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New personal loan

  • 06-01-2015 11:23am
    #1
    splanagan22
    Registered Users, Registered Users 2 Posts: 367 ✭✭


    Not sure if this is the right place to ask but here goes.

    5 years ago I got a new business loan. Since then the business failed and loan fell into major arrears. Since then I been paying back what I can and the bank has made no move on me.

    I am now in full time employment and am seeking a small personal loan for a new van for work. My question is will the old business loan come up on my application. I have checked my credit rating and there is no mention of it. I am going to be upfront about everything but just wanted a bit of advice first.

    Thanks.


Comments

  • #2
    Buttercake
    Registered Users, Registered Users 2 Posts: 539 ✭✭✭Buttercake


    Was it a Limited company or sole trader?

    Did you personally guarantee the business loan?

    Whats the old business status? dissolved? active?


  • #3
    splanagan22
    Registered Users, Registered Users 2 Posts: 367 ✭✭splanagan22


    Buttercake wrote: »
    Was it a Limited company or sole trader?

    Did you personally guarantee the business loan?

    Whats the old business status? dissolved? active?


    Hi.

    Business was limited

    Loan was personally guaranteed by myself and my business partner at the time.

    The company is now dissolved.


  • #4
    pedronomix
    Closed Accounts Posts: 997 ✭✭✭pedronomix


    http://www.icb.ie/credit_rating.php, from this site it seems you may be in bother.

    I assume you are not going to the same institution to whom you still have a balance outstanding. If you do Hire Purchase (asset based financing) it might be a runner, rather than a personal loan.

    That you have continued to make payments will of course stand you in better stead.


  • #5
    splanagan22
    Registered Users, Registered Users 2 Posts: 367 ✭✭splanagan22


    pedronomix wrote: »
    http://www.icb.ie/credit_rating.php, from this site it seems you may be in bother.

    I assume you are not going to the same institution to whom you still have a balance outstanding. If you do Hire Purchase (asset based financing) it might be a runner, rather than a personal loan.

    That you have continued to make payments will of course stand you in better stead.

    I have applied to ICB for a credit report and have recieved it back. There was no mention of the business loan on it.

    Only thing was a finance based I had a few years ago that is paid in full and had no missed payments.

    I don't really want to go down the road of finance again as I don't want to borrow that much.


  • #6
    pedronomix
    Closed Accounts Posts: 997 ✭✭✭pedronomix


    Interesting. Perhaps only the original named borrower gets (black)listed and not any guarantors?!


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