Can we renegotiate our bank loans as we're on social welfare?

marti8

Just to give a very quick overview, back in March 2008 we (tecnically I) took out a loan for €10,000 from my bank (one of the big Irish banks) Then a few months later I applied for and got a smaller loan of €2,000. Then a few months later I applied for an was approved for another loan of €3,000. However, we thought long and hard about the last loan and decided not to take it as we didn't want to overstretch ourselves.

The thing is, all along from when I got the first loan to the last loan (which I didn't in the end take) we were on a social welfare payment, and the bank knew this. We never lied or mislead or anything like that. Yet they still gave us those loans even though the only income was social welfare. For over the last 2 years we have been repaying roughly €60 a week without fail (even when social welfare was reduced) but now things are getting tighter and we're thinking of approaching the bank and saying basically "sorry, the repayments will have to be reduced to €30 per week". Will they accept this? If not the alternative is that I stop any direct debits etc, inform social welfare to stop paying money into my account etc, in essence close my account and walk away. Don't want to do that but if they said they wouldn't reduce the repayments I'd have no choice. What would be the consequences of having to do that?

By the way, isn't it bloody amazing that they'd in the first place approve loans totalling €15,000 for someone who's only income is social welfare?!!!!! Also my wife doesn't have an income either, my wife is a mature student and a dependant on my social welfare claim. I guess the term "reckless lending" springs to mind. Thanks.

Sigi

By the way, isn't it bloody amazing that they'd in the first place approve loans totalling €15,000 for someone who's only income is social welfare?!!!!! I guess the term "reckless lending" springs to mind.

As does the term "reckless borrowing".

marti8

Sigi wrote: »

As does the term "reckless borrowing".

As does the term reckless lending. Had they not lent it, we couldn't borrow it. The bank should have seen that we, I , were in no position to repay that loan at the agreed repayment rate as my only income was social welfare. I am not saying I cannot repay it, I can and I will, provided the bank agree to a renegotiation of the loan repayments.

Mr. Presentable

Your circumstances have not changed, why should the bank's terms?

And, yes, you also have a responsibility to only borrow what you can repay. It's unlikely the bank gave you the loans without your agreement.

smokin ace

the only way to find out is go into the bank and ask them but to be honest its your own fault your in this situation you knew you were on social welfare at the time and did not think of the future when getting the loans and thats why a lot of people are the way they are now by getting so much money off the bank and not thinking of the future
just remember a few year ago the banks would give a loan to a monkey in dublin zoo(not calling you a monkey)
BUT ITS YOUR FAULT SO YOU MAY DEAL WITH IT

You borrowed €12,000 while on the scratch ?
What was the loan used for ?

marti8

RoverJames wrote: »

You borrowed €12,000 while on the scratch ?
What was the loan used for ?

We used it for normal things - holidays, moving house etc etc.

chris85

As said the bank will probably not allow any reduction. You have had no change in your financial income and thus why should they be taking the fall. You must have showed the bank your ability to repay the loan and they gave the loan on the basis of this.

also i would not go in with the attitude "sorry, the repayments will have to be reduced to €30 per week". this will not get you very far. I would be overly nice and polite if you are looking to reduce payments without any change to your income.

Easy to blame banks but responsible borrowing also brought a lot of troubles.

chris85

marti8 wrote: »

We used it for normal things - holidays, moving house etc etc.

you are joking yeah?

marti8

Mr. Presentable wrote: »

Your circumstances have not changed, why should the bank's terms?

And, yes, you also have a responsibility to only borrow what you can repay. It's unlikely the bank gave you the loans without your agreement.

And the bank has no responsibility seems to be what you are suggesting? As I said: had they not lent it, I couldn't borrow it.

And yes, as I also said I can repay it but not at the agreed repayment amounts. Rather than €60 pw I can repay €30 pw. If that is not good enough for them so be it, let them reposses the car we don't have, let them reposses the house that we don't own..........

I am not defaulting, I am going to renegotiate. It's then upto them to decide what to do. After all if I was guilty in taking the money they were equally guilty, if not moreso, in lending the money.

Denisejcc

marti8 wrote: »

Just to give a very quick overview, back in March 2008 we (tecnically I) took out a loan for €10,000 from my bank (one of the big Irish banks) Then a few months later I applied for and got a smaller loan of €2,000. Then a few months later I applied for an was approved for another loan of €3,000. However, we thought long and hard about the last loan and decided not to take it as we didn't want to overstretch ourselves.

