Banking Hypocrisy at its finest

Aranthos

Just applied for a top up loan on my mortgage to consolidate some debts, have been unemployed for a while now but have no arrears on any loan, have even proved it to my Bank Ulster bank that i can replay the top up and I have the equity in my house to cover it.

I just got refused and there reason was believe it or not, it would unethical to give me a top up because I would be replaying it with Social welfare payments ie Tax payers money...I paid my stamps, hell my stamps probably helped bail there friggin bank out and it would be unethical to accept tax payers money!

Maybe I'm wrong here but f%%k me thats Hypocrisy at its finest.

unclebill98

Aranthos wrote: »

Just applied for a top up loan on my mortgage to consolidate some debts, have been unemployed for a while now but have no arrears on any loan, have even proved it to my Bank Ulster bank that i can replay the top up and I have the equity in my house to cover it.

I just got refused and there reason was believe it or not, it would unethical to give me a top up because I would be replaying it with Social welfare payments ie Tax payers money...I paid my stamps, hell my stamps probably helped bail there friggin bank out and it would be unethical to accept tax payers money!

Maybe I'm wrong here but f%%k me thats Hypocrisy at its finest.

Unemployment benefit is not a valid source of income for meeting the loan t&c.

Also, the Irish Tax payer has not bailed out UB. They are owned by the RBS.

daithimac

not unless you paid a good chunk of tax in the UK. Ulster bank are owned in by the Royal Bank of Scotland which is a british based bank which was bailed out by the British taxpayer.

Also I don't see how any lender could sanction a further draw down when you have no visible source of income. I could certainly imagine them putting the mortgage on interest only or implementing a moratorium but not giving further money.

jam_mac_jam

Hypocrisy, those stupid banks not lending to people with no job, I think I have heard it all. You do realise the bank is not the government and you dont pay tax to the bank?

MagicMarker

Not sure what you were expecting tbh. Presumably these other debts don't belong to Ulster Bank? So why would they want to take over debt from another source when you don't have a job?

Aranthos

To answer a point, yes I did pay Tax to the british goverment in the last few years so am well aware the British goverment bailed out RBS.

As regards what I was expecting, well I was expecting to be refused the draw down, my point was the reason given for been refused was it would be unethical to pay a loan using social welfare payments ( ie tax payers money ), when Goverments are bailing banks out using Tax payers money when does it become unethical for a bank to take tax payers money?

Toots

I think they mean it's unethical to lend to someone who is currently unemployed, as they may not be able to service the debt.

stepbar

I can't believe that you're even arguing the case. You're unemployed. Your dole money (may I add I'm paying for) is not supposed to pay your mortgage. So stop being an ..... and suck it up and move on.

Jet Black

The allowance you recieve is really only to be used to help you get by on a daily basis. If you went to a bank at the height of the boom, same curricumstances, you would be refused for any form of credit. Jobseekers allowance is not an income.

Sasquatch76

Never mind.