consolidation loans - not happening

Graffogefarms

Well, so tee-d off, b of I, the whole shebang. We are paying 1300-1400 a month on loans, etc, trying to get things paid off, from a few years ago when payroll was ****e, still is not great - but better, the thing is old company, lot of bills, enough said. we have that on top of the mortgage of 1200, plus the regular utilities. Guess what - we can't get a consolidation loan because we mismanaged the account in the past! I mean wanted to borrow 20K over 5 years pay back 450-500 a month , pay everything off, at a more manageable payment, get sons college reg out of way, and car ncted at that, etc, and get a doctors appointment.. But - Bank manager called me, conveniently going on holidays next week and said no way will they look at it, blah blah blah!

Government and Nama - for the ones who owe millions - but nothing for the little people! Amazing - how you have to owe millions to get any help isn't it?

JTMan

Have you shopped around? and gone to banks other than BOI?

Graffogefarms

Tried UB - no luck, went to AIB but because BOI had a typo on statements, have to go back. Bloody ridiculous! All was told by boi was that he should defer college for a year or so - what the !!!!. What then? Only bankers and the others should get educated!

Jet Black

Graffogefarms wrote: »

Well, so tee-d off, b of I, the whole shebang. We are paying 1300-1400 a month on loans, etc, trying to get things paid off, from a few years ago when payroll was ****e, still is not great - but better, the thing is old company, lot of bills, enough said. we have that on top of the mortgage of 1200, plus the regular utilities. Guess what - we can't get a consolidation loan because we mismanaged the account in the past! I mean wanted to borrow 20K over 5 years pay back 450-500 a month , pay everything off, at a more manageable payment, get sons college reg out of way, and car ncted at that, etc, and get a doctors appointment.. But - Bank manager called me, conveniently going on holidays next week and said no way will they look at it, blah blah blah!

Government and Nama - for the ones who owe millions - but nothing for the little people! Amazing - how you have to owe millions to get any help isn't it?

As the previous poster said if your having no luck with BOI try elsewhere.

Another option would be to consolidate your loans with your mortgage. See below*BEWARE THE RISKS ON THIS

Consolidate your loans
Most people have more than one debt. You may have high interest credit cards, loans and mortgages. To pay off one debt you may need to borrow from someone else, creating yet another debt. The solution to this problem is debt consolidation.
If you own a home, you can get a debt consolidation home equity loan. With a debt consolidation loan you will have to consolidate each of your high interest credit cards, as well as your consumer loans, into one inexpensive and affordable monthly payment with low interest.
Consolidate debt with home equity as security

A debt consolidation home equity loan is a secured loan where your property will be security against the loan. The lender will have a lien on your house until you pay off the home equity loan in full. While you'll continue to own your home as loan collateral, the debt consolidation loan will keep the creditors away and keep you out of bankruptcy. You'll be able to save a little, because the single monthly payment will be considerably less than the sum of the ones you had before.
The first thing to do once you've obtained your debt consolidation loan is to look over the use of your credit cards, so that you don't use any of them in times of temptation, thereby increasing your debt. This will definitely put you right back in hot water.

Toots

Just to clarify, were you just looking to consolidate all the loans, or were you looking to borrow some additional money aswell?

Graffogefarms

we were looking to consolidate the loans, get the cars nct'd and college registration fee. Angry at the b manager telling us that though our son did well in his leaving cert, maybe he should postpone college! What about the other 3 kids when their time comes! By doing the 20 over the 5 years, it is down to a manageable amount, and one payment instead of a bunch here and there. I have a son who really wants to further his education, not just party - even talking about commuting instead of getting accommodation - that means getting the 6.30 train each morning, to save money, and he is putting off his driver license to get education done first. he won't be 18 till Feb - so college loans are not an option at the moment because of that.

Lexus1976

The banks are still very tight with lending. Perhaps you could try the credit union or alternatively you could split the loan amount with 2 different banks.