The thing is, all along from when I got the first loan to the last loan (which I didn't in the end take) we were on a social welfare payment, and the bank knew this. We never lied or mislead or anything like that. Yet they still gave us those loans even though the only income was social welfare. For over the last 2 years we have been repaying roughly €60 a week without fail (even when social welfare was reduced) but now things are getting tighter and we're thinking of approaching the bank and saying basically "sorry, the repayments will have to be reduced to €30 per week". Will they accept this? If not the alternative is that I stop any direct debits etc, inform social welfare to stop paying money into my account etc, in essence close my account and walk away. Don't want to do that but if they said they wouldn't reduce the repayments I'd have no choice. What would be the consequences of having to do that?

By the way, isn't it bloody amazing that they'd in the first place approve loans totalling €15,000 for someone who's only income is social welfare?!!!!! Also my wife doesn't have an income either, my wife is a mature student and a dependant on my social welfare claim. I guess the term "reckless lending" springs to mind. Thanks.

without getting into the 'reckless lending' debate I would advise you to contact the bank and go in for a meeting to restructure the loan. They may give you reduced repayments for a particular term or they may extend the term to reduce repayments (obviously the cost of credit will increase so you will pay more over the longer term). This will give you some breathing space in the short term. Hope this helps.

marti8

chris85 wrote: »

As said the bank will probably not allow any reduction. You have had no change in your financial income and thus why should they be taking the fall. You must have showed the bank your ability to repay the loan and they gave the loan on the basis of this.

also i would not go in with the attitude "sorry, the repayments will have to be reduced to €30 per week". this will not get you very far. I would be overly nice and polite if you are looking to reduce payments without any change to your income.

Easy to blame banks but responsible borrowing also brought a lot of troubles.

But when they gave me the initial loan they knew I was on social welfare. In fact, later I was told proper procedure hadn't been followed when those loans were given to me and had proper procedure been followed they would never have given me those loans.

chris85

marti8 wrote: »

But when they gave me the initial loan they knew I was on social welfare. In fact, later I was told proper procedure hadn't been followed when those loans were given to me and had proper procedure been followed they would never have given me those loans.

ok but you got the money also so will give blame to both of you. In fairness i find it hard to believe the bank told you they didnt follow proper procedure.

Best outcome you will get may be half payments for six months.

Whats changed that you cant meet the payments now and you were for the last two years?

WIZE

OP Why would think the Bank would reduce the Loan repayments

I suppose you could ask

You said you would pay the money back with €60 a week

You are not a man of your word and not very trust worthy

I think it was kind of the Bank to look at your Situation and give you a Loan

Think about it

What happens in the future when an Emergency happens and you need a loan
by screwing the bank they will screw you in the future

Think about it

smokin ace

i know you dont like what i am saying but its your fault that your in this mess not the banks go into the bank and talk to them and see what they say and dont go in with the attitude that this is the banks fault explain your situation and if they wont help you go to the money advise and budgeting services(MABS)they are very very helpfull and wont turn you away
an internet forum is not the place to be getting financial advise

Tails142

marti8 wrote: »

And the bank has no responsibility seems to be what you are suggesting? As I said: had they not lent it, I couldn't borrow it.

And yes, as I also said I can repay it but not at the agreed repayment amounts. Rather than €60 pw I can repay €30 pw. If that is not good enough for them so be it, let them reposses the car we don't have, let them reposses the house that we don't own..........

I am not defaulting, I am going to renegotiate. It's then upto them to decide what to do. After all if I was guilty in taking the money they were equally guilty, if not moreso, in lending the money.

Marti - you ever see those ads on UK TV channels? They for short term money lending where you can get a lend of £60 for a week. If you read the small print on the ads the interest rate is something like 5400% APR.

In my opinion a person would be an idiot to use these services, especially at such a high rate.

However by your reasoning, you would be an idiot NOT to use it cause you're being offered the money? Do you see where you're going wrong...

Also, I'm laughing out load at you using the loans for going on holidays, you must've been wrecked after all that hard work on the scratcher... getting out of bed early and not getting home till late etc, I'm sure you deserved it

eimearcmh

marti8 wrote: »

Just to give a very quick overview, back in March 2008 we (tecnically I) took out a loan for €10,000 from my bank (one of the big Irish banks) Then a few months later I applied for and got a smaller loan of €2,000. Then a few months later I applied for an was approved for another loan of €3,000. However, we thought long and hard about the last loan and decided not to take it as we didn't want to overstretch ourselves.

