance*



Mpsox said:


> It's extremly unlikely in the current environment that any bank will give an unsecured loan of this amount for debt consolidation and to pay day to day bills (regardless of whether or not you think car insurance on your salary is a day to day expense, as far as the bank is concerned, it probably is).
> 
> However why is your insurance so high, what are you driving and are you on a provisional or full licence? Worth shopping around to see can you get it cheaper.
> 
> Have you reviewed your tax affairs to see if you are getting all of the tax credits you can possibly claim?


 
In fairness to eoin, insurance tax and car servicing together will bring you up to 1000 quite easily. 

If Eoin gets loan of 7k and pays back 400 a month over around 16 months he'll be able to manage with the car up and on the road..


----------



## dereko1969 (27 Jul 2009)

*Re: Cant get Finance*

yes suggesting a fraudulent loan application is great advice, well done! 

exactly the kind of thinking that got the country where it is today, course i'll be renting the other 3 rooms out  and i've saved all this money myself that mysteriously appeared in my account in time to put down a deposit on a house 

genius!


----------



## JoeB (27 Jul 2009)

*Re: Cant get Finance*

yeah, and I don't think you can lodge 1,000 into the credit union this morning and get a loan of 7K in the afternoon...


----------



## paulpd (27 Jul 2009)

*Re: Cant get Finance*



eoino1986 said:


> While I accept your point i wouldnt call insuring a car a day to day motor expense when your net income every month is €1500


 
Why not get the insurance over 10 months? Most insurers offer this. Might cost a little more, but far better for cashflow and saves applying for loans etc.


----------



## marfsmal (27 Jul 2009)

*Re: Cant get Finance*



dereko1969 said:


> yes suggesting a fraudulent loan application is great advice, well done!
> 
> exactly the kind of thinking that got the country where it is today, course i'll be renting the other 3 rooms out  and i've saved all this money myself that mysteriously appeared in my account in time to put down a deposit on a house
> 
> genius!


 

Helpful that's what it was, GIVEN Eoin's circumstances. The guy is trying to get his act together and save on interest.

And saying it's a personal loan for whatever is NOT a big deal once Eoin is certain _he will pay it back._

The problem with this country isn't this 6k kind of loan either. And my thinking applies to this scenario. 6-7k. It's not the kind of thinking that brought the country down.

So stop jumping to conclusions. I wouldn't be advising not giving full facts if it was a bigger loan that the person might have trouble paying back.

Where are your suggestions????????????????????


----------



## marfsmal (27 Jul 2009)

*Re: Cant get Finance*



JoeBallantin said:


> yeah, and I don't think you can lodge 1,000 into the credit union this morning and get a loan of 7K in the afternoon...


 
Eh where did I say it would all happen in space of a morning?

I got my loan within one week of lodging the money with the credit union.

Giving the advice based on my own experience.

I did exactly what I advised and in two months will be debt free and everybody got paid.


----------



## JoeB (27 Jul 2009)

*Re: Cant get Finance*

well I think the credit union was mad to give a loan like that.. do they not have a duty of care to the other depositors?

I thought that you had to have a history of payments before applying for a loan.. you cannot build up a history of payment within a week.. so basically the credit union took a big chance, or a gamble.. lucky for them it paid off in your case but what if it hadn't, would the other depositors be right to be peeved at those lending practices?


----------



## marfsmal (27 Jul 2009)

*Re: Cant get Finance*



JoeBallantin said:


> well I think the credit union was mad to give a loan like that.. do they not have a duty of care to the other depositors?
> 
> I thought that you had to have a history of payments before applying for a loan.. you cannot build up a history of payment within a week.. so basically the credit union took a big chance, or a gamble.. lucky for them it paid off in your case but what if it hadn't, would the other depositors be right to be peeved at those lending practices?


 
It wasn't a huge gamble. Apart from showing evidence of income in order to get the loan, I am from the parish. I had had an account since I was 10. My old account number had three numbers!  I didn't use it from when I was 16 to 27 during which time there had been no lodgements and I had to open a new account since the old account had lapsed. 

I showed them three months worth of salary slips, current ac statements and I also had a small second job at the time which added a small bonus to my salary amount. What the hell is risky about that? I am also a depositor and I would have no problem with someone else safe as that doing similar.

Nothing odd about the lending practices. They met me, I told them out of my monthy income I could pay 400 per month over 16 months- I've added more in on top of it since, and all is well. 

Look I can understand where Eoin is coming from. We have all been there. He has few options if his own bank is rejecting him. And being a trainee accountant I'd say he knows he needs to keep his bills paid.


----------



## lff12 (27 Jul 2009)

*Re: Cant get Finance*



marfsmal said:


> Have you met with the branch manager of your local bank to explain your case? Bring a plan with you about how you intend to meet living costs and make repayments.
> 
> If they say no then you should take your business to another bank.



I hate to say but this sounds very like a situation I was in 7 years ago when credit was far more readily available than it is now, and I recall the glazed over stare I got from the bank.

