Is the ICB consulted for a "Personal Contract Plan" for a loan

jtiernan

Hi,

I had a bit of problems with a credit card during college and it has caused me problems getting finance for a car. So I came across the idea for a "Personal Contract Plan". Does anyone know the requirements for this and if the ICB are consulted for this thus allowing "another chance" .
Thanks in advance,
J

jhegarty

If the company offering it on the list ICB members then it will be checked.. if they are not then it won't...


here is the list : http://www.icb.ie/membership.php

jtiernan

I think a better question is;
Is it the same procedure as a hire-purchase scheme or do they take your credit into consideration. I just preferred to check here rather than be turned down. Thanks for the answer above,, thats a good point sure I can ask the dealer who supplies him the service.

Thanks

Owen

Yes, PCPs are run through the ICB.

craichoe

jtiernan wrote: »

Hi,

I had a bit of problems with a credit card during college and it has caused me problems getting finance for a car. So I came across the idea for a "Personal Contract Plan". Does anyone know the requirements for this and if the ICB are consulted for this thus allowing "another chance" .
Thanks in advance,
J

Why not save with the credit union, as long as you save on a regular basis their pretty good for loans.

jtiernan

They are on the ICB as well! Have to wait 5 years! Not fair

BeardyGit

I don't want to get into this really, but you're asking for it....

Why, if your credit is crap, would you want to take a loan to buy a car? Especially anything even close to a hire purchase agreement?

If you stuffed your credit while in college, and that's not cleared on the ICB's register yet, and now you're getting into debt for something I very, very much doubt you need, you're going to regret it.....

Save the hard earned for a few months, then go and buy something for a couple of grand. Then get off your hole and start saving what you'd spend on payments instead - This will work towards building a good credit rating, and buy you some time to reconsider going into debt when you don't need to....

I can't understand how relaxed some heads are about just ignoring debt (bad debt if you're on the register I guess). Why do it to yourself? Really? For a car? FFS.

Gil

colm_mcm

Gil_Dub wrote: »

I don't want to get into this really, but you're asking for it....

Why, if your credit is crap, would you want to take a loan to buy a car? Especially anything even close to a hire purchase agreement?

If you stuffed your credit while in college, and that's not cleared on the ICB's register yet, and now you're getting into debt for something I very, very much doubt you need, you're going to regret it.....

Save the hard earned for a few months, then go and buy something for a couple of grand. Then get off your hole and start saving what you'd spend on payments instead - This will work towards building a good credit rating, and buy you some time to reconsider going into debt when you don't need to....

I can't understand how relaxed some heads are about just ignoring debt (bad debt if you're on the register I guess). Why do it to yourself? Really? For a car? FFS.

Gil

Bit harsh, many students get into financial trouble due to not earning full wages. Doesn't mean they can't consider buying a car once they leave college. I know credit ratings are there for a reason.

BeardyGit

Well, I'd guess that a college graduate should be in a position to actually save a few grand to buy a car Colm, no?....Especially if they've only recently (yes, the last 5 years is recent in financial terms) been in trouble over unmanaged debt - The incentive should be to stay out of debt for a while surely.

I'm not trying to be harsh, just want to ensure the OP thinks long and hard about this. You all know I lost my car (old as it was, and thankfully all that was lost) in that hit and run during the summer, and I needed a replacement in short order, as I work shifts. The easy option was to call the bank and get a few grand from them to replace it, especially seeing as I was practically skint as it was at the time, having spent a great deal moving into a new house etc. The option I went for was to blag lifts for a couple of months so I could save and buy a set of wheels for MY cold hard cash, instead of having to pay interest and the initial loan over many months. That was actually an easy choice, as many years back I ended up on the wrong end of a deal with Car Finance Direct (Bank of Scotland) after losing a 'sure thing' job when IT went bang in 2001. I learned the hard way that unless you're dealing with a local and friendly lending institution (bank/credit union) who are willing to actually take these things in mind and work with you, you're nothing but an account to these people. They'll smile and nod while giving you credit, and then hammer you sideways if things deviate from the credit agreement. I surrendered the car with an open market value of 7k, approx. 6k remaining on finance and ended up paying 5k to get the debt signed off quickly. A hard and bloody expensive lesson. I could have actually just gone to the credit union in the first place, but I took the easy credit offered by the dealer instead. Foolish, foolish me.

I'm writing from personal experience here - don't take car finance unless you absolutely must, especially if your credit isn't in great order. Make do with what you can afford, and wait until your credit is restored so you can actually shop around, instead of having to settle for whatever financial-rapistry (yes, it's a new phrase...) some ruthless money house come up with.

Cheers,

Gil