The thing is, all along from when I got the first loan to the last loan (which I didn't in the end take) we were on a social welfare payment, and the bank knew this. We never lied or mislead or anything like that. Yet they still gave us those loans even though the only income was social welfare. For over the last 2 years we have been repaying roughly €60 a week without fail (even when social welfare was reduced) but now things are getting tighter and we're thinking of approaching the bank and saying basically "sorry, the repayments will have to be reduced to €30 per week". Will they accept this? If not the alternative is that I stop any direct debits etc, inform social welfare to stop paying money into my account etc, in essence close my account and walk away. Don't want to do that but if they said they wouldn't reduce the repayments I'd have no choice. What would be the consequences of having to do that?

By the way, isn't it bloody amazing that they'd in the first place approve loans totalling €15,000 for someone who's only income is social welfare?!!!!! Also my wife doesn't have an income either, my wife is a mature student and a dependant on my social welfare claim. I guess the term "reckless lending" springs to mind. Thanks.

I would go into the bank as soon as possible. You said your social welfare was reduced. Was this before or after you got the 2nd loan?

marti8 wrote: »

As does the term reckless lending. Had they not lent it, we couldn't borrow it. The bank should have seen that we, I , were in no position to repay that loan at the agreed repayment rate as my only income was social welfare. I am not saying I cannot repay it, I can and I will, provided the bank agree to a renegotiation of the loan repayments.

If you were in no position to repay the loan at the agreed repayment why did you sign the credit agreement and take the money?

WIZE

eimearcmh wrote: »

I would go into the bank as soon as possible. You said your social welfare was reduced. Was this before or after you got the 2nd loan?

I think everyones was as part of the budget

marti8

Mr. Presentable wrote: »

Your circumstances have not changed, why should the bank's terms?

And, yes, you also have a responsibility to only borrow what you can repay. It's unlikely the bank gave you the loans without your agreement.

My circumstances have changed, my social welfare payment was reuced several months ago - as was everyones else - by about €20 per week. And my "rent allowance" was reduced by about €15 per week or thereabouts. That's a weekly reduction of over €30 pw. From what I know that was the first time in the history of the State that social welfare payments were ever actually reduced as opposed to simply not increasing etc.

The bank should not even have given me those loans as they later told me. It seems that while there was money on my account and money going into my account weekly that the person who authorised the loan didn't actually check where that money was coming from - had they checked they would have seen it was social welfare and would not have approved the loans (this is what the bank told me) Again, I am not looking to default - as I probably could do rather I'm simply going to look to renegotiate the loan down from a repayment of €60 per week to €30 per week - at the end of the day the bank still get their money, yes, over a longer time frame but they still get their money.

limericklassy

When I had my student account, they phoned me up twice to ask me if i wanted a loan up to 70,000. I said no to the two..gas..wonder now why they are fcuked eh!

marti8

eimearcmh wrote: »

I would go into the bank as soon as possible. You said your social welfare was reduced. Was this before or after you got the 2nd loan?



If you were in no position to repay the loan at the agreed repayment why did you sign the credit agreement and take the money?

Yes, social welfare was reduced after the second loan.

What I actually meant to say was that had social welfare not reduced I could repay that agreed amount however it did reduce (something nobody could have foreseen at that time and the first time it had ever happened in the history of the State) I can still repay the loan rather than wringing my hands and walking away from it but at €30 pw and not €60. They can take it or they can leave it. If they leave it I'll close my account and walk away. Don't want to sound brash or arrogant or whatever but that is just the reality. I am thankful to the bank for the loans of course, that is the very reason why I don't wish to simply default.

JustAddWater

How are you still on the dole for 2 years? Don't mean to be rude but if you're €15k in debt you should be trying harder than anyone else out there

Not speaking for anyone else but I lost my job twice in the past 2 years,once I was out for 4 months. There ARE jobs out there if you look hard enough and want one

Sorry to be harsh, but you can't blame the banks all the time just because it's easy. I too had loans and went to MABS but I took responsibility and sorted things out

It's likely the banks will tell you to get lost and only MABS might help you get your debt down. I know things are hard but i'm sorry I find it hard you've been on the dole 2 years and haven't gotten anywhere. Don't blame the banks, they didn't put a gun to your head and tell you to take the money and you're the one who asked so you've got some blame to bear for the mess you're in too.

Thankfully you saw sense in rejecting the last loan! Hope you get sorted soon tho and learn from all of this.