P.S. banks do not like taking on consolidation loans. <SNIP>

Euro_Kraut

Lexus1976 wrote: »

P.S. banks do not like taking on consolidation loans. Rather then mentioning consolidation just put down the reason your looking for the loan i.e. college fees, car maintence. <SNIP>.

Just wondering about this, will it not become clear to them once they look at your credit history that you have outstanding loans and are using this loan to pay back the others? Especially, if the 'car maintenance' loan is for say €15,000?

Lexus1976

Euro_Kraut wrote: »

Just wondering about this, will it not become clear to them once they look at your credit history that you have outstanding loans and are using this loan to pay back the others? Especially, if the 'car maintenance' loan is for say €15,000?

No because the car maintenance is only part of the loan:

College fees
Car maintenance
Medical expenses

Write in the letter a list of items you need the loan for.

Toots

Lexus1976, please read the charter in relation to making false declarations on loan applications.

Toots

OP, if you have mismanaged your accounts in the past, the bank are unlikely to extend you extra credit, so topping up the loan is out. However, if all these debts are with BOI, they may look at consolidating the debt only. If the debts are with various institutions the chances of getting one institution to take them all on are slim.

I agree the manager was out of line suggesting that your son should postpone college, it is not his/her place to make suggestions about your personal life. I suggest you send an email to careline@boimail.com outlining this to their customer care departent.

Toots

Lexus1976 wrote: »

No because the car maintenance is only part of the loan:

College fees
Car maintenance
Medical expenses

Write in the letter a list of items you need the loan for.

Don't forget to include 'consolidation of existing debts' in that list.

stepbar

Graffogefarms wrote: »

we were looking to consolidate the loans, get the cars nct'd and college registration fee. Angry at the b manager telling us that though our son did well in his leaving cert, maybe he should postpone college! What about the other 3 kids when their time comes! By doing the 20 over the 5 years, it is down to a manageable amount, and one payment instead of a bunch here and there. I have a son who really wants to further his education, not just party - even talking about commuting instead of getting accommodation - that means getting the 6.30 train each morning, to save money, and he is putting off his driver license to get education done first. he won't be 18 till Feb - so college loans are not an option at the moment because of that.

It's hardly the banks fault you haven't thought about how you were going to pay for the children's education before now. And it's hardly the banks fault you decided to take out the loans either.

I suspect you have loans with different institutions and want to put them all together. The bank won't entertain this at all and they'd be right to. Why should they takeover other bank debt? As well as that, you've in the past been poor with managing your finances. Do you not see the problem the bank has? You can put some of this down to the recession but you have to look at yourself as well.

stepbar

Toots* wrote: »

OP, if you have mismanaged your accounts in the past, the bank are unlikely to extend you extra credit, so topping up the loan is out. However, if all these debts are with BOI, they may look at consolidating the debt only. If the debts are with various institutions the chances of getting one institution to take them all on are slim.

I agree the manager was out of line suggesting that your son should postpone college, it is not his/her place to make suggestions about your personal life. I suggest you send an email to careline@boimail.com outlining this to their customer care departent.

He/she is probably right but I agree it's not something I would have said. Then again I'd say he/she was trying to be helpful (in a nieve way).

stepbar

Lexus1976 wrote: »

The banks are still very tight with lending. Perhaps you could try the credit union or alternatively you could split the loan amount with 2 different banks.

P.S. banks do not like taking on consolidation loans. <SNIP>

Sometimes I wish bank staff could say "I don't believe you". But of course they be sued for pointing out the obvious :rolleyes:

