Denied Credit union loan - options?

oranbhoy67

Hi all just looking for some advice here.

Ive been in my local Credit Union for 3 years i have had 2 loans both of which i have paid off early by just over a month in both cases.- they were both to be paid over a year.

First was for €600 Second was for €700.

I have just over €250 in my savings.

My CU comittee meets very Tuesday to discuss loan approvals & i rang them today to ask was my latest loan apllication ( for €700) approved . i was told it wasnt as i had been late with repyments.

I think their is confusion here as i was struggling to get up to my Local CU every week so i asked if i could pay the same repayment amount but monthly, though i was told that this took time to go through on their computer so im thinking maybe this is why it looks like i was very late on repaying my fees this month.

The CU worker on the phone to me had a bad attitude so i asked for her name & asked to speak to her manager, she refused to give me her name but put me on hold to go get her manager, she came back said he was busy but he would put in a reapplication for me for the next weeks meeting.


Just wondering what i could do if i didnt get approved next week?? i have a holiday booked& flights paid for with just me & my kid, the money was for spending cash but i wont get a refund on my hotel or flights & im gonna be stuck with no other lending options if i dont get this.. foolish to book up first i know but i thought with me repaying both my loans early i would get this no bother paticualry as i have added to savings and i have asked for the same amount i paid back last year .


Any advice gratefully accepted.

coylemj

oranbhoy67 wrote: »

The CU worker on the phone to me had a bad attitude so i asked for her name & asked to speak to her manager, she refused to give me her name but put me on hold to go get her manager, she came back said he was busy but he would put in a reapplication for me for the next weeks meeting.

I'm guessing he will helpfully stamp the application 'Rejected' to save them time.

You need some training in diplomacy and tact and how to recognise the toes you shouldn't step on.

oranbhoy67

coylemj wrote: »

I'm guessing he will helpfully stamp the application 'Rejected' to save them time.

You need some training in diplomacy and tact and how to recognise the toes you shouldn't step on.

I need training to get a credit union loan? where is this available?

phormium

Central Bank has clamped down big time on Credit Unions, their lending criteria has been tightened up considerably and holidays are not a good lending reason at the best of times. Your application may have fallen foul of new guidelines so a polite request for an appeal with an explanation regarding the payment change might do it.

oranbhoy67

phormium wrote: »

Central Bank has clamped down big time on Credit Unions, their lending criteria has been tightened up considerably and holidays are not a good lending reason at the best of times. Your application may have fallen foul of new guidelines so a polite request for an appeal with an explanation regarding the payment change might do it.

Thanks for the advice . looks like im going to have to head down this road unfortunately, just hope it works

Snake

oranbhoy67 wrote: »

Thanks for the advice . looks like im going to have to head down this road unfortunately, just hope it works

I thought you could only borrow twice your savings? Could you not take out your savings then borrow some of a family member

oranbhoy67

GrayFox208 wrote: »

I thought you could only borrow twice your savings? Could you not take out your savings then borrow some of a family member

My first loan was €500 i had €150 in savings my second was €700 when i had €200 savings.. if i dont get the decision in my way im gonna have to take out my savings and try beg or borrow the rest from elsewhere.

Was up today & the lady i was dealing with said they had 4 pages of "credit notes" relating to my account , i asked to see the four pages and she eventually produced 1 page on which was wrote a few random numbers which made no sense to me but she said it showed they had been in contact with me 48 times which basically isnt true at all in any way .. they never contacted me even once this year to say i was in arrears & i have had the same contact numbers & email address that i have always had.

I was basically given a begging form to fill & hand in, which i was told will be passed on to someone to review the decision, & on the form it said that if i wasn't successful i could arrange a meeting with the directors of the CU where i could plead my case, i have to pay a fee between €20 & €50 for this which would be refundable if my loan goes through.

This Monday coming is the 3rd of this month so i am going to go up again on Monday & see can i skip right thru to this step because next months meeting will be too late for me.