If I'm grateful for one thing about the recession its that it's thought me the value of money and hopefully a few others will learn that too!

marti8 wrote: »

My circumstances have changed, my social welfare payment was reduced several months ago - as was everyones else - by about €20 per week. And my "rent allowance" was reduced by about €15 per week or thereabouts. That's a weekly reduction of over €30 pw. From what I know that was the first time in the history of the State that social welfare payments were ever actually reduced as opposed to simply not increasing etc.

The bank should not even have given me those loans as they later told me. It seems that while there was money on my account and money going into my account weekly that the person who authorised the loan didn't actually check where that money was coming from - had they checked they would have seen it was social welfare and would not have approved the loans (this is what the bank told me) Again, I am not looking to default - as I probably could do rather I'm simply going to look to renegotiate the loan down from a repayment of €60 per week to €30 per week - at the end of the day the bank still get their money, yes, over a longer time frame but they still get their money.

eimearcmh

marti8 wrote: »

Yes, social welfare was reduced after the second loan.

What I actually meant to say was that had social welfare not reduced I could repay that agreed amount however it did reduce (something nobody could have foreseen at that time and the first time it had ever happened in the history of the State) I can still repay the loan rather than wringing my hands and walking away from at €30 pw and not €60. They can take it or they can leave it. If they leave it I'll close my account and walk away. Don't want to sound brash or arrogant or whatever but that is just the reality. I am thankful to the bank for the loans of course, that is the very reason why I don't wish to simply default.

I agree with JustAddWater about going to see MABS.

It would be up to the bank what your rescheduled repayments would be. I would make an appointment to see someone about your loan + repayments. In the meantime i would try and get written proof that you're income has reduced since the loans were approved.

Try and keep up with your repayments as best you can and be glad its €12,000 not €120,000.

marti8

JustAddWater wrote: »

How are you still on the dole for 2 years? Don't mean to be rude but if you're €15k in debt you should be trying harder than anyone else out there

Not speaking for anyone else but I lost my job twice in the past 2 years,once I was out for 4 months. There ARE jobs out there if you look hard enough and want one

Sorry to be harsh, but you can't blame the banks all the time just because it's easy. I too had loans and went to MABS but I took responsibility and sorted things out

It's likely the banks will tell you to get lost and only MABS might help you get your debt down. I know things are hard but i'm sorry I find it hard you've been on the dole 2 years and haven't gotten anywhere. Don't blame the banks, they didn't put a gun to your head and tell you to take the money and you're the one who asked so you've got some blame to bear for the mess you're in too.

Thankfully you saw sense in rejecting the last loan! Hope you get sorted soon tho and learn from all of this.

If I'm grateful for one thing about the recession its that it's thought me the value of money and hopefully a few others will learn that too!

I'm not on the dole, I get disability allowance, a social welfare payment. And no, I'm not one of those who is happy to kick back and stay on social welfare for life - that's why I'm heading back to uni here in Ireland for a degree later this month as I want to better myself longer term. So all going well I'll have a degree in a few years time. Maybe, "maybe" that'll help with securing a career - but maybe not. Time will tell.

Sorry but when a bank doesn't follow its own rules then yes, you can most certainly blame the bank. They should not have given me those loans in the first place and they said this themselves. I am not negating my own responsibility that is why I am seeking to renegotiate and not default. If the bank say get lost (as you suggest they may) then fine, I will, but so too will my bank account.

marti8

eimearcmh wrote: »

I agree with JustAddWater about going to see MABS.

It would be up to the bank what your rescheduled repayments would be. I would make an appointment to see someone about your loan + repayments. In the meantime i would try and get written proof that you're income has reduced since the loans were approved.

Try and keep up with your repayments as best you can and be glad its €12,000 not €120,000.

We have paid off half of the €10,000 loan already and 25% of the €2,000 loan. So, we owe about €6,500 now. Hopefully the bank will renegotiate and accept €30 pw instead of €60 pw. If they don't the only option open will be to close my account and walk away from it. And that's not something I want to do.

Mr. Presentable

marti8 wrote: »

The bank should not even have given me those loans as they later told me. It seems that while there was money on my account and money going into my account weekly that the person who authorised the loan didn't actually check where that money was coming from - had they checked they would have seen it was social welfare and would not have approved the loans .

marti8 wrote: »

we were on a social welfare payment, and the bank knew this..

