hi i need help!!!

KELLIE123

Registered User
Messages
20
blue cube loans

hi i have just been approved a loan by blue cube loans but i'm a bit nervous about it i dont know why,,think it's because i have never heard of them before till last week,,has anybody had any dealing with them good or bad,,thanks
 

ClubMan

Registered User
Messages
44,344
Re: blue cube loans

Did you shop around? Why did you choose this crowd? What are the details of the loan - i.e. amount, type - variable/fixed, rate (APR), term, purpose etc.?
 

KELLIE123

Registered User
Messages
20
Re: blue cube loans

tsb boi turned us down it's 7.9% over 5 yrs 20,000 €502 at month to consolidate our other loans 2 credit unions 2 credit cards car ins and christams coming
 

ClubMan

Registered User
Messages
44,344
Re: blue cube loans

OK - I see one of your other threads here that sheds some more light on your situation.

Did you not try more than just TSB and BOI?
 

KELLIE123

Registered User
Messages
20
Re: blue cube loans

no i got bored,,and we really needed 30 but thats all they would give us,,so we have to keep one of the other loans too which kinda defeats the whole purpose of it all!!!have a form here for ulster bank might try them,,
 

KELLIE123

Registered User
Messages
20
Re: blue cube loans

well hubby thinks it's 7.9 ya it's a personal loan,,just feel it's never ending now, constant loans, big mortgage, 3 kids,,
 
I

irishpancake

Guest
Re: blue cube loans

well hubby thinks it's 7.9 ya it's a personal loan,,just feel it's never ending now, constant loans, big mortgage, 3 kids,,

Hi Kellie

I'm sorry to say this, but those figures do not indicate €20k @ 7.9%.

If this was the rate, monthly payment should be €405p.m. (approx).

I feel that you are being charged the top rate advertised by these sub-prime lenders.

This would be 16.9%, according to their website info.

Blue Cube Loan Calc

This is a variable rate loan agreement as defined by the Consumer Credit Act 1995. An APR rate, ranging from 7.9% to 16.9% will apply and the actual rate charged is dependent on our assessment of the information provided by the applicant and the applicant’s creditworthiness.

Putting this amount through my calculator, this would work out at €496 p.m.

The figure you quote, €502p.m. may also contain "credit payment protection", or could be an APR adjusted rate.

The Credit Payment Protection Plan is subject to eligibility. The Life Assurance element of the Credit Payment Protection Plan is underwritten by Irish Life Assurance plc. The other protection elements of the plan are underwritten by Cigna Europe Insurance Company S.A.-N.V.

This is almost robbery, and I would not advise signing up for this, you should have a cooling-off period, is it 14 days?

Remember, the difference per month from 7.9% to 16.9% is almost €100, which adds up to €6000 for the term of the loan.

I personally feel that you would be much better off confronting the issues which have lead to this situation, i.e. don't consolidate, go to MABS and work out some accomodation with your creditors.

Please don't go down the never-ending cycle which only ends with an ever-increasing burden for you and your loved ones.

Take control, go to MABS, take the first step out of debt, don't go further in.
 

ClubMan

Registered User
Messages
44,344
Re: blue cube loans

Take control, go to MABS, take the first step out of debt, don't go further in.
Indeed. This advice was already given in the other thread that I linked to above but I have no idea whether or not it was followed up on but the original poster.
 

ClubMan

Registered User
Messages
44,344
Re: blue cube loans

I have merged this thread into the original Money Makeover thread since the two issues are so intimately linked.
 

Bronte

Registered User
Messages
14,166
OP I cannot believe you got bored with looking for the best deal. Do you not care about what interest rate you will pay? That's what has gotton you into this situation in the first place. As for hubby 'thinking' it's the lower rate - he should know exactly what the rate is. Did he not sign some documents with it clearly written thereon? If this new loan is at circa 17% it's a huge amount to pay and still keeping one of the other loans, seems to me you are going to sink further into debt going down this route. I think you need to go back and look at the figures again. And cut up the credit cards, save for Xmas and agree to buy (very) small presents.
 

Sherman

Registered User
Messages
985
Re: blue cube loans

and christmas coming

I don't get this deal of going into debt for Christmas.

Kellie, you came here looking for help and a bit of advice. I think it's now time to cop the hell on.

If you have to borrow for Christmas, you can't afford it. Your kids will be just as happy with cheaper presents, and friends / family really won't expect presents if you explain you're doing a bit of belt tightening (no need to tell them anything more).

Seriously, are you going to borrow for Christmas every year? If so, your fears are correct, you'll end up in a never-ending cycle of debt, and ultimately poverty - is this how you want to live your life? Blue Cube must love people like you - too lazy to look around for a better deal - your laziness will cost you thousands extra over the life of that loan.

P.S. Did you never think that maybe there's a very good reason why the main banks have refused to lend you any more money? Take it as a friendly hint and try to get control of your money rather than just borrowing your way temporarily out of trouble. :mad:

Golden rule - if you have to borrow for it, you can't afford it.

As others have said to you repeatedly contact MABS today - no delay!!

Look, I'm even putting their number here so you have no excuse - just pick up the bloody phone! MABS 1890 283 438.
 

KELLIE123

Registered User
Messages
20
sherman made me cry,,,boo hoo, but thanks really needed a kick up the backside,,told everyone no presents this yr..going to get out of this never ending circle,,thanks again ye have been fantastic,,
 

KELLIE123

Registered User
Messages
20
i did i have an appointment with them next week,,it's just the embarrasement of it at least with online loans you dont ever see antone
 

ClubMan

Registered User
Messages
44,344
You should not be embarrassed contacting MABS about this. Thats is what they are there for. You need to get over your boredom and embarrassment and start looking at practical steps that you can take to sort your finances out. People have already provided some useful tips here in this thread and in lots of other similar threads. MABS will probably give you more suggestions. But only you can put some of the suggestions into practice and sort your situation out.
 

so-crates

Registered User
Messages
1,813
it's just the embarrasement of it at least with online loans you dont ever see antone

You might not see with your own eyes a person when you are dealing online but in every case there is at least one person that you are dealing with. They know about your problems or at least they can guess at them, why otherwise would you be dealing with them? And they don't have your best interests at heart, in fact they don't have any reason to care about you at all. The embarrassment is a perception fraud - because you don't see a face or hear a voice you can deceive yourself into thinking that there is no-one there - even if you consciously know that there is, the absence of any personal interaction allows you to push it to one side.
 
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irishpancake

Guest
Hi again Kellie

I am so glad you have decided to go the MABS route :D

Don't hesitate to seek further support and advice here.

For Clubman, I'm sorry, I hadn't realised there was a second thread, didn't notice your link :eek:

Hopefully the AAM Community has helped Kellie, and others in similar situations, to realise that there is help and advice out there, particularly from MABS.

Just realise that there is no easy or overnight solution, but seeking and taking advice is a very good start.
 

Bronte

Registered User
Messages
14,166
1. "thanks to everyone ye are so right we not taking blue cube loan,,,"

First step - well done

2. "no presents this yr"

more progress

3. "i did i have an appointment with them next week"

Fantastic, Kellie123, 3 simple steps to help you on the right track, it's difficult but you will get there.

You should not be embarrased to deal with MABS that is what they are there for. You will be glad you did. Best of luck with them next week.
 
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