PTSB Build n Borrow load of C**P

shivkk06

So a last year I tried for a loan but my credit rating was shot. A few weeks later PTSB brought out Build n Borrow designed for people with poor or no credit ratings where you save and the loan is supposedly approved on your ability to repay. So I ve saved every week since then and went in other day to apply for the loan to be told today "sorry you didnt get it because you still have a poor credit rating".

I questioned this as my understanding was this was not a factor to be told yes it is.
Yes I got into debt in 2007 when i lost my job and was out of work for nearly 2 years, then was working in a job that barely paid the bills. Two years ago I started a new job and have been making payments on all my debts ever since. But I still have to wait for about 3 years now for my credit rating to improve

So there whole selling point on this loan is a lie.

Link shows summary of this loan
http://www.independent.ie/business/personal-finance/latest-news/permanent-tsb-offers-loans-for-savers-with-poor-credit-ratings-29384947.html

chris85

shivkk06 wrote: »

So a last year I tried for a loan but my credit rating was shot. A few weeks later PTSB brought out Build n Borrow designed for people with poor or no credit ratings where you save and the loan is supposedly approved on your ability to repay. So I ve saved every week since then and went in other day to apply for the loan to be told today "sorry you didnt get it because you still have a poor credit rating".

I questioned this as my understanding was this was not a factor to be told yes it is.
Yes I got into debt in 2007 when i lost my job and was out of work for nearly 2 years, then was working in a job that barely paid the bills. Two years ago I started a new job and have been making payments on all my debts ever since. But I still have to wait for about 3 years now for my credit rating to improve

So there whole selling point on this loan is a lie.

Link shows summary of this loan
http://www.independent.ie/business/personal-finance/latest-news/permanent-tsb-offers-loans-for-savers-with-poor-credit-ratings-29384947.html

Just because this product is aimed at people in your situation doesn't mean you have an entitlement to get it though.

shivkk06

I never said I had my point is they are using the selling point that your credit rating is not a factor when it actually is

wmpdd3

ARREARS

But the bank denied it was a credit-repair scheme and said the new loans would not be open to those who are in arrears on a mortgage.

Looks like no one knows what type of product it is, looks more like a product for people with no credit history than a blemished one.

OP get your icb report and count 6 years from the last 'x' or write off and that's when you will have a clean slate.

marathonic

shivkk06 wrote: »

I never said I had my point is they are using the selling point that your credit rating is not a factor when it actually is

I haven't seen the product adverts but, regardless of what type of marketing a bank is doing, how could anyone believe that the bank aren't going to assess a persons credit history when applying for a loan - especially after the trouble they got themselves into over the past decade....

shivkk06

wmpdd3 wrote: »

Looks like no one knows what type of product it is, looks more like a product for people with no credit history than a blemished one.

OP get your icb report and count 6 years from the last 'x' or write off and that's when you will have a clean slate.

thanks i must do that think i still have about 3 years left unfortunately

chris85

shivkk06 wrote: »

To set this up I had to go into bank fill out forms etc....at which point I asked would my credit rating would effect as obviously I knew I had got into debt I was told no its based on your ability to make repayments which is why u have to save consistently for at least 6 months

It may be based on your ability to repay but lending criteria will apply, such as a credit check. From reading on the PTSB site, rather than a news article about it, this seems more suitable to people with no credit history rather than a bad one.

vitani

shivkk06 wrote: »

Two years ago I started a new job and have been making payments on all my debts ever since.

So you still have existing debts?