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bank want me to have 1200 after deductions before processing loan application

  • 18-05-2015 2:13pm
    #1
    lifeandtimes
    Closed Accounts Posts: 2,021 ✭✭✭


    Hi,

    does anyone have any experience with this?

    I'm trying to apply for a loan of 2500 with my bank and during the application iv been advised that i need to have 1200 left over after my all my monthly deductions,including the loan repayment, are taking away from my wage.

    I don't make a lot and i keep falling a bit short of it (1000) but i wouldn't need a loan if i have 1200 spare after everything.

    Has any one experienced this or found a way around?

    I find it strange that they would want me to have this amount as the monthly payment of the loan would be 67 EUR and that taken out of 1000 still leaves a lot for month seeing as all deductions are taken away.

    Any advise appreciated

    Regards


Comments

  • #2
    wmpdd3
    Registered Users, Registered Users 2 Posts: 9,625 ✭✭✭wmpdd3


    They may be using the new insolvency guidelines as a guide for income.

    These limits give a minimum amount needed for living expenses.

    Heard the old saying 'a bank will only give you money when you don't need it' .


  • #3
    EGavigan
    Registered Users, Registered Users 2 Posts: 29 ✭EGavigan


    lifeandtimes wrote: »
    ...iv been advised that i need to have 1200 left over after my all my monthly deductions,including the loan repayment, are taking away from my wage.

    I'm pretty sure that this is down to a communication error. What they meant to say is that you need to have €1,200 to live on after all your loan repayments and rent are paid. It varies by lender but €1,200 a month is roughly the amount which banks deem a single person needs to live on after all debt repayments/rent. For a couple it would be roughly €2,000 plus €250 per child (if applicable). These are rough figures, each bank has their own guidelines.


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