Graffogefarms

well - in the past - it is. We had one thing after another going wrong. Now - we are paying 1300 a month plus the mortgage, plus car insurance, plus living expenses - and we seek to get things down to a more manageable level of 450 to 500 a month. Part of what is on the other loans is a property - which we had in US, couldn't get it sold in the past, so rented it out to tenants who were good for awhile, then started saying one thing after another going wrong, so in the end we owed 52k, but sold it for 35k - so we were out the difference plus the legal, and we were over here. granted if we can stick the large outgoings for another two years or so -we will be ok - but to be honest, don't think we can -not with the extra tax levies, etc. We also have about 3 with Provident - which is high. But in saying that - if I were a banker, ok - I would see these people are at least making an effort, they are paying, and it would be easier on them to have lower payments. WE don't smoke, don't drink don't go out partying, and oh yeah - we didn't really have any heat in the house last year - couldn't afford to buy oil, so we kind of let a few things go, but we kept paying the bills! So from someone who actually used to work for prov, - I'd say I don't see it from the banking side, if a person has problems in the past, - but have been making a good honest effort to pay things, then they shouldn't be penalized if they are making the effort. The other thing -you don't plan on things going wrong, medical, or otherwise, in saying that - other than the kids - I personally haven't been to a doc since we left the states 5 years ago, refuse to. If the kids need something, I go in with the child, state what I need and that is it. I didn't plan on our youngest getting lyme disease, didn't plan on dyspraxia etc. How do you plan these things? The bank is quick to take the money, charge fees, etc, government bailouts, bonuses, etc. I guess there is really not enough competition in the banks here?

Jet Black

Graffogefarms wrote: »

well - in the past - it is. We had one thing after another going wrong. Now - we are paying 1300 a month plus the mortgage, plus car insurance, plus living expenses - and we seek to get things down to a more manageable level of 450 to 500 a month. Part of what is on the other loans is a property - which we had in US, couldn't get it sold in the past, so rented it out to tenants who were good for awhile, then started saying one thing after another going wrong, so in the end we owed 52k, but sold it for 35k - so we were out the difference plus the legal, and we were over here. granted if we can stick the large outgoings for another two years or so -we will be ok - but to be honest, don't think we can -not with the extra tax levies, etc. We also have about 3 with Provident - which is high. But in saying that - if I were a banker, ok - I would see these people are at least making an effort, they are paying, and it would be easier on them to have lower payments. WE don't smoke, don't drink don't go out partying, and oh yeah - we didn't really have any heat in the house last year - couldn't afford to buy oil, so we kind of let a few things go, but we kept paying the bills! So from someone who actually used to work for prov, - I'd say I don't see it from the banking side, if a person has problems in the past, - but have been making a good honest effort to pay things, then they shouldn't be penalized if they are making the effort.

Yeah the reason the can lend is because the charge 23% anyone can walk in there and get a loan with no ICB bad credit it does'nt matter. The reason they can lend to anyone is because of such a high rate. Provident = Loan sharks AVOID!

<edit> Making an observation 3 loans with them is very bad. My advice would be go to MABS

Toots

Graffogefarms wrote: »

well - in the past - it is. We had one thing after another going wrong. Now - we are paying 1300 a month plus the mortgage, plus car insurance, plus living expenses - and we seek to get things down to a more manageable level of 450 to 500 a month. Part of what is on the other loans is a property - which we had in US, couldn't get it sold in the past, so rented it out to tenants who were good for awhile, then started saying one thing after another going wrong, so in the end we owed 52k, but sold it for 35k - so we were out the difference plus the legal, and we were over here. granted if we can stick the large outgoings for another two years or so -we will be ok - but to be honest, don't think we can -not with the extra tax levies, etc. We also have about 3 with Provident - which is high. But in saying that - if I were a banker, ok - I would see these people are at least making an effort, they are paying, and it would be easier on them to have lower payments. WE don't smoke, don't drink don't go out partying, and oh yeah - we didn't really have any heat in the house last year - couldn't afford to buy oil, so we kind of let a few things go, but we kept paying the bills! So from someone who actually used to work for prov, - I'd say I don't see it from the banking side, if a person has problems in the past, - but have been making a good honest effort to pay things, then they shouldn't be penalized if they are making the effort. The other thing -you don't plan on things going wrong, medical, or otherwise, in saying that - other than the kids - I personally haven't been to a doc since we left the states 5 years ago, refuse to. If the kids need something, I go in with the child, state what I need and that is it. I didn't plan on our youngest getting lyme disease, didn't plan on dyspraxia etc. How do you plan these things? The bank is quick to take the money, charge fees, etc, government bailouts, bonuses, etc. I guess there is really not enough competition in the banks here?

