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Put on Wage Subsidy Scheme - Will this affect mortgage application?

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Comments

  • #92
    Janey100
    Registered Users Posts: 7 ✭Janey100


    GalwayyGirl wrote: »
    Has anyone had any success in drawing down while one or both applicants are in receipt of the subsidy?

    We have wasted countless weeks now applying to additional banks that initially said there will be no issue with drawdown as they are dealing with subsidy receipients on a "case-by-case basis". All of the banks which have come back to us are requiring proof of non-receipt of the subsidy prior to drawdown (despite what they previously stated).

    Only one of us are in receipt of the subsidy payment (no threat to job security). We are have strong incomes, good savings and no debt. Despite this, we don't satisfy whatever critera they are using to assess our application on a 'case-by-case' basis.

    Any help would really be appreciated. Thank you.


    No but our broker has told us he has had some successes in order to get us to continue the process when we didnt know if we should bother and get our Hope's up, but whether this is true or not I will find out in 3 weeks when we look to drawdown 🀷*♀️

    Have you contracts signed? Are you in hospitality as he thinks this is the "case by case" bases


  • #93
    GalwayyGirl
    Registered Users Posts: 12 ✭GalwayyGirl


    Janey100 wrote: »
    No but our broker has told us he has had some successes in order to get us to continue the process when we didnt know if we should bother and get our Hope's up, but whether this is true or not I will find out in 3 weeks when we look to drawdown 🀷*♀️

    Have you contracts signed? Are you in hospitality as he thinks this is the "case by case" bases

    We are sale agreed but haven't signed contracts yet. I work in the legal sector.


  • #94
    [Deleted User]
    Posts: 0 ✭[Deleted User]


    brisan wrote: »
    How people can still believe this is beyond me

    Because it’s fact for many people.

    How can people now believe that there are people in receipt of the subsidy that are totally secure and there companies haven’t a chance in hell of going under.


  • #95
    Janey100
    Registered Users Posts: 7 ✭Janey100


    GalwayyGirl wrote: »
    We are sale agreed but haven't signed contracts yet. I work in the legal sector.

    Makes no sense then you should be fine especially that only one of you are on it,why would they tell you to go through the process it will be fine and then not follow through!Waste of your time!

    Also if it's not appearing on the next payslip what to stop a company writing a letter and lying that they are off it,what's a piece of typed up words worth!


  • #96
    Janey100
    Registered Users Posts: 7 ✭Janey100


    Londyn Hallowed Duet wrote: »
    Because it’s fact for many people.

    How can people now believe that there are people in receipt of the subsidy that are totally secure and there companies haven’t a chance in hell of going under.

    I believe that galway girl has a partner who is not on the scheme ,and also know if they can or cannot afford a mortgage considering anyone can lose a job tommorow covid or no covid and most mortgages are cheaper than rent.

    And In my instance I work for a multi billion company who managed to just get our sector on the scheme as it was performing at 65% even though their other sectors where up through covid. I think banks should take the case by case serious .


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  • #97
    Tow
    Registered Users Posts: 6,357 ✭✭✭Tow


    Cushtie wrote: »
    If a company is in receipt of the EWSS this payment will not appear on the employees payslip.

    Revenue will publish a list of employers on EWSS once the scheme ends.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • #98
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    Janey100 wrote: »
    Makes no sense then you should be fine especially that only one of you are on it,why would they tell you to go through the process it will be fine and then not follow through!Waste of your time!

    Also if it's not appearing on the next payslip what to stop a company writing a letter and lying that they are off it,what's a piece of typed up words worth!

    You do know obtaining money by deception is a criminal offence ,and any employer giving such a letter would possibly be considered an accomplice ,but I am sure you knew that


  • #99
    michellie
    Registered Users Posts: 2,691 ✭✭✭michellie


    brisan wrote: »
    How people can still believe this is beyond me

    I'm on the wage subsidy scheme too(coming off it next week) my job is absolutely under no threat.


  • #100
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    michellie wrote: »
    I'm on the wage subsidy scheme too(coming off it next week) my job is absolutely under no threat.

    Maybe not YOUR particular job,but by applying for TWSS your employer has admitted that his business is suffering a downturn.
    They have stated that they cannot afford to pay all their staff full wages.
    The bank knows this and will treat all employees of the business the same.
    Cemeteries are full of people who though they could not be done without.
    At the best of times NO ONES job is safe ,even more so now.


