Personal Loan for consolidation

[mcmenad]

I'm inquired with BofI by phone about obtaining a personal loan and was told I had to apply directly to my branch as I indicated I was consolidating cc debt, (I couldn't do it over the phone or online). When I asked why this was a requirement she indicated this was "their policy". I'm sensing a problem already. Has anyone else run into this? If so what are the pitfalls?

 

[Locke]

Yes. It's new policy for the bank. It's nothing personal with you so don't worry. Happened to my partner, it's so they can discuss and evaluate the best option (apparently!)

 

[Nutsy]

Hi Mcmenad,

Was talking to a colleague today who had the same experience, she called into the bank and loan was arranged without much fuss, I think it is just a general symptom of the banks tightening up procedurally, probably what is needed to be honest given the difficulty many people (myself included) have found themselves in. I was contacted by BoI last week, they suggested and arranged a consolidation loan for me within days with some conditions, my overdraft was reduced from 3k to 1k, my cc limit was also reduced, from 4k to 1k, saving per month is close to 300 though. To be honest the conditions are not a problem, I was spending way more than I could afford to over last few years and have only started to get it together financially since Xmas.

Hope you get sorted.

Nutsy