Personal Loan - Temp Contractor

[dave_is_away]

Hi,

My situation is a little unusual, which bank managers don't usually like to hear. I have a credit card debt which I would like to clear with a personal loan to stop paying the huge interest rates, and I would like to include an extra 5 or 6 grand to do some travelling.

The main problem is the larger part of my income is irregular, temporary contract, but I do have some assets.


Here are the figures:

Income:

1,100 pm rental income
2,500 net salary - this is a temporary contract position I have held for only two months

Fixed Expenditure:

500 pm rent
770 pm mortgage (interest only - payments fixed for another 4 years)
30 pm insurance
150 pm credit cards (min payment)

NET INCOME (income-expenditure): 2150 pm

Assets:
320,000 Apt in Dublin (mortgage of 180k interest only)
160,000 Apt in Portugal (no mortgage or debt attached)

Liabilities:
180,000 25 year interest only LTV mortgage
10,000 Credit Cards

NET ASSETS: 290,000 Euros

What would be the best institution to approach based on the above? Do I need a longer continuous employment history?

I like the look of the RaboDirect credit account, but I am worried I am not eligible.

Any advice appreciated. Sorry if the above isn't clear.

Dave

 

[dave_is_away]

Ok - an update

I made an initial application to RaboDirect for a Credit Account, as they advised me it wasn't binding, so I thought I might as well apply online and see what they said.

I was declined. No details given other than that their loan criteria are stringent.

I applied for 15k with a 300 p.m. repayment.

I put in my employment status as "Contractor".

Any thoughts?

Dave