# Bank refused us a small loan - should we take our custom else where in protest



## pinkyBear (12 Mar 2009)

Hi there Mr. Bear and I applied for a small loan with BOI. We were refused. The thing is we have savings - which would be more than we were asking for. We have never defaulted on a loan in the past. Outside of our mortgage we have no other debt, our mortgage to income ratio is 36%.

We maintain our Visa card with them (€400) balance at the moment.

What is annoying us - is that we have been very good customers, we saved with the SSIA with them and still get calls about new savings account to sign upto.

I am so annoyed that I want to leave this bank and take my business else where. Am I being hasty in my decision?

P


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## TheShark (12 Mar 2009)

Certainly seems harsh , did you ask a manager for a reason for the refusal?


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## Romulan (12 Mar 2009)

There should be a central customers complaints dept in Head Office.

Ring them and outline your position.

Tell them you can get a loan from another bank and suggest they reconsider.  

That should work especially when you make clear you are prepared to close your accounts.


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## pinkyBear (12 Mar 2009)

I was told yesterday we would be getting a letter and that we can appeal the decision. I am going to write a stinking to the manager of our branch..


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## TheShark (12 Mar 2009)

pinkyBear said:


> I was told yesterday we would be getting a letter and that we can appeal the decision. I am going to write a stinking to the manager of our branch..


That will just be a standard refusal letter.
I would go in to your branch and demand to see a manager , get a reason for refusal and if you are still unhappy tell him/her that you are cosidering closing your accounts and taking your business elsewhere. I'd also be telling them that I would be spreading the word near and far about the refusal.


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## CCOVICH (12 Mar 2009)

In the present climate, credit/underwriting have much more say in whether or not to do business than your branch manager.  While the threat to up sticks may have been effective in the past, I'm not so sure it will get you very far today.  You would have to be a very important/profitable customer to get this sort of decision turned around at the moment IMHO.  That said, nothing to lose by making your point directly to the manager, especially if you are known to them personally.

Either way, it sounds like you have little to lose by taking your business elsewhere, assuming another bank will give you a loan-have you tried Halifax for instance, who seem to be willing to lend at competitive rates at the moment?


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## demoivre (12 Mar 2009)

pinkyBear said:


> Hi there Mr. Bear and I applied for a small loan with BOI. We were refused. The thing is we have savings - which would be more than we were asking for.



There has to be a good reason why they won't loan you your own money ! Ask them why.


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## Smashbox (12 Mar 2009)

I would seriously want to know why you've been refused. Enquire and take it further.


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## Flax (13 Mar 2009)

Is your ICB report totally clean?


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## bullworth (13 Mar 2009)

pinkyBear said:


> The thing is we have savings - which would be more than we were asking for.



How does it make sense to take out a loan if you already have savings ?


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## pinkyBear (13 Mar 2009)

> How does it make sense to take out a loan if you already have savings ?


Hi there, the savings we have are a rainy day fund. we have about three months of a rainy day fund and should anything happen either of our jobs we would need this. However if we take out a loan we can pay insuance on it.

At the moment both our jobs are sound, the companies we work for a are solid..


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## bond-007 (13 Mar 2009)

I wouldn't even bother talking to them. I would close all my accounts and go elsewhere.


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## TheShark (13 Mar 2009)

bond-007 said:


> I wouldn't even bother talking to them. I would close all my accounts and go elsewhere.


So would I and I would bad mouth them all over the place.


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## dewdrop (13 Mar 2009)

Before closing i would try another credit institution to make sure i could get the loan just in the odd chance you were refused and then having closed with bank of ireland you might be in an awkard situation. Things are strange nowadays in the credit world.


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## pinkyBear (13 Mar 2009)

Hi there, I just got word from Mr Bear that the branch manager has appealed the outcome on our behalf and we have now gotten it!

I rang banking 365 and spoke to someone in lending stating my disappointment at the outcome and that we would be leaving...
.. Pays to complain...


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## TheShark (14 Mar 2009)

Great news PinkyBear - glad you got it sorted out.


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## cleverclogs7 (14 Mar 2009)

have you ever thought about opening an account with the credit union.I have never dealt with a bank for loans,always the c.u and i'll always stay with the c.u as long as i have no problems with them.


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## pinkyBear (16 Mar 2009)

We do have a CU account and it has been on my mind to start putting money back into it - as they are great for small loans - but they are expensive too..


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## Bronte (16 Mar 2009)

pinkyBear said:


> What is annoying us - is that we have been very good customers, we saved with the SSIA with them and still get calls about new savings account to sign upto.
> 
> I am so annoyed that I want to leave this bank and take my business else where. Am I being hasty in my decision?
> 
> P


  I see why you are annoyed but if the banks have changed their lending criteria due to the current climate you shouldn't take it personally.  It's not about you it's about business.  If you like the bank and have a good relationship this shouldn't make you move.  If it's any consolation my bank have told me I probably won't be able to get a loan either and like you I have a perfect record and this bank told me that they don't believe the big 2 are giving out loans either despite what they are saying.


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## bullworth (22 Mar 2009)

Bronte said:


> they don't believe the big 2 are giving out loans either despite what they are saying.



I wondered at that , why  are  they paying to advertise mortgages on TV if theyre not giving them out ?


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## bond-007 (22 Mar 2009)

Keeping up appearances.


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## Bronte (23 Mar 2009)

bond-007 said:


> Keeping up appearances.


 
Keeping up what they do best, deceit and lies.


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## papervalue (23 Mar 2009)

bullworth said:


> I wondered at that , why are they paying to advertise mortgages on TV if theyre not giving them out ?


 
I wonder about the A.I.B ad with the actor- To me it is a copy of a ad 12 months ago, at the time he could barely get a loan and now he has a mortgage in more difficult times. I think it is the same person.


In regard to bank loans etc i think loyalty build up over the years with a bank seems to mean nothing now.

Years ago i ask for an increase in overdraft from local branch- manager said i was asking for too much of increase. I rang 365 instead no problem. I dont think local managers have that much power.

Finally i knew of a soletrader who went for a bank loan and gave his accounts to bank for loan- Got a phone call from bank asking who were the shareholders?(not a company) also he looked at accounts and could not see the lease payments going through- As under accounting standards at time you were not allowed to put through p/l.- As these people are allowed to decide whether you get a loan


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