So, which is it? You just come across as dishonest tbh, and I for one hope they nail you to the wall.

Mr. Presentable

marti8 wrote: »

My circumstances have changed, my social welfare payment was reuced several months ago - as was everyones else - by about €20 per week. And my "rent allowance" was reduced by about €15 per week or thereabouts. That's a weekly reduction of over €30 pw. From what I know that was the first time in the history of the State that social welfare payments were ever actually reduced as opposed to simply not increasing etc.

The bank should not even have given me those loans as they later told me. It seems that while there was money on my account and money going into my account weekly that the person who authorised the loan didn't actually check where that money was coming from - had they checked they would have seen it was social welfare and would not have approved the loans (this is what the bank told me) Again, I am not looking to default - as I probably could do rather I'm simply going to look to renegotiate the loan down from a repayment of €60 per week to €30 per week - at the end of the day the bank still get their money, yes, over a longer time frame but they still get their money.

And according to your posts on other threads your rent was reduced to match your income.

To refresh your memory http://www.boards.ie/vbulletin/showpost.php?p=60846514&postcount=4

eimearcmh

marti8 wrote: »

We have paid off half of the €10,000 loan already and 25% of the €2,000 loan. So, we owe about €6,500 now. Hopefully the bank will renegotiate and accept €30 pw instead of €60 pw. If they don't the only option open will be to close my account and walk away from it. And that's not something I want to do.

€6,500 is definitely more manageable.

Theres no need for you to stop repayments. It could get messy in the future if you do. The ICB will have a record of your loans and if you miss payments. This would impact future loan applications, whether in another bank or the Credit Union.

Toots

OP, when you applied for the loans, on your application what did you list as your occupation?

marti8

Toots* wrote: »

OP, when you applied for the loans, on your application what did you list as your occupation?

I applied online and if that question was asked, can't recall whether it had been or not but I guess it must have been, than I would have put either not working/in reciept of social welfare/NA etc. I never said I was working because I was not.

Toots

Do you mind me asking which of the banks these loans are held with?

sarahlulu

Occupation is always asked as part of a loan application

marti8

Mr. Presentable wrote: »

So, which is it? You just come across as dishonest tbh, and I for one hope they nail you to the wall.

It is both, my bank did know I was in receipt of social welfare because that payment was entering that bank every single week and whoever authorised the loan didn't check to see where the money was coming from. I was later told by the bank when I questioned it that they should have done a closer check but didn't and simply authorised the loan based upon money which was entering my account weekly and the funds that I already had in my account. That was their mistake, not mine.

As for being "dishonest", nope, I was honest with the bank just as everything I've written here has been the truth too. Whether one wants to believe that or not doesn't make a difference to me. I'd suggest you are jumping to baseless conclusions.

marti8

Toots* wrote: »

Do you mind me asking which of the banks these loans are held with?

No, I don't mind you asking at all

I'll say this much, it wasn't Anglo, lol. And it wasn't Halifax, lol.

marti8

Mr. Presentable wrote: »

And according to your posts on other threads your rent was reduced to match your income.

To refresh your memory http://www.boards.ie/vbulletin/showpost.php?p=60846514&postcount=4

Yes, luckily our landlord agreed to reduce our rent. And your point is what exactly? Our overall costs have still increased due to a number of factors since we took out those loans (loans which according to the bank themselves should never have been approved in the first instance mind you) Had nothing changed we would be in a position to stick to the original loan agreement however things did change. Personally, I don't see exactly why the bank would refuse to accept €30 instead of €60 pw - they are still getting their money back even if it is over a longer time frame.

This is really a looney thread.

questionmark?

marti8 wrote: »

We have paid off half of the €10,000 loan already and 25% of the €2,000 loan. So, we owe about €6,500 now. Hopefully the bank will renegotiate and accept €30 pw instead of €60 pw. If they don't the only option open will be to close my account and walk away from it. And that's not something I want to do.

How in the name of lord do you think you can simply walk away from your loan obligations by just closing your account??? The bank will simply pursue you through the courts.

If you want a reduced weekly payment maybe they may agree to extending the loan so it works out at something like 45€ or 50€ per week which seems more reasonable than 30€ per week.

c montgomery

marti8 wrote: »

Just to give a very quick overview, back in March 2008 we (tecnically I) took out a loan for €10,000 from my bank (one of the big Irish banks) Then a few months later I applied for and got a smaller loan of €2,000. Then a few months later I applied for an was approved for another loan of €3,000. However, we thought long and hard about the last loan and decided not to take it as we didn't want to overstretch ourselves.

