Irish Taxi Forum
Public Area => Taxi Talk => Topic started by: john m on December 14, 2020, 11:50:44 pm
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Talking to a fella today he was saying his Kid had applied for a Mortgage through a broker .Broker advised when asked about banking do not say you have a Revolute Card or Pay Pal account dont have them on your bank statement as the banks dont like to see money going into or out of an account that cannot be accounted for he also said do not set up direct debits for Credit Union repayments as the banks will say that you are indebted count against you getting loan approval .His Kid has a car loan and was advised to pay it off as the banks will see it as a Priority loan that will be paid before them as it already is in existence .Looks like the Banks are fighting back against the new cards .
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could be the bank's dirty big rigmorale in case they think you're a pikey lookin to scam some quick bread as well.
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You'd wonder how much truth is in those stories. A year or two ago, it was all about sending money to/from gambling apps like Paddy Power.
On the flip side, banks and credit unions are full of cash that they don't actually want. I'd imagine banks would only be too happy to lend it out on a 30yr mortgage. Problem is getting the deposit together. You'd need ~€50k in cash or more before the banks would talk to you.
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See a taxi in Cork this week a 191 Tesla model 3.
45k plus.
The bank would laugh at me if I asked them for that money.
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Well I actually had it,and gave it back because of the uncertainty,both with covid,and weither or not I was staying in the game.the amount of hours I do would never justify it anyway
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Yis might be surprised how they work.. I moved gaff a few years ago and I put a decent bit of work in and they gave me no extra funds even though I proved with job printouts that I could work if I needed to.All they go on is your previous tax returns.
Nothing wrong with Revolut.As long as you are providing the bank with comprehensive statements they'll be sound.Gambling accounts were always a red flag.Would you give a 300k loan to someone who bets on which brown horse is slightly faster than the other?They're just being careful.
I think someone mentioned the credit union and car loans.They're not gonna loan you a quarter of a million if you're up to your rocks in other debt.Be honest and they'll hand it out if you deserve it.If they ask for 6 months statements give them 12/24.
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See a taxi in Cork this week a 191 Tesla model 3.
45k plus.
The bank would laugh at me if I asked them for that money.
He would be entitled to 10k off the NTA with the leccy grant.Same price as a new Superb/Prius.
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The lad I was speaking to was with MABS for years but after he left he gave advice to community groups on refinancing .He says MABS is designed to make sure the CREDITORS get as much as possible of their money returned when some people are drowning and need a different type of solution .He was saying that Credit ratings are being ignored a bit but Ability to pay is being used .They sort of work backwards add up all your outgoings like Car ,Car insurance ,Health insurance .Credit Card (any payments to credit cards are deemed to be loans even if you clear it every month )Then they ask about any Maintainance payments ie Wages to your Hen or yer one what minds yours and hers .Then they subtract that from your earnings apply a Mysterious multiple to it then come up with a figure of what you can afford to borrow and repay .He says Banks or Lenders dont like to see Pay Pal or Revolute of Crypto Currencies in your account as they have no way of checking where those funds came from or are going .
Anyhoo his advice was/Is if you are in Difficulty Prioritize your Mortgage above all else talk to your provider if you cant pay .There is a huge Legal difference between Non Payment (refusal to pay )and informing them of your circumstance and asking for a break or an interest only break .Most Car loans are lease agreements and can be renegoated pushed out for another year .Credit Cards are Unsecured Loans the Card companies can borrow money almost interest free so will freeze your account and Negotiate with you to recover their principle over time .Bottom line is talk to them if you have money troubles they will listen and dont take no for an answer they really want all their money back but will settle for less .
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Forgot about the grant, hope he got one
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Forgot about the grant, hope he got one
In motoring Mags world wide the Tesla does verry verry badly for reliability .To much new untested gadgetry .
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I thought this was about successful loan applications not avoiding paying them off.How did we get here?
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I thought this was about successful loan applications not avoiding paying them off.How did we get here?
I do appreciate your inability to Comprehend .But they calculate your ability to pay differently when Making you a loan or Servicing existing loans .The System is now based on Ability to repay not some mysterious Credit rating that was gerrymandered to make the figures look better than they were in reality .
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I've never worried about credit ratings.Maybe it's an old fashioned way of thinking that you have stuck in yer head Erm.They want to see inside your finances..it's been like that a long time.I should know after two successful mortgage applications.Painfull process.
