# bank loan while on welfare?



## clarity82 (20 Jul 2009)

Hi guys. 
New to the forums here, but hoping to get a bit of advice to help try get my debt problems sorted and appreciate any of you taking the time to reply.
I've basically been unemployed since the start of the year and have been using my redundancy payment along with my weekly welfare payment to try clear as much debt as possible. (to date have cleared near 10 grand)
Guess i was hoping i would be able to find work before the redundancy payment ran out.
However it's now got to the stage where the redundancy money is gone and the welfare payments just aren't enough to keep everything ticking over.
I phoned the bank (boi) earlier in relation to the remaining balance on my personal loan and it was suggested that i contact the manager of my local branch to arrange an appointment, as it may be possible to arrange a long term loan to clear everything. 
Now, straight away i thought to myself it would be impossible to arrange a loan considering the fact i'm not working, but the girl i was talking to in boi asked if i was on welfare before suggesting this step, and that perhaps a long term loan over 7 years with low repayments could be arranged.
I was just wondering if anyone on here had any joy with arranging a loan with the bank in a similiar situation?
I have no problem meeting with my local branch manager to discuss my debts etc but was hoping to get a bit of feedback before getting my hopes up that a loan could be arranged.

Breakdown of my debts are as follows:

Personal loan €1500.00 remaining
Credit card €4500.00
Overdraft €700.00

i get €204.30 a week on welfare, however have no other assets as still living at home. I've been with the bank for almost 15 years now and have had, and paid back 2 other loans in this time. (unsure as to wether that would stand me in good stead with them).

Again, i appreciate anyone taking the time to reply, although i'm not hopefull of a loan being approved so any other suggestions for dealing with crdit card companies etc would be appreciated.

Thank you so much.

Adam.


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## EamonnOB (20 Jul 2009)

Yes - it is possible your manager will give you a loan based on your social welfare payment.


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## niceoneted (20 Jul 2009)

A 7 yr loan for 6,700 seems extreme. Are you having to pay money up at home or what are your weekly expenses? 
Are you a member of a credit union? It might be an idea to join one as they can be a lot more favourable for loans. 
What is the repayment on your current loan? Would your parents/family member be in a position to help you out.


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## clarity82 (20 Jul 2009)

Thanks for the quick replies. 

Niceoneted - 

My only weekly expenses really are 50euro i hand up at home, roughly 15 for sky (for the next 3 months anyway, they agreed to cut my bill in half for the time being) 7.50 for eircom broadband and anything left over i've been using to clear mentioned debts. 
 I've cut out everything else (even gave up smoking!) to try free up as much cash as possible.
I did consider the credit union for a loan, and do have an account but it has been empty for at least 2 years now, and would probably take a while to build up enough savings before applying for a loan.
As for asking family members for help, to be honest mate i would only ask as a last resort if things get desperate. Really wouldn't be worth the hassle that came with asking!

Eamonn - thank you also, it's good to hear it's a possibility as one smaller monthly payment to clear everything would make life a lot easier and ease a lot of the worry. Going to arrange a meeting in the morning so fingers crossed all goes well.

Thanks again,
Adam.


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