Banks are not charities, they are perfectly entitled to charge fees etc for the services. Re being quick to take bailouts comment, have you any idea how much the government is going to make from the banks for providing this capital? It's something to the tune of around €500million a year. Hardly free money now is it?

A large amount of todays problems can be attributed to the banks giving out loans to people who perhaps couldn't really afford them. Banks are being more stringent on who they give loans out to. They don't take into account if you're making an effort. If you're a bad credit risk, that's that. Whatever if the debt was with them, then they probably would take your making an effort into account, and work out a revised repayment schedule with you. However, they are certainly not going to take on the potentially risky debts of other institutions, particularly the likes of Provident.

stepbar

Graffogefarms wrote: »

well - in the past - it is. We had one thing after another going wrong. Now - we are paying 1300 a month plus the mortgage, plus car insurance, plus living expenses - and we seek to get things down to a more manageable level of 450 to 500 a month. Part of what is on the other loans is a property - which we had in US, couldn't get it sold in the past, so rented it out to tenants who were good for awhile, then started saying one thing after another going wrong, so in the end we owed 52k, but sold it for 35k - so we were out the difference plus the legal, and we were over here. granted if we can stick the large outgoings for another two years or so -we will be ok - but to be honest, don't think we can -not with the extra tax levies, etc. We also have about 3 with Provident - which is high. But in saying that - if I were a banker, ok - I would see these people are at least making an effort, they are paying, and it would be easier on them to have lower payments. WE don't smoke, don't drink don't go out partying, and oh yeah - we didn't really have any heat in the house last year - couldn't afford to buy oil, so we kind of let a few things go, but we kept paying the bills! So from someone who actually used to work for prov, - I'd say I don't see it from the banking side, if a person has problems in the past, - but have been making a good honest effort to pay things, then they shouldn't be penalized if they are making the effort. The other thing -you don't plan on things going wrong, medical, or otherwise, in saying that - other than the kids - I personally haven't been to a doc since we left the states 5 years ago, refuse to. If the kids need something, I go in with the child, state what I need and that is it. I didn't plan on our youngest getting lyme disease, didn't plan on dyspraxia etc. How do you plan these things? The bank is quick to take the money, charge fees, etc, government bailouts, bonuses, etc. I guess there is really not enough competition in the banks here?

All that's hardly the banks fault is it? 3 loans with Providence says it all. You do know they charge 150% APR (over here at least)?

Graffogefarms

Been to MABS in the past, and to be honest, I did as good negotiating with the creditors - but they did buy me the time to do that. When they do a budget list - they allow for entertainment on it - but not for education? To be honest - when you are budgeting there shouldnt be an "entertainment" budget! They also don't allow for animal feed, etc. I was told that no creditor would accept that. - which is important, as I can actually claim the current losses against paye for now, it is just keeping things ticking that is hard, we are two years behind schedule because of losses.
<SNIP> - just in case you are wondering, - yes on that end - though we didn't get much this year on harness rides, we did earn a little - which was great - just short on animals, and when they came up lame you were out of work for the one day on the weekend. - charged 2 euros a head for a ride. Anyway, besides the point. MABS would be good for some people, but I know what we need. I've sent hubby to go to AIB by himself, and leaving me out of the picture to see what happens. Also doing some media complaining

As far as provident - well when there was a death and illness in the family - they were extremely handy. Banks didn't care.

Jet Black

Graffogefarms wrote: »

Been to MABS in the past, and to be honest, I did as good negotiating with the creditors - but they did buy me the time to do that. When they do a budget list - they allow for entertainment on it - but not for education? To be honest - when you are budgeting there shouldnt be an "entertainment" budget!

The reason they allow for entertainment is because its a very stressful time and can break familys

From MABS website: Although you may decide to make cut backs here, do try to leave room for a social and family life

The reason they do not include education is because losing your house is more important at this time that education.