The thing is, all along from when I got the first loan to the last loan (which I didn't in the end take) we were on a social welfare payment, and the bank knew this. We never lied or mislead or anything like that. Yet they still gave us those loans even though the only income was social welfare. For over the last 2 years we have been repaying roughly €60 a week without fail (even when social welfare was reduced) but now things are getting tighter and we're thinking of approaching the bank and saying basically "sorry, the repayments will have to be reduced to €30 per week". Will they accept this? If not the alternative is that I stop any direct debits etc, inform social welfare to stop paying money into my account etc, in essence close my account and walk away. Don't want to do that but if they said they wouldn't reduce the repayments I'd have no choice. What would be the consequences of having to do that?

By the way, isn't it bloody amazing that they'd in the first place approve loans totalling €15,000 for someone who's only income is social welfare?!!!!! Also my wife doesn't have an income either, my wife is a mature student and a dependant on my social welfare claim. I guess the term "reckless lending" springs to mind. Thanks.

marti8 wrote: »

We used it for normal things - holidays, moving house etc etc.

So let me get this straight. You have been on the dole for 30 months and you took out loans totalling 12,000 euro over this time to go on holidays and move house.

Are you actually serious??

I dont want to say what i actually think of you as it will only lead to a ban but please for your own sake, wake up and smell the coffee.

marti8

c montgomery wrote: »

So let me get this straight. You have been on the dole for 30 months and you took out loans totalling 12,000 euro over this time to go on holidays and move house.

Are you actually serious??

I dont want to say what i actually think of you as it will only lead to a ban but please for your own sake, wake up and smell the coffee.

Nope, haven't been on the dole for a single second since 2008 - I have however been on disability allowance, a different social welfare payment. And the money was taken for numerous things: holidays, moving house, educational purposes etc etc etc. But at issue isn't whether I was on a social welfare payment, nor is it what I did with the money - I am dealing with the facts as they exist now. The bank gave me a loan even though they shouldn't have had they been following their own rules - this is according to the bank itself.

Now I will need to renegotiate the loan, if the bank say "sorry, €30 a week isn't enough", then I'll have no choice but to close my account. This is just the reality of it. By all means feel free to tell me what you think, lol, what you or anyone else thinks of me is totally beside the point. Wonder what you think of the bank that disregards its own rules?

marti8

questionmark? wrote: »

How in the name of lord do you think you can simply walk away from your loan obligations by just closing your account??? The bank will simply pursue you through the courts.

If you want a reduced weekly payment maybe they may agree to extending the loan so it works out at something like 45€ or 50€ per week which seems more reasonable than 30€ per week.

I don't see why €30 a week is unreasonable when the income which I have is derived solely from social welfare. How can I walk away? Very easily but as I said that is not what I would want to do. As for pursuing me through the courts? That's fine with me. But what's that saying: you can't get blood from a stone. The loan is a personal unsecured loan, I have no assets, I'm not a homeowner, I don't even drive, I don't even own the furniture in "my" house. It was the bank who disregarded their own rules. They broke their own rules by lending to me, was I a risky bet, probably, as my only source of income was social welfare yet they went ahead and still gave me not one but two seperate loans - and offered a third which we, after reflection, declined.

If it ever did get to court, if they wanted to do that, the fact would remain that I was not refusing to pay - rather I was willing to pay €30 per week rather than €60. I would have sought a renegotiation, they would have been the ones who refused. What would a judge decide in such a situation? Who knows.

marti8

RoverJames wrote: »

This is really a looney thread.

I agree. Imagine a bank giving a loan of €12,000 to someone on social welfare with no assets, looney indeed. :rolleyes:

c montgomery

marti8 wrote: »

Nope, haven't been on the dole for a single second since 2008 - I have however been on disability allowance, a different social welfare payment. And the money was taken for numerous things: holidays, moving house etc etc etc. But at issue isn't whether I was on a social welfare payment, nor is it what I did with the money - I am dealing with the facts as they exist now. The bank gave me a loan even though they shouldn't have had they been following their own rules - this is according to the bank itself.

Now I will need to renegotiate the loan, if the bank say "sorry, €30 a week isn't enough", then I'll have no choice but to close my account. This is just the reality of it. By all means feel free to tell me what you think, lol, what you or anyone else thinks of me is totally beside the point. Wonder what you think of the bank that disregards its own rules?