Gmol

Need to politely ask what exactly happened 're how they contacted you 48 times, do you have written correspondence 're you being late to pay? Being nice will get better results

oranbhoy67

Gmol wrote: »

Need to politely ask what exactly happened 're how they contacted you 48 times, do you have written correspondence 're you being late to pay? Being nice will get better results

yeah i was as nice as i could be today. i am not a rude person but i admit i was i taken by surprise & upset yesterday by what i was told on the phone and no doubt this came across as rude & so then the lady on the other side got rude back, well i apologised today but i have a feeling the damage was done as the loan officer who dealt with me was saying the exact same stuff about these 4 pages as the lady on the phone yesterday..so i have a feeling they have discussed it amongst themselves & maybe made their mind up that it wasn't happening for me as was alluded to by another poster earlier.

Thats exactly what im going to do is ask how they contacted me & to ask for detailed records instead of some numbers and abbreviations on a sheet of paper that make zero sense to me, they never gave me written correspondence nor rang or text all year .. the first year i had my loan i was late 2 or 3 times and they would text immediately to remind me to pay these times. that never happened once this year.. my plan is/was to take out a yearly small loan like this for a few days away. pay it back thru the year and add savings every year as well, if i was aware in anyway that i was falling foul of their rules i would have paid right away.. as far as i knew i was paying on time. and i paid up in June for it and it was due to be paid off this month so actually thought i was doing well.

Snake

oranbhoy67 wrote: »

yeah i was as nice as i could be today. i am not a rude person but i admit i was i taken by surprise & upset yesterday by what i was told on the phone and no doubt this came across as rude & so then the lady on the other side got rude back, well i apologised today but i have a feeling the damage was done as the loan officer who dealt with me was saying the exact same stuff about these 4 pages as the lady on the phone yesterday..so i have a feeling they have discussed it amongst themselves & maybe made their mind up that it wasn't happening for me as was alluded to by another poster earlier.

Thats exactly what im going to do is ask how they contacted me & to ask for detailed records instead of some numbers and abbreviations on a sheet of paper that make zero sense to me, they never gave me written correspondence nor rang or text all year .. the first year i had my loan i was late 2 or 3 times and they would text immediately to remind me to pay these times. that never happened once this year.. my plan is/was to take out a yearly small loan like this for a few days away. pay it back thru the year and add savings every year as well, if i was aware in anyway that i was falling foul of their rules i would have paid right away.. as far as i knew i was paying on time. and i paid up in June for it and it was due to be paid off this month so actually thought i was doing well.

If you feel like they're being unfair just plead your case.

I applied for two loans in the past that had been rejected.

The first time I appealed the decision in writing. My letter detailed the breakdown of what the loan was for (starting a business, purchasing equipment, etc.). The loan was approved upon receiving the letter.


The second time, my car loan was refused, as I had just gotten a car loan prior to this. I appealed this in-person, and the loan was approved once I explained the circumstances around the loan and why I was getting two car loans in a short space of time (the details of which will bore you to death, so I won't go on about them). :P


I find that the Credit Union are generally quite helpful once they can see a bit of logic to your thinking. In my appeals on both counts, I stressed to them my previous repayment history which was always fairly on the ball.

Like yourself, OP, i swapped over from weekly to monthly payments too, during the course of a loan, but I found it was done immediately for me, over the phone, so they never questioned it or brought it up. Are you sure your CU actually did move you to monthly repayments? (either way, if you were still paying the same amount, I'm sure they'll see this if you appeal and actually talk to them, so it won't do you any harm to actually talk to the loan manager.

oranbhoy67

Deleted User wrote: »

I applied for two loans in the past that had been rejected.

The first time I appealed the decision in writing. My letter detailed the breakdown of what the loan was for (starting a business, purchasing equipment, etc.). The loan was approved upon receiving the letter.


The second time, my car loan was refused, as I had just gotten a car loan prior to this. I appealed this in-person, and the loan was approved once I explained the circumstances around the loan and why I was getting two car loans in a short space of time (the details of which will bore you to death, so I won't go on about them). :P


I find that the Credit Union are generally quite helpful once they can see a bit of logic to your thinking. In my appeals on both counts, I stressed to them my previous repayment history which was always fairly on the ball.