Graffogefarms wrote: »

They also don't allow for animal feed, etc. I was told that no creditor would accept that. - which is important, as I can actually claim the current losses against paye for now, it is just keeping things ticking that is hard, we are two years behind schedule because of losses.
<SNIP> - just in case you are wondering, - yes on that end - though we didn't get much this year on harness rides, we did earn a little - which was great - just short on animals, and when they came up lame you were out of work for the one day on the weekend. - charged 2 euros a head for a ride. Anyway, besides the point. MABS would be good for some people, but I know what we need.

I cant give any advice on this sorry.

Graffogefarms wrote: »

I've sent hubby to go to AIB by himself, and leaving me out of the picture to see what happens. Also doing some media complaining

Is the option of remortgage available? I can tell you it will be a hell of a lot cheaper.

Graffogefarms wrote: »

As far as provident - well when there was a death and illness in the family - they were extremely handy. Banks didn't care.

Agreed they are handy anyone can get money, have been there and would not do it again.

homer911

Wow, you are in a mess financially

You have a few potential options

• Consolidate Debt - doesnt really seem to be an option based on what you have said on this thread
• Cut expenditure - you seem to have made great strides, but you are going to have to look at this further I would say
• Boost Income, quickly - It doesnt sound like the farm will generate significant income without additional investment - probably best to put plans on hold - get another job, anything!
• Reduce Debt - consider trading down on assets - smaller car, smaller house, sell farm?
• While you wont like to hear this, put future expenditure plans on hold - that may mean your son gettting a job for a year instead of going to college. Failing that, he is going to have to fund his own way through college.

Without savings or assets to draw on, short of winning the lottery, these are your only real options. You run the serious risk of the bank foreclosing if you dont make a big effort to get on top of this. Interest rates are only going to go up in the next year!

Toots

Graffogefarms wrote: »

As far as provident - well when there was a death and illness in the family - they were extremely handy. Banks didn't care.

Unfortunately it's not the bank's job to care. People have misfortune, illness, death etc to deal with, and sometimes they have financial burdens associated with them. It's not a nice thing to deal with, I'm sure nobody would disagree with me on this. However, no matter how much a loan applicant tugs on the lender's heartstrings, if they realistically can't afford the repayments, then the lender would be irresponsible, if not downright negligent, to provide a credit facility to them. As bad as a person's situation is at the time, it'll be ten times worse 12 months down the line when they're being taken to court for defaulting on a loan.

Jet Black

Graffogefarms wrote: »

Tried UB - no luck, went to AIB but because BOI had a typo on statements, have to go back. Bloody ridiculous! All was told by boi was that he should defer college for a year or so - what the !!!!. What then? Only bankers and the others should get educated!

When I finished secondary I did not go straight to college despite really wanting to. I had to wait 3 years work and save. My parents could not afford it and I understood this, I'm sure your son will understand. It was a hard time but it was worth it in the end. The bank was wrong for saying this. I can understand were your coming from on this being a parent myself I would like to pay/make a contribution to my childs college fees.

Graffogefarms

Well to be honest, maybe in one sense it is not too bad. If we can keep going for another two years, those loans are pretty much gone, then it is just down to the mortgage. As far as putting farm thing on hold - though many,many times I have felt like giving up, something stops me - someone always calls me - to keep it going. My 2nd youngest had dyspraxia, he is one of those really sensitive emotional children, and used to talk about "doing away" with himself when he was as young as 9 years old -etc. Teachers were concerned. But since we started with the animals, he has come forward in leaps and bounds, is great with the animals, and his confidence has soared. - Teachers at the school even complimented how he has come on - . As far as the other thing - we work enough paye, and pay a huge amount of taxes, we are right now able to write the loss, animal feeds, etc off against it and get a refund. Next year, the refund can be put aside. This year, we got a used tractor, with a mower, box, bale thingy. Also got a cream separator, and a butter churn. Fridge had died, so it came in handy for that. So I guess- it is good to vent, and if we can achieve Farm Assist - which I am currently fighting to get, we can keep it ticking along. Two years, this batch of kids will be ready, and in two years we will have 8 harness animals, so will be able to work more days a week with them. Again - it has lifted the now going on 13 year old child out of depression. Keeps the littlest one happy as she is so into animals and outdoors. What price do we put on that, do we give that up? Goal will eventually be to get someplace else and run it like a social farm for kids with disabilities and emotional problems, but to be able to make things -like, Butter, cheese, yoghurt, milk, ice cream, and the meat end as well. Suppose we got to stick it out - but OMG it does get hard sometimes.

