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Loan Appeal Refused

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  • 25-05-2015 7:22pm
    #1
    TwistedPixel88
    Registered Users Posts: 87 ✭✭


    Hi all,

    I currently have a loan with BOI for the past year and 2 months, the loan is over a period of two years. I recently applied for a "Top Up" of a relatively small amount, just under €2000, this was refused by the underwriter as they stated I was not long enough in current employment.

    I am nearly four months in my job and my probation period has passed, I wrote a letter of appeal explaining that the loan could lead to more income, my current was mostly paid off while I was unemployed and I attached a partial copy of my contract with a letter from my employer stating that my job was secure and that they have been in business since 2007.

    They explained that if my account stays in the current state, in 3 months I will be welcome to reapply and more than likely be successful.

    This is very frustrating as it seems like they are stringing me along, when I first tried to apply I was still in the probationary period so they told me to come back when it was over, which was fine and understandable.

    When I tried to apply again they said my current loan had to be 12 months or older, fair enough.

    Third time, no. 50% needs to be paid off.

    And now I am in the situation of having to wait another 3 months because I'm too new in my current job.

    Sorry for the poorly written rant, but can anyone offer any advice in what route to take? Or just suck it up and wait...

    Thanks
    Tagged:


Comments

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    #2
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 51,687 Mod ✭✭✭✭Stheno


    Generally you need to be in a job for six months plus to apply for a loan


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    #3
    Mycroft H
    Registered Users Posts: 9,316 ✭✭✭Mycroft H


    You're not considered a permanent employee in the eyes of the law until one calender year has passed since you started.

    You can still be let go without any reason until that date.


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    #4
    TwistedPixel88
    Registered Users Posts: 87 ✭✭TwistedPixel88


    Stheno wrote: »
    Generally you need to be in a job for six months plus to apply for a loan


    Thanks for the reply, but what frustrates me is nobody stated that in the first place


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    #5
    TwistedPixel88
    Registered Users Posts: 87 ✭✭TwistedPixel88


    Mycroft H wrote: »
    You're not considered a permanent employee in the eyes of the law until one calender year has passed since you started.

    You can still be let go without any reason until that date.

    Thanks for the reply, does that still apply if it's a permanent contract?


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    #6
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 51,687 Mod ✭✭✭✭Stheno


    TwistedPixel88 wrote: »
    Thanks for the reply, does that still apply if it's a permanent contract?

    It does

    You're best bet is to wait till you are at least six months there and reapply


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    #7
    TwistedPixel88
    Registered Users Posts: 87 ✭✭TwistedPixel88


    Stheno wrote: »
    It does

    You're best bet is to wait till you are at least six months there and reapply

    Do you think there would be any value in arranging an appointment with the loans manager of my local branch? I'm very stubborn when it comes to things like this


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    #8
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 51,687 Mod ✭✭✭✭Stheno


    TwistedPixel88 wrote: »
    Do you think there would be any value in arranging an appointment with the loans manager of my local branch? I'm very stubborn when it comes to things like this

    No they have the upper hand here you are higher risk at the moment due to the lack of time in your job

    It's all centrally controlled now anyway the loan manager won't be able to override the refusal


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    #9
    TwistedPixel88
    Registered Users Posts: 87 ✭✭TwistedPixel88


    Stheno wrote: »
    No they have the upper hand here you are higher risk at the moment due to the lack of time in your job

    It's all centrally controlled now anyway the loan manager won't be able to override the refusal

    Ok, thanks for the advice.


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