# refused cu loan - due to timing as a reason



## teddybear2 (4 Dec 2012)

HI All, I need urgent advice on this - I have aloan of 4500 from the cu which i took out in july 2012. I have 1800 in shares. Now I previously had a loan which i repaid early and i think i have a good credit rating tbh. I was hoping to get a loan of 2000 to move house in October however i was refused as i was told that it was too soon since i had taken out the loan of 4500. Now when i took out the loan of 4500 i was offered 7500 but refused and said i would take the 4500. I used this loan for a car however the car is not very good and is giving me lots of trouble. At the moment I want to take out a loan of 8000 to 10000 to buy a new car that wont be costing me an arm and a leg every week and i also want to move house and pay for some fees for a course that i am doing. i earn 20800 a year and about 1600 after tax per month. Do you think i would be able to get hte loan or what should i do - should i increase my savings or clear the loan or what should i do - i really need the money and i was speaking to another lady in a different cu and she said that the timing issue between the loans should be no reason why to stop me getting another loan - what is you opinions guys ? do ye know of any laws or regulations governing this ? i wouldnt even mind if i was to get another 3000 ontop of my current loan as to get me the car and then hopefully later on worry about college fees etc - opinons anybody. thanks in advance


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## Setanta12 (4 Dec 2012)

You would be too much in debt. Too much loans for your salary.  Why a loan to move house anyway ... I moved recently and apart from removal-man/van expenses,  I can't see how you're expecting such a cost.


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## teddybear2 (4 Dec 2012)

deposit on esb
tv licence
furniture
bin charges from local authority
2 months deposit on house
removal van
deposit for sky
deposit for landline plus internet
various electronics for kitchen e.g. toaster

It all adds up

What is the ratio of loans to savings or salary that i should have ?


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## dereko1969 (4 Dec 2012)

Sorry to be harsh, but how about actually saving up some money before you do these things. 

You're actually looking for loans totalling close to your annual income based on a total savings of 1800, so a ratio of 1:10, how do you think that that's realistic or sustainable?

The idea of buying an 8-10k car is stupid, to be frank. Sell your current car and buy a cheaper old mazda or nissan micra for less money. That might give you some spare to fund the house issues. 

Should you really even be moving if you can't afford your deposit from your own funds?


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## truthseeker (4 Dec 2012)

+1 to the post above.

You earn very little and want to borrow practically up to the amount you earn in a year for a car, a house move, and education.

You need to start saving for the things you want, not borrowing. How much interest do you pay back in the CU? Its just not worth it. Whats going to happen to you a year down the road when you decide you dont like the new car? More borrowing?


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## becky (4 Dec 2012)

deposit on esb - fine

tv licence - If you have one already, you shouldn't need a loan to fund it.  If you don't have one, don't buy one.  You won't miss it.

furniture - everything? Are you moving into an unfurnished place.  Unusual in ireland.

bin charges from local authority - fine.

2 months deposit on house - it sounds like you're renting.  Rent a furnished house.

removal van - fine, but try and find a friend (or a friend of a friend) with a van?

deposit for sky - not necessary if you give up the tv.

deposit for landline plus internet - get a ready to go thing for the net and a mobile.

various electronics for kitchen e.g. toaster.  If you rent a furnished house, that stuff should be there.


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## SarahMc (4 Dec 2012)

Wow, are you living at home now, as I am shocked you can run a car, service a loan, pay rent, food and utilities including sky and broadband on your salary!


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## iscritto (4 Dec 2012)

Agree  with above posters the CU were right to refuse credit.

If you set up dd with sky/esb etc they don't normally need a deposit.

Bins - where are you ? Can you use a private company and pay by dd monthly - I do and works out at less than 10e a month.

If like the above poster thinks you are at home now ..... think can you stay for a few more months.... and save like mad  best of luck.


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