Bank refused to open an account for me

Fozzie Bear

Quick question.

I used to be a customer of BOI many years ago and missed some payments on a car loan. The bank basically threw credit at me a naive 20 year old, I took it and paid it off by and large for 2 years or so. However things took a down turn at work as did my pay and I missed 3 payments on my car loan. Long story short the bank handed over my loan to a collection agency, cancelled my credit card and ruined my credit rating, over 3 payments. They also sent me a letter at the time telling me they no longer required my business so I fecked off to the Ulster Bank. Now 11 years later myself and the missus decided to open a joint account in the BOI (her family branch). Went into her branch friday signed all the paperwork etc. This morning the branch rang me to say they had got a letter from HQ in Dublin telling them not to allow me to open an account.

So my question. Its been over 5 years so my credit rating has been wiped. I have had two loans with UB which I paid off in full and missed no payments. I also have a credit card with UB which again I have kept up to date. I thought this crap was all behind me now and i had a clean slate. Why are the BOI knocking me back even now? I'm not looking for a loan just to open a joint account and put money in! Is there anything I can do here? Any point appealing to them? We had planned on applying for a mortgage at some stage too, i guess i can cross the BOI off our list?

IsThatSo?

http://www.icb.ie/credit_rating.php

The ICB holds information about borrowers and their loans for 5 years after the loan is closed.

Individual banks hold their own records for a lot longer than 5 years though.

I guess the question is, even though the missed payments are over 5 years ago, is the loan closed 5 years?

I don't think there is a lot you can do about them refusing to open an account for you. Would you really want to give them your business after this incident anyway?? Why not stick with UB, you have a good track record with them.

You could always request your Credit report from the ICB (at a small charge) and review it, just to make sure your records are correct. If all is in order and you really wanted to pursue it.............maybe the Financial Ombusdman?

menapian

Firstly, if the Bank outsourced your debt you were more than "3" payments in arrears. Although its undoubted that the availability of credit and some some questionable lending practices lead you to taking out the loan it was still your responsibility. Members of the ICB have an obligation to fellow members to record the performance of a loan. Bank of Ireland may not offer you banking facilities given the previous bad debt so its likely you can cross them off your list. Hope this helps.

unclebill98

Fozzie Bear wrote: »

Quick question.

I used to be a customer of BOI many years ago and missed some payments on a car loan. The bank basically threw credit at me a naive 20 year old, I took it and paid it off by and large for 2 years or so. However things took a down turn at work as did my pay and I missed 3 payments on my car loan. Long story short the bank handed over my loan to a collection agency, cancelled my credit card and ruined my credit rating, over 3 payments. They also sent me a letter at the time telling me they no longer required my business so I fecked off to the Ulster Bank. Now 11 years later myself and the missus decided to open a joint account in the BOI (her family branch). Went into her branch friday signed all the paperwork etc. This morning the branch rang me to say they had got a letter from HQ in Dublin telling them not to allow me to open an account.

So my question. Its been over 5 years so my credit rating has been wiped. I have had two loans with UB which I paid off in full and missed no payments. I also have a credit card with UB which again I have kept up to date. I thought this crap was all behind me now and i had a clean slate. Why are the BOI knocking me back even now? I'm not looking for a loan just to open a joint account and put money in! Is there anything I can do here? Any point appealing to them? We had planned on applying for a mortgage at some stage too, i guess i can cross the BOI off our list?

Its a tough one tbh. Firstly, you ruin your credit rating not the bank. I do find it hard to believe they passed your debt on to a agency with only 3 payments missed, normally its a lot worse than that.

As said already, banks hold information for up to 10 years. I feel you have little hope in the bank changing its stance and opening an account for you.

Is it a current account your trying to open? Cause if so, then why would you need another one if you've got all that with UB? If its a savings account then its strange for them to refuse, cause its not like you can do wrong with that. Where as a current account you could get your hand on a chq book etc etc.

As for a mortgage, I think i can safely say forget about it.

Maybe stepbar can enlighten us to BOI's stance... ooooohhh stepbar!!!!

Fozzie Bear

First off I completely accept my own personal responsibility in getting my self into bother back then. If i gave the impression I was trying to blame BOI then I'm happy to correct it. What I am aggrieved at was their willingness to keep handing out silly amounts of credit to a 20 year old. I was getting letters informing me they were uping my credit card limit and all I had to do was not reply. I stupidly accepted it and in the end I had a credit card with a limit of IR£3,500. I was 20 young and foolish!

It was genuinely 3/4 payments behind when they passed it off. I missed 3/4 in a row and then started paying again but i was not in a position to make up the missed three for about 6 months. I'm guessing they counted this as 6 missed payments? The credit card obviously did not help either.

What is really annoying me here though is that almost 10 years (6 since the loan was closed/paid off) and they are still hammering me. I was under the impression that after 5 years the slate was wiped clean. Obviously the Bank are not as quick to forget.

It was a joint account with herself I wanted to open as we wanted to save some money with an eye on getting a mortgage at the end of the year.
We were keen on getting one with BOI as they are still doing 100% mortgages believe it or not. We had already talked to the branch manager who assured us they still do them but just dont advertise them.

Not to worry I will just have to take it on the chin and go else where.

Thanks for the replies lads, I appreciate it.

Fozzie, have you spoken to the bank and asked why?

