personal loan/credit query

Anfionn77

hi all long time reader of this wesbite first time using it...

i am a young male aged 25, fully employed and have been since i finished masters in 09. currently i have a credit union loan amounting to 7800 over 5 years which i am paying back about 300 per month and a credit card with 400 on it 600 limit.... i am earning approx 32,000 per annum before tax... i also have about 1400 in savings in credit union which i cant access due to loan being greater

so i am financially pretty ok, and have in the last 12 months learned to managed my money an awful lot better. i need a small personal loan of approx 1700, over a period of about 18 months. not a world beating sum at all, it is to cover my car insurance and deposit on a flat i will be moving into in dublin as part of a promotion i have gotten in my job. unfortunately i dont have the luxury of being able to hand over a 500 euro deposit at this point in time.

i have a slight problem tho, when i was in college i was a bit flahulach with money and basically had a credit card revoked, this has done untold damage to my credit rating and consequently have been knocked for the loan by the bank and credit union. even though i am up to date on all payments its all because of this effing credit card when i was 19!

can anyone please advise me where to go? as i am in a bad way for this? i have considered going the route of loan sharks... am willing to pay up to 15% interest on it. i would be confident i would have the loan paid back within 12 months...

any help would be greatly appreciated

little lady

First peice of advise would be to stay away from loan sharks, you don't know what could happen in the next 12 months that you may not be able to repay them and and you would be in serious trouble.

Can you not get your parents or someone else to to guarantor on the loan for you? Or if they were to take the laon out on your behalf and you just pay it back for them??

Locket

Defo stay away from the loan sharks. If you had a credit card revoked when you were 19and you are now 25, this should no longer be on your credit report ? Also, you mention you have a loan and a credit card so surely you have been able to get credit already ?

Anfionn77

yea i got credit already, but that is the part of the problem, the initial loan i had/have is going on since im about 20-21... used it to pay for masters then i knocked it down a good bit to about 2500 and then i topped it up about 10 months ago to buy a car which i paid 4k for... so i cant get a loan from again from them for one reason or another and the bloody credit card doesnt help.. and actually if i am to correct myself i think it was when i was 21 because i think i was told it would be 5 years before i can re apply... which sounds about right...

another problem i have is a switched bank accounts about a year ago, as i found that i would be paid quicker from using a boi ac as opposed to my aib account... so i dont have a terribly long relationship with them which i assume doesnt help either...

so i am really between a rock and a hard place, like the extra rate of interest doesnt bother me, i am as genuine as they come but because of my foolishness in my youth i have to pay for it now! there was 190 on the card when it was revoked would u imagine...

is there anywhere i could go to so if u are putting me off money lenders?

ps i have explained this in black and white 10 times over to bank and cu. parents are out due to having 2 brothers in 3rd level and both have no pt job...

dont want to have to ask friends as some are struggling with mortgages and families others have dependants...

i have no dependents or girlfriend incidentally and am not paying rent at the minute but will be from april onwards.. wage increase should easily cover it tho...

tommy21

Is there anyway you could sell your car? Unless you are in the back of beyonds, it should be easy to reach work by public transport in Dublin (unless you need car on the job)?

drunkmonkey

Some employers will give you relocation expensies, I know when moving to Dublin I was given €2000 and if not they may give you a company loan at no interest, it might be worth putting your case to the HR department or Manager.

It's not much of a promotion if your going further into debt and your cost of living is about to sky rocket.

wmpdd3

I'm sure the credit union would give it to you, have you asked for an appeal to be put before the board. I've heard of people being granted the loan for alot less.

Anfionn77

just out of credit union and cant be done sadly due to proximity of me topping up loan for my car last june... even though i am well ahead (almost 1000 euro in repayments) on a loan that initially topped 9500...

so anyone recommend any decent money lenders in south east??

drunkmonkey

Did you try at work yet? It's not something they advertise but it's worth a try. Keep away from money lenders.

R P McMurphy

Did you settle with the credity card company. AFAIK a blemish on your credit record stays for 5 years from the date that you make the final settlement

Toots

Requests for info on moneylenders are not allowed on this forum. Similarly, posters are not allowed to recommend/advise users to use them. Please read the Charter which contains the forum rules.

spoonface

Anfionn77 wrote: »

hi all long time reader of this wesbite first time using it...

i am a young male aged 25, fully employed and have been since i finished masters in 09. currently i have a credit union loan amounting to 7800 over 5 years which i am paying back about 300 per month and a credit card with 400 on it 600 limit.... i am earning approx 32,000 per annum before tax... i also have about 1400 in savings in credit union which i cant access due to loan being greater

so i am financially pretty ok, and have in the last 12 months learned to managed my money an awful lot better. i need a small personal loan of approx 1700, over a period of about 18 months. not a world beating sum at all, it is to cover my car insurance and deposit on a flat i will be moving into in dublin as part of a promotion i have gotten in my job. unfortunately i dont have the luxury of being able to hand over a 500 euro deposit at this point in time.

i have a slight problem tho, when i was in college i was a bit flahulach with money and basically had a credit card revoked, this has done untold damage to my credit rating and consequently have been knocked for the loan by the bank and credit union. even though i am up to date on all payments its all because of this effing credit card when i was 19!

can anyone please advise me where to go? as i am in a bad way for this? i have considered going the route of loan sharks... am willing to pay up to 15% interest on it. i would be confident i would have the loan paid back within 12 months...

any help would be greatly appreciated

I think you should consider paying your car insurance monthly instead of annually, as the big lump all at once is obviously making things difficult for you financially. Maybe ask your job for 500 advance which you'll pay back within 4 months by deductions, to help with the relocation?

