Loan refused. ICB clear. Damn...

Hi All,

I have recently applied for a small bank loan (5k) from PTSB (current acc bank) only to be refused, I have checked my ICB and its clear. I did have a problem with arrears with a contract hire car loan which was in my LTD co name with BOS a couple of years ago, the car was repossesed after missing two payments but I managed to get it back in the end, as this loan was paid off in full.

This "blip" is not on my credit history but I still cannot get credit from PTSB, is there a hidden database in these banks, if so how do I find out, I need to call in the data protection act but not sure who to address it to.

Also it maybe a case of these banks being owned by one another if this is true, would it be best to move my money away from PTSB, I havent had a loan since the above, and because of relocation i really need to change my car.

Re: Loan refused. ECB clear. Damn...

Why don't you just try another lender?

Re: Loan refused. ECB clear. Damn...

Lending isn't done strictly on credit rating, it's also based on ability to repay.

Do you have any existing (large) monetory commitments? (mortgage, existing loans etc.)
Do you have clear proof of income?
Would the bank be confident of you being able to make the payments over the timeframe requested?

There are lots of lenders out there. I'd be shocked if you couldn't get a €5k loan from one of them. Check out the "best buys" section of the site for details of the different offers and apply to one or two others. If you're not happy with the service offered by PTSB (did you ask directly the reasons for a relativly small loan being refused) you could also consider switching banks, but only if you feel it's the right move for you.

Re: Loan refused. ECB clear. Damn...

I bet you were refused by some 'customer service manager' or other. PTSB Bank Managers themselves don't get involved in small loans it seems - that type of customer is not important enough for them, so they have 'customer services' do it.

I had a similar experience. I phoned to speak with the Manager. After giving my name, I was transferred to a 'customer service person' and had the same outcome as you. I queried the reasons and was told that I should speak with the Manager (that's who I wanted to speak to anyway), but that he was unavailable. After 3 unsuccessful attempts to speak with him on the phone (always busy), I wrote him a letter asking for a meeting. He didn't reply.

So I closed my VISA and Current accounts. Shoddy treatement as I'd been with them over 12 years and even had insurance products from them.

That's not the end of it though - when I closed all of those accounts, I insisted, on the spot, that the 'customer services' person gave me a handwritten letter that all accounts had been closed. She gave it to me - that was 4 months ago. Guess what - I still get a statement for the VISA card showing a credit of € 40 which was an amount I had to give to cover the Government Duty.

Do yourself a favour and tell this excuse for a Bank what you think of them, in writing, at the highest level (Gillian Bowler-Chairman, for instance), and get away from them.