Refused a loan

P

pmurphy

Registered User
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I currently have a bank loan paying back 329.00 per month. I've had this for the last 12 months and have 30 more payments to repay. No problems there. I earn £45K p.a. All repayments up to date, never missed one!

I've recently started a new job in the public sector far far away from the volatile IT Industry I'm used to. I'm delighted with the stability.

However the pay day is different from my old job and I was advised to restructure the loan to change the date I would repay my loan each month. Obviously a couple of days after pay would suit nicely and be quite sensible from everyones point of view in case of payroll errors etc,

My loan application was just refused as I have not been in the job long enough!!!!.

After restructuring I was going to get a top up of €1500 for course fees and the amount I was to repay was actually less then what I am repaying at the moment.

I'm hopping mad as I have not missed a repayment in over 10 years despite a redundancy in the last couple of years which had no adverse affect on loan payments.

Any advice or suggestions? Should I appeal or what can I do?
 
Pmurphy, your post re a new loan isn't very clear, but i can assure you, there will not be any errors re your civil service pay - it'll always be bang on time!

you can join the civil service credit union and any payments/savings will be deducted from source, after 3 months you can take out a loan with them.

regards
 
triplex said:
Pmurphy, your post re a new loan isn't very clear,
regards
Click to expand...
Did you actually apply for a new loan OP or is that what the Bank understood you to mean? Nowadays the application may be processed by the computer and automatically rejected if the criteria don't appear to be right.

It seems to me that all you want to do is to make a small change involving the repayment date. That could lead to what might appear to be a delay in making a payment during the month when the change takes place. If that was a problem you could offer to make a one-off payment . Call to see your Bank and ask to meet the Lending Officer.

If they continue to refuse, there are lots of other Lending Institutions and it is a very competitive business.
 
Yes, in essence all I want to do is move the date I pay back my loan from the 23rd to the 28th of the month and get a small top up to pay for a course/exam. This has been refused because of my new job!

It would have been very handy to keep the loan with my bank as they have generally been very good to me. It is more annoying then anything as the sums involved are so modest.
 
So perhaps it's the E1,500 that's causing the problem? It remains difficult to understand why a change of date should be an issue so perhaps there's a case for keeping the 2 elements separate, i.e. make a separate application for the 1,500, from whoever is likely to give it to you.
 
Appeal it with the bank and supply a copy of your contract. with that kind of job you shouldnt have any issue
 
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