I cant believe the lack of maturity, responsibility and self awareness you have. In all of your posts you try to negate your responsibility for this mess you are in by blaming the bank for giving you the loan. Maybe skip your next holiday and give up your internet connection and maybe then you could afford to pay them back. God knows this is what alot of people have to do.


Also are you nieve enough to think that you will just be able to close your account with the bank and they wont come looking for their money?


Good luck by the way, your gonna need it.

marti8

c montgomery wrote: »

I cant believe the lack of maturity, responsibility and self awareness you have. In all of your posts you try to negate your responsibility for this mess you are in by blaming the bank for giving you the loan. Maybe skip your next holiday and give up your internet connection and maybe then you could afford to pay them back. God knows this is what alot of people have to do.


Also are you nieve enough to think that you will just be able to close your account with the bank and they wont come looking for their money?


Good luck by the way, your gonna need it.

Nope, a lack of maturity or a reluctance in taking responsibility would mean I'd simply walk away now while throwing my hands in the air and repeating the mantra "I've no money, I can't pay ya!" and let the chips fall where they may. What I am going to "try" to do is renegotiate the loan, I still want to pay the money I have borrowed back - that is not in question, what is in question is the amount I can reasonably afford to pay back on a weekly basis while on a social welfare payment.

I guess you think fault is a one way street and that for some unknown reason the bank are in no way at fault for reckless lending practices? I see you take issue with me but I don't see you addressing the fact that a bank gave someone on social welfare loans totalling €12,000 (not a huge amount in the scheme of things - about 50% of which has already been paid back by the way)

If I have to close my account so be it. It'll be the bank who'll have refused to renegotiate the loan to a reasonable ammount which someone on social welfare could repay. If it ended up in court then it would end up in court. While they were at it they could also explain how the hell they gave me €12,000 in the first place and why they disregarded their own rules?

c montgomery

marti8 wrote: »

Nope, a lack of maturity or a reluctance in taking responsibility would mean I'd simply walk away now while throwing my hands in the air and repeating the mantra "I've no money, I can't pay ya!" and let the chips fall where they may. What I am going to "try" to do is renegotiate the loan, I still want to pay the money I have borrowed back - that is not in question, what is in question is the amount I can reasonably afford to pay back on a weekly basis while on a social welfare payment.

I guess you think fault is a one way street and that for some unknown reason the bank are in no way at fault for reckless lending practices? I see you take issue with me but I don't see you addressing the fact that a bank gave someone on social welfare loans totalling €12,000 (not a huge amount in the scheme of things - about 50% of which has already been paid back by the way)

If I have to close my account so be it. It'll be the bank who'll have refused to renegotiate the loan to a reasonable ammount which someone on social welfare could repay. If it ended up in court then it would end up in court. While they were at it they could also explain how the hell they gave me €12,000 in the first place and why they disregarded their own rules?

Your right, fault is a one way street that leads straight to your door.

No one called to your house offering you 12,000. You went looking for it and you signed for it.

If it goes to court you will probably be liable for their cost too when you lose.

Just call to your bank and ask them. You wont get a definitive answer here, just a load of condescending replies.

marti8

c montgomery wrote: »

Your right, fault is a one way street that leads straight to your door.

No one called to your house offering you 12,000. You went looking for it and you signed for it.

If it goes to court you will probably be liable for their cost too when you lose.

Just call to your bank and ask them. You wont get a definitive answer here, just a load of condescending replies.

Lol, the fault lies squarely at my feet eh? The bank are in no way to blame for giving a loan of €12,000 to someone on social welfare who had no assets? Hmmm. Well, I'd disagree. By the way, they did offer it, what I did was put in an application for a loan, it was they who offered me that loan. Ah don't worry, I can handle condescension

If it went to court and if I lost, yeah sure let them add their legal costs to the monies owed, should have it repayed by 2099. But that is one hell of an assumption to make that I would lose. Could be quite possible, if not wholly likely, that a judge would turn around and say I need to repay x amount per week out of my social welfare payment, €30 maybe? As I said I want to repay the money I owe but at a reasonable weekly rate for someone whose sole income is a social welfare payment.

Actually, we did renegotiate it several months ago and the repayment schedule was reduced to something like €45 per week (€60 less per month), sent us a new contract to sign but after thinking about it we decided to stick with the original payments of about €60 a week - just incase it had any longer term negative effects on our credit rating etc.

pjmn

marti8 wrote: »

.