  • #101
    MoonUnit75
    Registered Users Posts: 1,514 ✭✭✭MoonUnit75


    brisan wrote: »
    Maybe not YOUR particular job,but by applying for TWSS your employer has admitted that his business is suffering a downturn.
    They have stated that they cannot afford to pay all their staff full wages.
    The bank knows this and will treat all employees of the business the same.
    Cemeteries are full of people who though they could not be done without.
    At the best of times NO ONES job is safe ,even more so now.

    I don't think they are admitting they can't pay wages. Is it not more that turnover is down and there is less work for staff to do ie. the alternative is lay-offs due to staff not being needed. Of course many businesses in retail and hospitality/tourism are in deep trouble, I'm not denying that. But I don't remember anything in the announcements to say businesses with cash reserves or assets they could offload couldn't apply for the scheme.

    I think there's a bit of scaremongering going on, some of it seems to suggest staff in viable businesses with temporary interruption to normal working hours and turnover should just take the hit on the scheme and 'thank their lucky stars they have a job'. For many, it's a non-voluntary pay cut. Many of these businesses will be back making profits either in the very near future or in the next few months while employees will be paying back the extra tax for at least a year and maybe two.

    I think there are at least a minority of businesses who saw free money being waved in their faces and thought better to have it when the course of this pandemic is uncertain.


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  • #102
    michellie
    Registered Users Posts: 2,691 ✭✭✭michellie


    brisan wrote: »
    Maybe not YOUR particular job,but by applying for TWSS your employer has admitted that his business is suffering a downturn.
    They have stated that they cannot afford to pay all their staff full wages.
    The bank knows this and will treat all employees of the business the same.
    Cemeteries are full of people who though they could not be done without.
    At the best of times NO ONES job is safe ,even more so now.

    I work in the NCT brisan, I'm sure we will be ok.


  • #103
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    michellie wrote: »
    I work in the NCT brisan, I'm sure we will be ok.

    I am sure you will be ,the same way thousands of civil servants were in 08-12 and thousands of bank employees in good secure pensionable jobs are


  • #104
    Kh1993
    Closed Accounts Posts: 443 ✭✭Kh1993


    Not arguing what’s right or wrong etc, but are any banks actually processing applications for drawdown under the subsidy on the ‘case by case basis’ like they said they would, or a full blown no?

    I know permanent tsb and Ulster bank have both said in the media that they are, but that in actual practice they are giving 100% no’s to subsidy applicants.


  • #105
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,278 Mod ✭✭✭✭The_Conductor


    I'm not aware of any lenders processing any (at all) drawdowns for recipients of pay/salary under the wage subsidy scheme.


  • #106
    sparkle109
    Registered Users Posts: 174 ✭✭sparkle109


    Permanent tsb have told us no drawdown until off Covid subsidy at least a month

    quote="Kh1993;114480379"]Not arguing what’s right or wrong etc, but are any banks actually processing applications for drawdown under the subsidy on the ‘case by case basis’ like they said they would, or a full blown no?

    I know permanent tsb and Ulster bank have both said in the media that they are, but that in actual practice they are giving 100% no’s to subsidy applicants.[/quote]


  • #107
    Dav010
    Registered Users Posts: 13,976 ✭✭✭✭Dav010


    brisan wrote: »
    They have stated that they cannot afford to pay all their staff full wages..

    Absolute BS. Where are you getting this from? When an employer applied for TWSS, all that was being stated was that income/orders had dropped due to Covid.

    Most businesses closed in March, most are down at least 25 to 30% of income. When something like that happens in normal times, like the loss of a big customer, it is prudent for an employer to lay-off unneeded staff. Employers would have done this during Covid, in an effort to keep people in employment and off the live register, the TWSS scheme was quickly introduced.

    Availing of it is not a statement you cannot afford to pay wages, it did however keep hundreds of thousands of employees in a job who would otherwise have been laid off as there was no work for them to do .


  • #108
    greengrass88
    Registered Users Posts: 87 ✭✭greengrass88


    sparkle109 wrote: »
    Permanent tsb have told us no drawdown until off Covid subsidy at least a month

    quote="Kh1993;114480379"]Not arguing what’s right or wrong etc, but are any banks actually processing applications for drawdown under the subsidy on the ‘case by case basis’ like they said they would, or a full blown no?

    I know permanent tsb and Ulster bank have both said in the media that they are, but that in actual practice they are giving 100% no’s to subsidy applicants.
    [/quote]

    Yes we were told by all banks there would be no drawdown until 1 payslip off the subsidy. The new EWSS starts today and runs until March 31st...how soon into April 2021 would I be able to drawdown? I get paid fortnightly.


  • #109
    spiralout
    Registered Users Posts: 15 ✭spiralout


    The new EWSS won't appear on your payslip. How will banks know if you are on it or not?


