Secured Personal Loan

after doing the money make over and talking to my relationship manager at UB we decided to apply for a loan secured on our home [not my first choice but in this climate the only choice] we have loans and CC to the extent of €2000 per month payments and our mortgage is €88,000 tracker, value of home in current market €239. having a major problem getting the bank to do this for us as we are both self employed. we struggle to make our payments but we make them, asked for 50,000 [41 to pay off loans and cc's and 9 to finish grounds to home] at wits end, I know we are paying each month but the 900 we could save if we consolidate would leave us a chance of getting things in order. problem being UB don't want to take other banks debt - it would be 1/3 ub 2/3 other. any advice what to do, we are working so hard but just getting nowhere!

We had same problem a while back..........

No bank want to take another banks debt.

You best bet is to try your local credit union imo

not with a credit union so don't have a relationship with them so they will not work with me I am thinking. its just crazy, working really hard on new business that is going so well in the current climate but pressure from this is killing me!

Why not try another bank to see will they take your mortgage and top up. Leave out the 9k just go for a 40k top up leaving total amount at 128k. Then you should be able to save for the grounds work to your house. Priority I would think is the consolidation.
Best of luck.

I know what you mean, but taking the mortgage is not an option we have 0.75 % tracker would never get this with any other bank and as UB have first call on the property no other bank will even talk to us, dammed if i do dammed if i don't.

niceoneted said:

Why not try another bank to see will they take your mortgage and top up. .

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As I said above , no bank are willing to take another banks debt in this present economic climate .

The only way around this , is to apply for top-up for home improvements / car loan etc..............if you mention consolidation , you will be refused by all major banks .

You are already in debt and want to go further into debt? Furthermore you want to put your short term loans onto your house as a long term debt. You do realise that while it may seem you would be saving monthly you would be paying more?

Are the grounds a priority, can you not live with them as they are for another couple of years? How many loans do you have? I recommend you do the money makeover section.

I did the money make over and this is what sparked me to see what I was paying out, the ground work is not a priority but we were advised to put in work to home to secure the chance of getting a loan. we are not extending the term of the loans it is a personal loan secured on our home not adding to our mortgage, term of mortgage or loans, sorry should have been clearer.

allthedoyles said:

As I said above , no bank are willing to take another banks debt in this present economic climate .

The only way around this , is to apply for top-up for home improvements / car loan etc..............if you mention consolidation , you will be refused by all major banks .

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The bank will include all current loans and debts as outgoings, at close to €2000 a month I would doubt the bank would allow for an additional borrowing on top of existing.

I must be seeing things. You said you are at your wits end and you are still tring to borrow 9k to do the grounds. Absolute madness. Grounds v a good nights sleep. Not too hard is it really

Grounds least of my worries - was told to include this by guy in bank and accountant - not my idea!

OUT GOINGS AT 2000 IF I COULD REFINANCE WE WOULD SAVE 900 A MONTH - THINK i AM GOING TO STOP NOW AS I AM GETTING MORE CONFUSED INSTEAD OF GETTING ANY CLEAR ADVICE.
A. HAVE THE EARNINGS
B. HAVE THE EQUITY
C. JUST WANT TO TIDY UP MY FINANCES
D. LEAVE ME WITH EXTRA PER MONTH

OP you are not being clear. What do you want the 9K for ? What is giving you the sleepless nights? Is it the repayments you currently have?

don't really want the 9k the guys [bank and accountant] asked me what home improvement we would want to do and we said all left to do is the ground work to house so their thinking [i think] was if we looked for a loan for home improvements and consolidation it would be looked on more kindly by the bank.
we are both self employed and cash flow is a juggling match [we both are working but paid about quarterly so months we are great others slim pickings]
loans and CC used to set up businesses rather than business loans - not the most sensible but its done now.
if we could reduce our outgoings by 900 a month it would take off the pressure, and give me some room to work, my business is only 18 months old and really looking like a solid standing for the future but it takes so much of my time that i didn't keep my eyes fixed on our personal finances and accountant kept telling me I was grand, only when I sat my self down and did the money makeover did I see how much of mug I/we are and both busy fools. my husband is not in any way a help to getting answers for this - he's a worker and just that and I know we are lucky he has work to do, but needing independent advice the reason I turned to the forum. asked for help in MABS but as we are not behind and making payments they don't have any way of helping.
reason for sleepless nights cant focus on work due to trying to juggle money to be in the right place at the right time!

Anniemac, now I see what you are at. What you are aiming for makes sense but UB do not see it that way. Anyone going for consolidation now with any bank are being told no currently but if you go for home improvements plus consolidation you have a better chance. Unfortunately for you UB do not agree.

The positives are that you have a relatively low mortgage, you are able to make all repayments and both of you are earning. You did what you had to get the business going, nothing wrong with that, we are where we are. Some suggestions
Can you go back to the manager at UB and ask them is there another way of getting around this?
Try a credit union, I know you do not have an account with them but if you have all your facts straight they may be able to help you. They are at least more humane than banks.
Have you tried all the other banks?
How about a broker, they know all the tricks
You must consider moving everything from UB even if this means losing your tracker. There are still great rates available for new customers. What I do not know is if the banks are actually open for any business.
Normally I don't agree with this but do you have any relative that could repay the 41K and you could repay them?
I know it's difficult especially as your other half is ignoring the problem, you need to forget about him for now and try and get this sorted yourself so that you can find some equilibrium. I'm sorry I can't be more helpful.

I've just looked at the money makeover section you mentioned.

Do you have 20k in savings for college, do you have 3K in investments, you have a pony worth 10K and you mention a buyer for other stock?

????????

Thanks Bronte, you have given me things to look at - up to now couldn't see wood for trees, hubby not really ignoring facts -just has NO concept of finance at all just works and works and neither of us big spenders _ i just left everything to the accountant and took my eye off the ball not a smart move at all. on the up we have a new accountant who seems to know what he is on about ! Feel sorry for staff at UB they seem to be up in a heap too. Again thanks will send a update soon as.

20k is locked in trust for my daughter from my dad so not an option, pony for sale and other stock for sale too - bad time to be selling so not holding out hope for that at moment
3k, for franchise payments due in January so cant touch that either!

just a quick update, did a bit of organising and sorted most of debts to a better payment level without this affecting my credit rating or mortgage- so still have tracker. got a copy of my credit score from ICBL and it shows a clear picture, might not have been so smart and paying too much interest but we when I spoke to an independent financier he said we are as safe a bet as is out there and have huge equity in home 88 against 298, just wish my own bank would have been a bit more helpful but I have to take the responsibility for overstretching - lesson learned, might look at taking personal account to an Irish bank not because they are any better but they may at least be here in a years time.