Unemployed but expect rental income in coming months: need overdraft to tide me over.

G

Glacier5602

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I have a house that's on the market to be rented at the moment.

I'm not actually working at the moment & so need money to keep me going for the next few weeks. The rent would bring at €1300 a month.

There is no mortgage on the house and I also have €38,000 shares which will be maturing in a few months.

I applied for an overdraft with the Bank with a letter from the Agency saying that it's on the market & how much it would bring in.

I'm not sure if they will go for it, the rejected a loan from me before.

Does anyone have advice about how I could best be able to borrow money?
 
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Re: Unemployed but expect rental income in coming mths: need overdraft to tide me ove

Glacier5602 said:
and I also have €38,000 shares which will be maturing in a few months.
Click to expand...

Shares maturing? What do you mean-are they share options that are due to vest?
 
Re: Unemployed but expect rental income in coming mths: need overdraft to tide me ove

It's a tracker Bond that was invested 5 years ago.
Seriously, Can Anyone help me? By the way I own the house completely, it's worth about €600,000.
 
Re: Unemployed but expect rental income in coming mths: need overdraft to tide me ove

If you're not actually working, are you entitled to unemployment benefit?
 
Re: Unemployed but expect rental income in coming mths: need overdraft to tide me ove

Any other suggestions, is there any other at all way to draw credit from Bank?
 
Re: Unemployed but expect rental income in coming mths: need overdraft to tide me ove

Hi Glacier,

As a quick solution to your problem if you are having difficulty in obtaining credit, you could offer the Tracker Bond as security - if it's a capital guaranteed tracker, bank will know they are covered - I know it it probably worth a multiple of the amount you want to borrow - but it might give you a quick fix to your short term problem. When Tracker matures - you could clear your overdraft and take the balance..... if value is a multiple as I suspect, negotiate on interest rate - bank are in effect cash covered.

Hope that helps - best of luck.

Regards,


BM
 
Re: Unemployed but expect rental income in coming mths: need overdraft to tide me ove

Sorry, dont know how to reference previous posts (not very computer literate) but did we not answer this question already for you in great depth couple of months ago?
 
Re: Unemployed but expect rental income in coming mths: need overdraft to tide me ove

That's what I thought myself agapanthus.
 
Re: Unemployed but expect rental income in coming mths: need overdraft to tide me ove

Bank Manager said:
Hi Glacier,

As a quick solution to your problem if you are having difficulty in obtaining credit, you could offer the Tracker Bond as security - if it's a capital guaranteed tracker, bank will know they are covered - I know it it probably worth a multiple of the amount you want to borrow - but it might give you a quick fix to your short term problem. When Tracker matures - you could clear your overdraft and take the balance..... if value is a multiple as I suspect, negotiate on interest rate - bank are in effect cash covered.

Hope that helps - best of luck.

Regards,




BM
Click to expand...

Anyone think this might actually work?
 
Re: Unemployed but expect rental income in coming mths: need overdraft to tide me ove

Is this like applying for a loan?
 
Re: Unemployed but expect rental income in coming months: need overdraft to tide me o

Oh dear Glacier, I think you need to go on a money management course because you are setting out on a life of debt. What happened to your rental income? Is it not enough to live on? You always seem to be at the point of desperation in relation to getting your hands on cash.
 
Re: Unemployed but expect rental income in coming months: need overdraft to tide me o

Go into your bank and explain to them what you want to do. I reckon 'Bank Manager' may be worth listening to-his username is pretty much on the mark I'd say.
 
Re: Unemployed but expect rental income in coming months: need overdraft to tide me o

Does anyone else think this might work?
 
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