  • #110
    greengrass88
    Registered Users Posts: 87 ✭✭greengrass88


    spiralout wrote: »
    The new EWSS won't appear on your payslip. How will banks know if you are on it or not?

    A few people have previously mentioned that banks will ask for letters of confirmation from employers


  • #111
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,278 Mod ✭✭✭✭The_Conductor


    spiralout wrote: »
    The new EWSS won't appear on your payslip. How will banks know if you are on it or not?

    Banks are specifically requesting letters from Personnel Officers stating that you are in permanent employment, at what salary and whether or not this is subvented by any government schemes.


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  • #112
    spiralout
    Registered Users Posts: 15 ✭spiralout


    I thought they would have some way of finding out. Good to know.
    I have approval since March. Have held off doing anything since I was put on the subsidy. Need to reapply this week as the 6 months AIP is up, so I'll see what they say.


  • #113
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,278 Mod ✭✭✭✭The_Conductor


    spiralout wrote: »
    I thought they would have some way of finding out.

    Under GDPR they are not allowed allowed access to the list of companies availing of the scheme, until such time as the scheme is wound up (or the companies opt out of the scheme).


  • #114
    [Deleted User]
    Posts: 0 ✭[Deleted User]


    The_Conductor wrote: »
    Banks are specifically requesting letters from Personnel Officers stating that you are in permanent employment, at what salary and whether or not this is subvented by any government schemes.

    Do banks actually follow up on these letters? Sure anyone with access to the headed paper of their company could do up a letter.


  • #115
    awec
    Administrators Posts: 53,331 Admin ✭✭✭✭✭awec


    Londyn Hallowed Duet wrote: »
    Do banks actually follow up on these letters? Sure anyone with access to the headed paper of their company could do up a letter.

    That would be fraud.

    Not only would your bank take serious issue with this, but your employer would not be impressed either to find you forging letters.


  • #116
    [Deleted User]
    Posts: 0 ✭[Deleted User]


    awec wrote: »
    That would be fraud.

    Not only would your bank take serious issue with this, but your employer would not be impressed either to find you forging letters.

    It may well be and I’m not condoning it but you can be sure people would still chance it if there is only a very slim chance of being caught and they are driven mad with frustration by the banks acting the bollocks over this.


  • #117
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    The_Conductor wrote: »
    I'm not aware of any lenders processing any (at all) drawdowns for recipients of pay/salary under the wage subsidy scheme.

    As has been stated they are saying its a case by case basis but in reality they are rejecting all draw downs with a subsidy on the payslip.
    To state a blank no outright would be bad press


  • #118
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    Dav010 wrote: »
    Absolute BS. Where are you getting this from? When an employer applied for TWSS, all that was being stated was that income/orders had dropped due to Covid.

    Most businesses closed in March, most are down at least 25 to 30% of income. When something like that happens in normal times, like the loss of a big customer, it is prudent for an employer to lay-off unneeded staff. Employers would have done this during Covid, in an effort to keep people in employment and off the live register, the TWSS scheme was quickly introduced.

    Availing of it is not a statement you cannot afford to pay wages, it did however keep hundreds of thousands of employees in a job who would otherwise have been laid off as there was no work for them to do .

    Have you read what you posted
    You contradicted yourself and proved my point


  • #119
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    Londyn Hallowed Duet wrote: »
    It may well be and I’m not condoning it but you can be sure people would still chance it if there is only a very slim chance of being caught and they are driven mad with frustration by the banks acting the bollocks over this.

    So you consider a bank acting the bollocks by refusing to lend money to people who may not be in a position to pay it back
    Fair enough


  • #120
    [Deleted User]
    Posts: 0 ✭[Deleted User]


    brisan wrote: »
    So you consider a bank acting the bollocks by refusing to lend money to people who may not be in a position to pay it back
    Fair enough

    As I have said plenty of people on the scheme are 100% safe in their jobs and know it and/or they are in a joint mortgage application where the second salary (not in the scheme) could easily meet the repayment but obviously this would not meet the 3.5 rule.


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  • #121
    Kh1993
    Closed Accounts Posts: 443 ✭✭Kh1993


    My issue has never been with banks giving bad loans to people who are in precarious positions.

    My issue with the scheme is in relation to it being applied to a whole sector. In this instance it’s childcare. Childcare providers and facilities can access this scheme without any loss of revenue or any hardship. The revenue states this. So your job could be safe, your business raking it in. Yet you’re on the subsidy because why would your company turn it down? It’s essentially a stimulus.

    But banks won’t actually look at things on a case by case basis. Frustrating. Basically locked out of a loan or mortgage because your sector availed of free money.


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