Not sure if any other banks would be likely to help out but I think they are likely to view you as a high risk at the moment.  I can understand though that things are obviously tight if your overdraft is higher than your monthly net salary.

Might be worth a chat with the credit union.  I wouldn't hold out though.

That said, reconsolidating is far more painless in the short term if you have a lot of high repayments and are struggling to survive - reason being that there is a big tendency to re-use rolling credit to survive.  If the OP gets a loan he cannot do that so its a better idea.  I doubt any bank will touch him though.


----------



## eoino1986 (27 Jul 2009)

*Re: Cant get Finance*

Thanks very much for all the input lads. Unfortuneately its not looking too hopeful gauging by the opinions on the board here


----------



## dereko1969 (27 Jul 2009)

*Re: Cant get Finance*

will AIB entertain consolidating the loans without the extra 1k? if they will then take that.
my legal suggestions which do not entail fraud are as follows:
- examine whether you really really need the car this year, if you can put the car off the road you'll save your insurance and tax it would give you a significant increase in your disposable income and help you to pay off your debts quicker, it will be painful but could be of help;
- keep a spending diary or fill in the money makeover section here and try to figure out exactly where your income is going and where you may be able to make savings, difficult i know on your income but you would be surprised at how cutting out small things like getting a morning coffee or suchlike can save you;
- examine whether you can avail of transferring your credit card to a 0% balance transfer card from another bank, this will give you some breathing space for a while;
- look at books/dvds/cds that you have that you can sell, you might not get much for them but they're not giving you much sitting on the shelves at home.


----------



## marfsmal (27 Jul 2009)

*Re: Cant get Finance*



dereko1969 said:


> will AIB entertain consolidating the loans without the extra 1k? if they will then take that.
> my legal suggestions which do not entail fraud are as follows:


 
if you are insinuating my idea entails fraud you are way off mister. Graduate loans are available to apply for by banks, up to 3 years from when you graduate and they are exactly for this kind of purpose.
Getting a general personal loan from a credit union without going into detail is NOT fraud. I won't have you making comments like that about my suggestions. 



dereko1969 said:


> - keep a spending diary or fill in the money makeover section here and try to figure out exactly where your income is going and where you may be able to make savings, difficult i know on your income but you would be surprised at how cutting out small things like getting a morning coffee or suchlike can save you;


 
I agree with these ideas, he will need to do the income/cash flow thing up anyway before he approaches lenders.



dereko1969 said:


> examine whether you can avail of transferring your credit card to a 0% balance transfer card from another bank, this will give you some breathing space for a while;


 
Like previous poster suggested, this is dangerous. Better he kills off the credit card and faces up to the debt it has caused him. That way you see the debt every month and you won't want to go through it again


----------



## dereko1969 (27 Jul 2009)

*Re: Cant get Finance*



marfsmal said:


> Applies for 7k loan with credit union- NOT saying it's for debt consolidation! (*you can just tell credit union it's for home improvements*)


 
you are suggesting here, quite clearly, that the OP lies on his loan application as to the purpose of the loan, how is this not supporting a fraudulent application? 
given that the OP is unlikely to be a home owner given his income not only is it a fraudulent suggestion but one easily copped on to and discovered, so foolish as well as fraudulent.


----------



## marfsmal (27 Jul 2009)

I actually knew you'd weed out that quote  -also it's you put that in bold not me.

If you read my full post I was suggesting Eoin would apply for a personal loan with CU. 

You missed my point, sadly. What I was suggesting was he *does not ask for a loan for debt consolidation.*

And stand by that. 

I have a totally clear record debts wise by the way. I have had credit card debts. etc. but I never missed a payment. It's advice coming from a non-fraud... 

And someone trying to give REAL helpful solutions. I'd hate to have you as a financial advisor.

'Sell your books and cds, and make up a cash flow page'.


----------



## dereko1969 (28 Jul 2009)

wasn't exactly 'weeding' out your quote, it was right there, and bolding phrases is used on this site to highlight things as you did yourself.

it was clear in your post that you were advocating not telling them it was for debt consolidation but you did give the example of home improvements i'm not making up what you stated.

the thing with fora like these is that they're concerned with the written word so what you write should reflect what you mean, not what you think you meant.

as for ridiculing my suggestions, it's standard recommendations all over this site to track your expenditure so that you know exactly where your money is going, as for selling the books/cds I did state that it might not get much money but given the situation the OP is in, it could help. I believe you did ask on his behalf for suggestions? Your only suggestion is to lie on a credit union loan application.


----------



## marfsmal (28 Jul 2009)

Ah Derek. I give up. Not arguing with ya anymore.

I'll send you a postcard from jail


----------



## dereko1969 (28 Jul 2009)

yep gone way off topic


----------



## eoino1986 (28 Jul 2009)

Thanks for all the input lads. Panic over AIB rang me today approving a loan for the full amount i needed.


----------



## Locke (5 Aug 2009)

investment said:


> You can get easy fundings for all your money needs by joining this great network of investors and entrepreneurs.


 
Mods, can you take a look at this user. 

Plugging Website and wouldn't trust it as far as I could throw it.


----------