Jet Black

I wish you luck op. Hopefully it work's out for you.

SarahSassy

stepbar wrote: »

It's hardly the banks fault you haven't thought about how you were going to pay for the children's education before now. And it's hardly the banks fault you decided to take out the loans either.

+1

Stop blaming everyone else. You mismanaged your credit rating but appear to think that the world owes you a living... It makes me laugh when people go on about the 'bankers' and big bonsues. That realistically applies to 0.5% of the total Bank staff - its like blaming one individual student nurse for the problems with the HSE

Graffogefarms

no you are right - not the banks fault, it is my own fault for trusting in people too much, and that is where things go wrong. But on the other side, don't throw down on people with children. Remember - that I have actually got kids who want an education, who want to do something. These children will be the ones paying taxes in the future and funding yours and my pensions. Money doesn't sit there, it has to work. I don't mind paying taxes, I do n't mind paying a little extra in interest if it benefits everyone. I did a tubal after the 4th one - closed the shop, job done - 2 & 2, and while I do hate the fact that people complain and can still go out and buy a bunch of cigarettes and beer, etc. While I see that money as how many loaves of bread, how many bags of meal. I don't smoke, and I don't drink. As far as entertainment. Well that is the summer, and the animals and the children. I don't need to be spending a small fortune on holidays, nights out, etc. IF I had 4 kids with 4 different fathers and was continuing to pop them out - then I would say I have a huge problem. The truth is - I am someone who does not give up. I do ask for help when things get dire, but I generally don't get it. I find that with the majority of people - when things are tough you get no help. But when you are up and running successfully, amazing the amount of people kissing up and offering things. Case of little red hen and the grains of wheat ! Enough said.

BuffyBot

OK folks - enough. I'm sure the OP is well aware of their numerous shortcomings with the kind help of those on this thread...:rolleyes:

Now, can we get back on track: constructive posts only from here on in

stepbar

BuffyBot wrote: »

OK folks - enough. I'm sure the OP is well aware of their numerous shortcomings with the kind help of those on this thread...:rolleyes:

Now, can we get back on track: constructive posts only from here on in

What do you want us to say? The bank is wrong? On this occasion they're 100% right. However the OP has difficulty understanding this. There's no other advice in all honesty. If the original intention was to moan at the banks well this is the wrong place for that. You can't pin all of lifes problems at the door of the bank.

Toots

stepbar wrote: »

What do you want us to say? The bank is wrong? On this occasion they're 100% right. However the OP has difficulty understanding this. There's no other advice in all honesty. If the original intention was to moan at the banks well this is the wrong place for that. You can't pin all of lifes problems at the door of the bank.

Nope, what we want is people posting constructive relevant advice to the OP. I'm sure she's well aware of what mistakes she's made in the past regarding finances, and doesn't need to be made feel worse about it.

As Buffybot said, constructive, on-topic posts from now on please.

pog it

OP: Have you looked into the student grant?

I'm sure your son can go to college if he has got the points and wants to do it this year. He will get some part time job - be it bar work, delivering pizzas, leaflets, etc. and live frugally like the majority of students.

Definitely talk to MABS, you never know, they could liaise with some of your creditors and get your loan payments reduced but payable over a longer timeframe, hence freeing up the money for your son's college levy fee? They may have other more helpful suggestions.

Good luck and keep working on a solution until you have found one.

Please FORGET Providence: tempting, but so so costly.

homer911

Whatever the college plans for your son, please take into account that students this year have been warned of the possibility of college fees next year...