Btw my experience is that ulster bank are a lot nicer and better than BOI, I'd recommend you head back to them anyway

unclebill98

Fozzie Bear wrote: »

First off I completely accept my own personal responsibility in getting my self into bother back then. If i gave the impression I was trying to blame BOI then I'm happy to correct it. What I am aggrieved at was their willingness to keep handing out silly amounts of credit to a 20 year old. I was getting letters informing me they were uping my credit card limit and all I had to do was not reply. I stupidly accepted it and in the end I had a credit card with a limit of IR£3,500. I was 20 young and foolish!

It was genuinely 3/4 payments behind when they passed it off. I missed 3/4 in a row and then started paying again but i was not in a position to make up the missed three for about 6 months. I'm guessing they counted this as 6 missed payments? The credit card obviously did not help either.

What is really annoying me here though is that almost 10 years (6 since the loan was closed/paid off) and they are still hammering me. I was under the impression that after 5 years the slate was wiped clean. Obviously the Bank are not as quick to forget.

It was a joint account with herself I wanted to open as we wanted to save some money with an eye on getting a mortgage at the end of the year.
We were keen on getting one with BOI as they are still doing 100% mortgages believe it or not. We had already talked to the branch manager who assured us they still do them but just dont advertise them.

Not to worry I will just have to take it on the chin and go else where.

Thanks for the replies lads, I appreciate it.

Fair enough, strange situation tbh. I know UB would be the same.

bluewolf wrote: »

Fozzie, have you spoken to the bank and asked why?

Btw my experience is that ulster bank are a lot nicer and better than BOI, I'd recommend you head back to them anyway

Wow, a positive UB comment :eek:

Shame they don't to 100% mortgages anymore.

Fozzie Bear

bluewolf wrote: »

Fozzie, have you spoken to the bank and asked why?
Btw my experience is that ulster bank are a lot nicer and better than BOI, I'd recommend you head back to them anyway

I asked and the lady in the local branch said this morning that i was a "motor loan debtor" or words to that effect according to HQ in Dublin and that she could not open an a/c for me. True I found the UB better to deal with. They actually gave me my first loan with them while I still had a bad credit rating.


Myself and missus are talking here. She seems to think that if we went in and talked to the branch manager and showed him my record with the UB this might help. I am highly sceptical. How is he going to be able to change this? Surely its a decision taken in HQ in Dublin.

The reason we are so keen in BOI is because herself and her parents do all their banking with them and would have an excellent record.

Zaph

unclebill98 wrote: »

Wow, a positive UB comment :eek:

Shame they don't to 100% mortgages anymore.

They could do 200% mortgages and I'd never do business with them again. To say that my experiences with the UB mortgage department were somewhat frustrating would be the understatement of the year. I switched to NIB because I couldn't handle dealing with them any more, but I'm sure people have had bad experiences with them too.

stepbar

I don't believe that the loan was handed over because of 3 repayments. I would say it was because of your unwillingness to come to / stick to an agreement to pay anything because believe me if the BOI seen that you were making an effort to repay they would restructure or do anything not to have to hand the loan off to a debt collecting agency. The slate isn't wiped clean unless you clear off the debt in full. I'd say what happened was that a judgement was made against you over the debt.

If you really insist, it might be an option to go to the branch mgr and plead your case. I find it strange that you were not allowed to open an a/c. What's stopping your G/F opening an a/c and adding you on later? However if it was me I wouldn't bother my arse (not because of the debt issue, I just wouldn't). I'd go to the next bank.

I doubt the UB gave you a loan even though you had a bad credit rating. They probably didn't know you had one.

Finally, just to correct you on the 100% mortgages, that's a particular scheme called the Affordable Housing Scheme where by the value of the house is offered to you at a discounted rate. Therefore the bank can offer you a 100% mortgage because the real LTV (if the house was sold on the open market) is not 100%. Otherwise you might get a 100% mortgage if you were a professional (i.e a doctor, accountant etc). Outside of that 92%.

unclebill98

Zaph wrote: »

They could do 200% mortgages and I'd never do business with them again. To say that my experiences with the UB mortgage department were somewhat frustrating would be the understatement of the year. I switched to NIB because I couldn't handle dealing with them any more, but I'm sure people have had bad experiences with them too.

Well tbh I can not defend that department. There really shocking, even with Staff mortgages.

DJDC

What I am aggrieved at was their willingness to keep handing out silly amounts of credit to a 20 year old. I was getting letters informing me they were uping my credit card limit and all I had to do was not reply. I stupidly accepted it and in the end I had a credit card with a limit of IR£3,500. I was 20 young and foolish!

We were keen on getting one with BOI as they are still doing 100% mortgages believe it or not.

No one else see the irony here? What's the bets the OP will be back next year with "The bank threw money at me, how was I to know to that that 1 bedroomed flat in Leitrim would fall in value below the 100% mortgage."

Humans are creatures of habit, I'm sure BOi have run models showing that someone who defaults on payments in the past has a higher likelihood of doing it in the future.

aoibhebree

Fozzie Bear wrote: »

What I am aggrieved at was their willingness to keep handing out silly amounts of credit to a 20 year old.

But really, most 20-year-olds have the responsibility to handle their own personal finances. I know I had the capability at that stage, as did most of my friends. I'd much rather see financial institutes actively penalise the likes of you, than to deny the privilege of credit to other more responsible twenty-year-olds.

Sorry if this offends you, but can you see my point?

I do however sympathise with your current situation, but you can't blame it on the bank!!

unclebill98

Ok, i think the op knows his messed up....

BuffyBot

unclebill98 wrote: »

Ok, i think the op knows his messed up....

Indeed, so let's move on from that point everyone..