Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Eligible for loan pending compensation award?

Options
  • 11-03-2012 6:22pm
    #1
    joop82
    Closed Accounts Posts: 3 ✭


    I have been awarded a sum from the criminal injuries compensation tribunal after being attacked a few years back. I am awaiting payment and am wondering if I am eligible for a loan bsed on the forthcoming payment? I have to have some dental work done due o the attack and would like to start sooner rather than later. If anyone has had a similar experience I would be grateful if anyone could give me some advice. Thanks.:)


Comments

  • Options
    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    joop82 wrote: »
    I have been awarded a sum from the criminal injuries compensation tribunal after being attacked a few years back. I am awaiting payment and am wondering if I am eligible for a loan bsed on the forthcoming payment? I have to have some dental work done due o the attack and would like to start sooner rather than later. If anyone has had a similar experience I would be grateful if anyone could give me some advice. Thanks.:)

    i would speak to your solicitor and ask him to provide a formal undertaking to the bank to clear the loan once the money comes through. Basically this will mean the solicitor will have an obligation to pay the bank first, along with any undertaking he has given, before you get the money. Your solicitor should have no problem providing this if money is due soon.

    Have a chat with your bank once your solicitor is ok with giving an undertaking and ask them to consider it.


  • Options
    #3
    joop82
    Closed Accounts Posts: 3 ✭joop82


    Thanks Chris,
    Not using a solicitor as the compensation is being paid through a tribunal. I do have a signed letter stating the amount to be recieved and also that it will go directly into my bank a/c. Do you think that this will be sufficient for the bank?
    Thanks Again.


  • Options
    #4
    Doom
    Banned (with Prison Access) Posts: 2,381 ✭✭✭Doom


    joop82 wrote: »
    I have been awarded a sum from the criminal injuries compensation tribunal after being attacked a few years back. I am awaiting payment and am wondering if I am eligible for a loan bsed on the forthcoming payment? I have to have some dental work done due o the attack and would like to start sooner rather than later. If anyone has had a similar experience I would be grateful if anyone could give me some advice. Thanks.:)

    If you have health insurance, you maybe able to claim under it for the dental work required, happened me years ago and I could, all depends on your policy.


  • Options
    #5
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    joop82 wrote: »
    Thanks Chris,
    Not using a solicitor as the compensation is being paid through a tribunal. I do have a signed letter stating the amount to be recieved and also that it will go directly into my bank a/c. Do you think that this will be sufficient for the bank?
    Thanks Again.

    Certainly have a talk with the bank. You may have to talk to a branch assistant manager or someone who will understand your request a bit more and can aid you with including the information on your application.

    It would not be as strong as a letter of undertaking from solicitor as the undertaking would 100% guarantee payment of the loan once the money comes. The letter from the tribunal would show you are going to receive funds but it doesnt guarantee the loan will be paid by these funds.

    Would you be in a position to get the loan for the work just on your current income alone without the need to provide this information to the bank for it?


  • Options
    #6
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Chris85 is 100% spot on.

    An undertaken will be needed. Easiest way is through a solicitor.


  • Advertisement
  • Options
    #7
    joop82
    Closed Accounts Posts: 3 ✭joop82


    Thanks guys, will have a word with the bank manager tomorrow, know him so it might be easier. Re would I be able to get loan on current salary - no, way too expensive, had my jaw broken, now have to get all kinds of things done to my teeth . . .
    Thanks for all your help, will let you know how I get on tomorrow.
    Somebody suggested credit union to me, so maybe i'll give them a go too.
    Thanks again guys.:)


  • Options
    #8
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    joop82 wrote: »
    Thanks guys, will have a word with the bank manager tomorrow, know him so it might be easier. Re would I be able to get loan on current salary - no, way too expensive, had my jaw broken, now have to get all kinds of things done to my teeth . . .
    Thanks for all your help, will let you know how I get on tomorrow.
    Somebody suggested credit union to me, so maybe i'll give them a go too.
    Thanks again guys.:)

    Yeah definitely talk to the credit union as well as see if they can help you. If you are a current member they will be able to do a lot more for you then if you just join and immediately ask for a loan.


Advertisement