Like yourself, OP, i swapped over from weekly to monthly payments too, during the course of a loan, but I found it was done immediately for me, over the phone, so they never questioned it or brought it up. Are you sure your CU actually did move you to monthly repayments? (either way, if you were still paying the same amount, I'm sure they'll see this if you appeal and actually talk to them, so it won't do you any harm to actually talk to the loan manager.

This is the thing , the next few times after i moved to paying monthly i asked was it in the system that i was down as paying monthly now, the fella dealing with me told me it wasn't actually in the system as such but this was usual and the change would soon go thru, after a while i just assumed it had as i wasn't receiving any late payment notices etc.

I really hope i can get to speak someone on the committee or one of the directors or managers as the lady i keep getting referred to just doesnt want to play ball and forever keeps referring to these 4 page of credit defaults which i cant get my head around. And tbh its stressing me out & i will find it hard to sleep now all weekend as i am desperately trying to work out a plan B if the appeal isnt successful.

Snake

if you don't get it sorted just take out savings and borrow from family they'll want you to enjoy your holiday

GrayFox208

GrayFox208 wrote: »

if you don't get it sorted just take out savings and borrow from family they'll want you to enjoy your holiday

to be fair, though, I don't have a sack of cash to hand over to my brother if he wants to go on holidays all of a sudden. I'm sure most people are the same. It can be embarrassing to ask family or friends for money, and money is, unfortunately, the one thing that can tear a family or friends apart.

I'd rather go to the likes of Provident than to family members.

(maybe that's just me, though)

oranbhoy67 wrote: »

This is the thing , the next few times after i moved to paying monthly i asked was it in the system that i was down as paying monthly now, the fella dealing with me told me it wasn't actually in the system as such but this was usual and the change would soon go thru, after a while i just assumed it had as i wasn't receiving any late payment notices etc.

I really hope i can get to speak someone on the committee or one of the directors or managers as the lady i keep getting referred to just doesnt want to play ball and forever keeps referring to these 4 page of credit defaults which i cant get my head around. And tbh its stressing me out & i will find it hard to sleep now all weekend as i am desperately trying to work out a plan B if the appeal isnt successful.

Do yourself a favour and ring them and tell them you would like an appointment to speak to a loan manager. To prevent any hassle, just don't engage them on the phone and don't offer any information with regards to what you want to talk to the loan manager about.

If they insist on knowing what the meeting is about, just tell them it's in 'regards to my personal and financial circumstances' and that you'd really rather not discuss it over the phone as it's only of interest to the loan manager.


If you currently owe any money to them, tell them you will cease repayments until a meeting is arranged, and if you don't owe them anything, tell them that you will withdraw your savings and take your business elsewhere unless a meeting is arranged.


Personally, I've found my CU to go above and beyond when it came to helping me out, but at the same time, if I started getting attitude off them: I'd either bully my way into getting what I wanted, or I'd call it a day and stop dealing with them altogether.

dobsdave

Deleted User wrote: »

I'd rather go to the likes of Provident than to family members.

(maybe that's just me, though)

.

Very last resort going to a money lender like this.
If its a one off situation/emergency then theres no harm going to family.
Although that depends on the family

oranbhoy67

dobsdave wrote: »

Very last resort going to a money like this.
If its a one off situation/emergency then theres no harm going to family.
Although that depends on the family

My family if they had it would give me it but they just don't have that kind of cash to loan, i have a friend who i will ask as a last resort, thanks KKV i am going to take your advice, i just hope the loan manager is not the same girl that i have been chatting to the last few times who basically makes it clear that she just doesn't want to deal with me.. i dont owe them a single penny and i have a printout in front of me of my statement from my online account with them showing that i paid my amount in the first week of every single month of my last loan, as agreed, and paid double the last month to pay it off early.

Its just getting to talk to someone who will understand this instead of someone who will just keep repeating this line about 4 pages of credit defaults to me.. it feels like the "little britain" TV sketch - computer says no.

