# blue cube loans



## KELLIE123 (11 Oct 2007)

hi i have just been approved a loan by blue cube loans but i'm a bit nervous about it i dont know why,,think it's because i have never heard of them before till last week,,has anybody had any dealing with them good or bad,,thanks


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## ClubMan (11 Oct 2007)

Did you shop around? Why did you choose this crowd? What are the details of the loan - i.e. amount, type - variable/fixed, rate (APR), term, purpose etc.?


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## KELLIE123 (11 Oct 2007)

tsb boi turned us down it's 7.9% over 5 yrs 20,000 €502 at month to consolidate our other loans 2 credit unions 2 credit cards car ins and christams coming


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## ClubMan (11 Oct 2007)

OK - I see one of your other threads here that sheds some more light on your situation.

Did you not try more than just _TSB _and _BOI_?


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## KELLIE123 (11 Oct 2007)

no i got bored,,and we really needed 30 but thats all they would give us,,so we have to keep one of the other loans too which kinda defeats the whole purpose of it all!!!have a form here for ulster bank might try them,,


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## daveccork (11 Oct 2007)

is it a personal loan? If so isn't 7.9% quite good?


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## KELLIE123 (11 Oct 2007)

well hubby thinks it's 7.9 ya it's a personal loan,,just feel it's never ending now, constant loans, big mortgage, 3 kids,,


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## irishpancake (11 Oct 2007)

KELLIE123 said:


> well hubby thinks it's 7.9 ya it's a personal loan,,just feel it's never ending now, constant loans, big mortgage, 3 kids,,



Hi Kellie

I'm sorry to say this, but those figures do not indicate €20k @ 7.9%. 

If this was the rate, monthly payment should be €405p.m. (approx).

I feel that you are being charged the top rate advertised by these sub-prime lenders. 

This would be 16.9%, according to their website info.

[broken link removed]



> This is a variable rate loan agreement as defined by the Consumer Credit Act 1995. An APR rate, ranging from 7.9% to 16.9% will apply and the actual rate charged is dependent on our assessment of the information provided by the applicant and the applicant’s creditworthiness.



Putting this amount through my [broken link removed], this would work out at €496 p.m.

The figure you quote, €502p.m. may also contain "credit payment protection", or could be an APR adjusted rate.



> The Credit Payment Protection Plan is subject to eligibility. The Life Assurance element of the Credit Payment Protection Plan is underwritten by Irish Life Assurance plc. The other protection elements of the plan are underwritten by Cigna Europe Insurance Company S.A.-N.V.



This is almost robbery, and I would not advise signing up for this, you should have a cooling-off period, is it 14 days?

Remember, the difference per month from 7.9% to 16.9% is almost €100, which adds up to €6000 for the term of the loan.

I personally feel that you would be much better off confronting the issues which have lead to this situation, i.e. don't consolidate, go to MABS and work out some accomodation with your creditors.

Please don't go down the never-ending cycle which only ends with an ever-increasing burden for you and your loved ones. 

Take control, go to [broken link removed], take the first step out of debt, don't go further in.


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## ClubMan (11 Oct 2007)

irishpancake said:


> Take control, go to [broken link removed], take the first step out of debt, don't go further in.


Indeed. This advice was already given in the other thread that I linked to above but I have no idea whether or not it was followed up on but the original poster.


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## ClubMan (12 Oct 2007)

I have merged this thread into the original _Money Makeover _thread since the two issues are so intimately linked.


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