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You could start by using those to clear first the credit card debt and then - 'health' permitting - the other loan. There's no point having savings earning 1% or 2% (?) and debts attracting interest at +10% (?) on a term loan and probably 25-30% on a credit card balance. Then ask BoI to add a note to your credit rating to reflect this, and then cast around for a €28k loan.summer28 said:I don't owe anything else and have quite healthy savings with BOI.
Well, it's up to you. But you're losing money. And if BoI 'won't'(?) give you a smaller loan, plenty of others will, once you sort out your credit rating...summer28 said:no i dont want to touch these savings, they are for a deposit on a house. The bank said they wouldnt give me a smaller loan.
Listen to DrM - He speaks wise words.DrMoriarty said:I can accept that you need a motor for work purposes, but would a €7,200 car not do you as well as a €17,200 one...?
P.S. The reason BoI won't give you the advice I gave you above is because they make more money out of you that way. It's their job, remember?
Missed payments reported by the lender to the remain on your record for five years.summer28 said:how long after you miss a payment do you go on the 'bad' credits rating list?
Have you tried other mainstream lenders before resorting to those that offer loans to those with bad credit ratings at a premium rate?Point being - can anyone recommend anywhere else to go for a loan when you have been turned down by one of the big banks, namely BOI
summer28 said:I applied for a bank loan of 28k from BOI to buy a new car and to basically pay off a credit card (3000k) and an existing loan (3900k), I just wanted one loan payment, repayments over 5 years were quoted at approx €566 a month, I earn 28k a year and I was refused. I have missed a few payments on both the loan and my cc over the past few months but have always paid them within 4/6 weeks, how long after you miss a payment do you go on the 'bad' credits rating list? Refusal was due to these missed payments the bank said and that they wouldn't entertain any smaller loan until my current account started looking healthier. Any advice on any other financial instution that will offer me a loan - GE Woodchester perhaps? I can well afford the payments, I just let myself run into a few difficulties over the summer. Any advice on what to do? I don't owe anything else and have quite healthy savings with BOI.
the guy in PTSB said one missed payment in 5 years would be enough to put a stop on 100% morgage... less strict on the 92% but still...
Savvy said:I cant see the bank trying to repossess the house after one missed payment!
Ahhhh,that certainly makes sense,riskier for the bank.sorry , to clarify , one missed payment on another loan will stop the mortgage been approved....
Can i just clarify one thing - a couple of missed payments which have always been cleared within the next month is going to stop me getting credit in the future - on a personal loan, mortgage application etc ... i am talking a max missed payment of €250.??
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