As another poster said, you'll be in Dublin now so consider getting rid of the car, which could save you easily 1500 upwards per year. Depending on where you'll be living, you can get around fine by public transport / on foot / bicycle in the city and in some ways having a car is only more hassle unless you live out in the suburbs. Or even leave the car parked up off the street for 3 months, to give you a break on car costs and see after a few months whether your new life in Dublin really requires it. If not, sell it then and you'll get a cash injection out of it too, with ongoing reduced monthly outgoings. Also bear in mind that your overall living costs are likely to increase in Dublin, in terms of both prices and the things you choose to do once there.

Once you get past the initial difficulties now, you're next priority should be getting that credit card balance down to zero and keeping it there. Even ask them to reduce the limit so you don't end up with credit card debt again. The interest rate on credit cards is crazy high (e.g. 18%) so you don't want to be wasting money on such high interest if you can avoid it. I have a large limit on my card but have never paid any interest to them in the last 10 years because I always always make sure I get the balance paid off. I know that's not always possible and it's tempting to use it to carry you through a month, but really, steer clear of credit card debt. I think in your situation I would look at cutting up the credit card now and just use a Laser card if you need plastic. It will enforce greater financial discipline on you and keep you out of trouble in that way. Cutting it up means you still owe that 400 back but you won't get further into credit card debt because you won't be charging anything further to it.

The good thing I can say about your situation is that your loan is with the credit union, who would have more competitive rates than a bank. If you come to selling your car, I would actually put the proceeds straight into that loan account, instead of seeing it as a windfall or a treat.

While you say you're financially okay, you didn't give your monthly take-home pay and as you are feeling cashflow pressure right now and I think that it would really be worthwhile sitting down with Excel and adding up your monthly outgoings versus what you have coming in. Also think of anything annual that has to be paid out like health/car insurance etc and divide them by 12 so you see whether you can afford life at the moment, how much of a comfort zone you have between income and expenses etc.
It's easy to overlook how much we spend just living i.e. cash payments for shopping,entertainment etc apart from the formal bills.

By doing all this it'll give you a list of things to concentrate on reducing e.g. your credit card interest, nights out etc. It will also tell you how much you can afford to put aside each month either for savings or as extra payments against your existing commitments - i.e. if you can afford to pay some amount of the loans off early over the next while then do.

I hope this is of some help. Good luck with the move to Dublin and with getting on a strong footing financially.

PS Stay the hell away from loan sharks.

PPS While I would avoid asking friends for loans (as soon as it is asked for, a little bit of the friendship chips away right there), I wonder would you have any relatives who would in return for a standing order of 100 per month for 5 months give you a loan of the 500 you need for your deposit?

Anfionn77

thanks much appreciated....

the way i see the car insurance situation is that im paying nearly 30% more on finance it is cheaper for me to get a loan for it if u get me?

wont ask friends and home is under enough pressure...

at the moment i take home about 2300 per month after tax... give or take up to 250 depending on bonuses...

and i have settled credit card over 18 months now... it was a crazy situation address and mobile they had for me was changed as it was only temp accom, i switched banks and lived in america... so combination of things and it was also small money involved about 180 euro

re budgeting and financing i have done a plan my problem is im contributing too much to pension and savings that i cant bloody well access... spending needs to be addressed too that said...

car is a must as i play a lot of sport and need it for work too

im at my wits end, really am...

spoonface

Anfionn77 wrote: »

thanks much appreciated....

the way i see the car insurance situation is that im paying nearly 30% more on finance it is cheaper for me to get a loan for it if u get me?

wont ask friends and home is under enough pressure...

at the moment i take home about 2300 per month after tax... give or take up to 250 depending on bonuses...

and i have settled credit card over 18 months now... it was a crazy situation address and mobile they had for me was changed as it was only temp accom, i switched banks and lived in america... so combination of things and it was also small money involved about 180 euro

re budgeting and financing i have done a plan my problem is im contributing too much to pension and savings that i cant bloody well access... spending needs to be addressed too that said...

car is a must as i play a lot of sport and need it for work too

im at my wits end, really am...

I see, it's a tight squeeze you're in alright.With the car insurance, it's not so much that it costs more monthly, it's that you don't have enough cash to afford the discount of paying annually. Right now you can only afford to pay monthly (if at all) because as yet, we haven't figured out how to get you a loan, whereas the insurance company is making themselves available to extend credit (albeit at a price). 2 other things I can think of -
1. Is there anything you own that you don't need e.g. expensive sporting equipment etc. Maybe you could sell some stuff to raise a few hundred.
2. Your current income is fairly fixed and you're going to work on getting your outgoings down. But maybe to tide you over for the next couple of months you might think of finding a Saturday job somewhere. I know that sucks but it could bring in extra cash. Even something easy like security work minding an office every Saturday night or something. It could make the difference in a month. You didn't say what your area of work is but maybe there's even scope to do a nixer on the side using the skills you've built up working e.g. put an ad in the local shop saying you can fix computers, teach piano or whatever.

I know I haven't come up with anything that solves the lump of cash you're looking for but what I'm trying to do is help you bridge the gap between your income and outgoings, and pay off your loans so that eventually you'll have more money coming in than you need.