I am also going to see if i can go straight to meeting the board members on Monday night at it is held every 3rd Monday of every month which is this Monday .. as the one next month is too late for me as i travel away the next day .

Here's the thing. If you agree to pay weekly then the CU expects the payment every 7 days. As you all know, you can pay earlier and faster.
Now when you decide to pay monthly, you have to pay your first months payment within 7 days from your lady weekly payment. That way you are 3 weeks ahead, and that's fine
Where people get it wrong is when you leave it 4 weeks before your first monthly payment. At that stage you are already behind in your weekly payments. Get it??
So now you have a record as a slow payer and you might not get the next loan you ask for.
Generally the answer will be Yes when you have a clear payment history and your financial position has not deteriorated
By the way, this thing of getting 3 or 4 times what you have in shares is for the birds. It's what you can afford that matters , not what you put into your account. It's not a slot machine. And don't blame the central bank. Your CU can decide lending policy without input from Dublin

Snake

George Bernard wrote: »

Here's the thing. If you agree to pay weekly then the CU expects the payment every 7 days. As you all know, you can pay earlier and faster.
Now when you decide to pay monthly, you have to pay your first months payment within 7 days from your lady weekly payment. That way you are 3 weeks ahead, and that's fine
Where people get it wrong is when you leave it 4 weeks before your first monthly payment. At that stage you are already behind in your weekly payments. Get it??
So now you have a record as a slow payer and you might not get the next loan you ask for.
Generally the answer will be Yes when you have a clear payment history and your financial position has not deteriorated
By the way, this thing of getting 3 or 4 times what you have in shares is for the birds. It's what you can afford that matters , not what you put into your account. It's not a slot machine. And don't blame the central bank. Your CU can decide lending policy without input from Dublin

Not since they're regulated by central bank.

oranbhoy67

George Bernard wrote: »

Where people get it wrong is when you leave it 4 weeks before your first monthly payment. At that stage you are already behind in your weekly payments. Get it??

I certainly do get it yeah, if its true what you are saying then its a pity the credit union hadn't told me this at the time though or subsequently and instead waited till i was applying for a new loan to spring it on me.

George Bernard

George Bernard wrote: »

Where people get it wrong is when you leave it 4 weeks before your first monthly payment. At that stage you are already behind in your weekly payments. Get it??

Even so, OP would only be a month behind on repayments, and if this was the case, would show up as a constant and un-changing arrears on her CU dockets when she does pay.


Regardless, a quick "woops, didn't realise that, but still, I otherwise paid on time/early" would surely quickly sort out any issue, when speaking to a CU Loan Manager (as they'd be able to see that regular repayments were kept up, otherwise).

oranbhoy67

so rang up the credit union today conversation went a bit like this

Me - hi i have a appeal for a loan in for review i was wondering could instead could i take it straight thru to the meeting of board members which is held on the third Monday of every month (tonight) , as if my appeal isnt reviewed by today then the meeting next month would be too late for me due to the fact the holiday i have booked is after that.

Credit control officer - the manager has the appeal and hasn't had a chance to look at it yet.

Me, - yeah i understand that thanks but the thing is like i say is id like to just take it to the committee tonight as next month would be too late for me if the manager doesn't decide in my favour

Credit control officer - like i say the manager has the appeal and hasn't had a chance to look at it yet.

this went back and forth for a few minutes with me trying to word it differently etc to get her to understand & with a few audible sighs on her behalf , she ended up telling me to ring back later to see had the manager looked at it yet..

think ill just call up in person instead, i dont think i could handle many more phone calls like that.

Ah, stick your head down to the meeting, so. What's the worst that can happen? They say no or turn you away. At least you'd know for sure!

Hope all goes well oranbhoy.. what Credit Union is it, out of curiosity? Presumably somewhere in Letterkenny? Sounds a bit shoddy. The Drogheda one is very professional and they really do help you out when they can. It's quite a 'realistic' feel to the place, and has a less machine/automated kind of feel to it (or at least, that's my impression and opinion anyway. I'm sure many would disagree).