Actually, we did renegotiate it several months ago and the repayment schedule was reduced to something like €45 per week (€60 less per month), sent us a new contract to sign but after thinking about it we decided to stick with the original payments of about €60 a week - just incase it had any longer term negative effects on our credit rating etc.

... then why did you start this thread when you already know the answer? Your bank have already shown a willingness to negotiate with you. Why not do the sensible thing and go in and ask them???

Don't agree with your assertion that is was reckless lending - you applied for loan(s) on the basis that you could afford to repay them (which you have done to date) - your circumstances have now changed somewhat and you need to seek to renegotiate the term of the loan, which I'd suspect they will agree to.

Think you need to take more responsibility for your own actions.

marti8

pjmn wrote: »

... then why did you start this thread when you already know the answer? Your bank have already shown a willingness to negotiate with you. Why not do the sensible thing and go in and ask them???

Don't agree with your assertion that is was reckless lending - you applied for loan(s) on the basis that you could afford to repay them (which you have done to date) - your circumstances have now changed somewhat and you need to seek to renegotiate the term of the loan, which I'd suspect they will agree to.

Think you need to take more responsibility for your own actions.

No, it was indeed reckless lending. The bank themselves have said as much, they said that had the proper checks been carried out no loans would have been approved.

I know the bank will accept €45 a week, what I don't yet know is whether they'll accept a 50% reduction. But hopefully they will because we don't want things to go pearshaped neither do they I suspect.

MagicMarker

marti8 wrote: »

No, it was indeed reckless lending. The bank themselves have said as much, they said that had the proper checks been carried out no loans would have been approved.

I know the bank will accept €45 a week, what I don't yet know is whether they'll accept a 50% reduction. But hopefully they will because we don't want things to go pearshaped neither do they I suspect.

Why should they accept a 50% reduction? Has your income reduced by 50%? If so, why not, you know, get a job? You've had two years to find one.

marti8

MagicMarker wrote: »

Why should they accept a 50% reduction? Has your income reduced by 50%? If so, why not, you know, get a job? You've had two years to find one.

Get a job? Lol, funny. Maybe you should tell the same thing to the hundreds of thousands on the dole - of which I am not one by the way. Disability allowance isn't dole. I'm off back to uni so getting a job won't be an option. But this thread isn't about dole or getting a job - it's about a loan.

And no, our weekly income hasn't dropped by 50% - it doesn't need to have. It has dropped however and possibly will drop further in the next budget. Interesting to see how some folks don't seem to take issue with the fact that the bank themselves ignored their own lending guidelines, easier to ignore that part I guess :rolleyes:

MagicMarker

marti8 wrote: »

Get a job? Lol, funny. Maybe you should tell the same thing to the hundreds of thousands on the dole - of which I am not one by the way. Disability allowance isn't dole. I'm off back to uni so getting a job won't be an option. But this thread isn't about dole or getting a job - it's about a loan.

And no, our weekly income hasn't dropped by 50% - it doesn't need to have. It has dropped however and possibly will drop further in the next budget. Interesting to see how some folks don't seem to take issue with the fact that the bank themselves ignored their own lending guidelines, easier to ignore that part I guess :rolleyes:

Yes, you've mentioned ''disability allowance'' a few times already. Are you too disabled to get a job? Is that why you've been unemployed for 2 years?

I'm off to uni too actually, I'm still working full time. The tax payer won't be paying my loans or my rent for me. Why don't you take some personal responsibility for yourself?

marti8

MagicMarker wrote: »

Yes, you've mentioned ''disability allowance'' a few times already. Are you too disabled to get a job? Is that why you've been unemployed for 2 years?

I'm off to uni too actually, I'm still working full time. The tax payer won't be paying my loans or my rent for me. Why don't you take some personal responsibility for yourself?

Actually yes, given my disability getting a job isn't as simple and straightforward as one may think. By the way, when someone is on disability allowance they are not actually in the category of "unemployed" but don't worry it's an easy mistake to make Not that this relates in any way to what this thread is about, lol. You sound bitter that you have to work full time while going to uni? Tell me, are you bitter?

Personal responsibility is seeking to renegotiate a loan rather than missing payments or trying to walk away from it. Wonder why you don't address banking responsibility while you're talking about the issue of "responsibility", for example the responsibility they had to make sure they followed their own guidlines? I would hazard a guess those guidlines are in place to protect both bank (and customer) but primarily bank of course. Or is it that you believe they did nothing wrong by ignoring their own guidelines?