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3 mortgage applications and no problem with any of them
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When you think of the interest being charged by these banks on morgages,car loans etc it is absolutely outrageous the way they grill people wanting to know what you had for your breakfast.apart from that,I thought we,the tax payers own the banks now ?
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Banking is dirtier than Drug debt collection .I kid you not .I dissolved a business partnership about 20 years ago .Went into the bank and was invited to talk to the Manager who advised that as I didnt have a pension I might consider investing in a property portfolio .The deal was I put the bit of cash and my Equity in my house up and then join a group of other investors to buy a Block of Appartments being built in Clondalkin .The basic deal was we would rent out the whole block to SDCC they would pay us the Rent Subsidy direct and we would collect the difference from the tenants .Now the deal was to be Interest only for 5 years .The Fella putting the deal togeather reckoned the Rent Roll would cover the Mortgage and Insurance for the first six years then the property value which was rising @ about 4% PA would mean that in 5 years we could sell as a going concern to another Property Company and take the Appreciation on the Property or re mortgage as the Value of the Property would be Greater than the Value of the Mortgages .I kept me house and spent the Cash to hand on Holidays ,Drink ,Car then wasted the rest .Two lads I meet got involved in that Scheme .banks decided they would not give Interest only Mortgages on existing projects as they now attracted Commercial Interest Rates .The whole thing sank quicker than a Shopping Trolley in the Ninth Lock .Use to work the NAMA rank some of the stories I heard about fellas walking away from millions in Debt and starting up again .The system is rigged the small man gets caught all the time if he lets them .
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When you think of the interest being charged by these banks on morgages,car loans etc it is absolutely outrageous the way they grill people wanting to know what you had for your breakfast.apart from that,I thought we,the tax payers own the banks now ?
Dalyer The Credit cards are Gangsters.I had a Gold card 9.2% I used it for work back in the day buy a few Grands worth of Steel or timber do the job wait to get paid then pay off the card so 3 month turn around on the job cost about 2.5% interest and the Cash was always available no need to go to the Bank to get a loan if you got a Good job in .Then the Credit cards over night went to 16% then 22.9 ..A lot of people who factored in 9% suddenly were paying 2.5 times the interest .I dont see an event where I will be able to justify 22% interest that I will need to use a credit card again .So I contacted them offered them the Principle no Interest they said No I said OK you get nothing they then agreed .Credit union is expensive money as well you have a Grand in savings borrow two you pay 12% interest on two Grand even though you are actually only one grand in Debt .I have returned to back pocket economics pay in cash .We all fell for the Credit high interest Loans .
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I always felt the credit union was the most expensive type of credit.they tell you its only 1%,but thats 1%,a month,which amounts to 12 % a year
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Anyway back on track .If your experiencing financial difficulties talk to your lenders dont hide from it .MABS are Ok but they start from the idea you will pay thats why the government and lenders fund them .
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I always felt the credit union was the most expensive type of credit.they tell you its only 1%,but thats 1%,a month,which amounts to 12 % a year
Its 12% PA on the outstanding loan amount not the deficit as in minus your savings .You cannot use your savings as they guarentee your loan so when your loan amount is smaller than your savings you are paying them to use your own money
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The local credit union in my area came up with the novel idea of allowing members to have loans within the shares. They promoted this as a feature.they would allow you to take out a loan equal to the amount you had in your shares.in other words they wanted you to borrow when you didnt have to,and pay them interest.I kid you not
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Credit unions have changed dramatically over the last few years.they have got far to big for their boots,trying to compete with the big boys.they have become arrogant as well.
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You'd wonder how much truth is in those stories. A year or two ago, it was all about sending money to/from gambling apps like Paddy Power.
On the flip side, banks and credit unions are full of cash that they don't actually want. I'd imagine banks would only be too happy to lend it out on a 30yr mortgage. Problem is getting the deposit together. You'd need ~€50k in cash or more before the banks would talk to you.
My local Credit Union used to have a limit of €40k as the maximum amount that you could have in your account. They recently wrote to me regarding my stepfather's account, and who is a Ward Of Court, and I have Power Of Attorney, saying that the limit had been reduced to €20k, and seeking the information as to where to send the €1.2k surplus which he had, either by personal cheque to him, or transfer to a nominated bank account.
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Bob most Credit Unions are reducing how much you can have on deposit .If your CU has 5 million in savings on Deposit with the Bank the Banks are charging the Credit Union for minding their money for them through negative deposit rates .Banks are not paying interest on most savings .Read a report during the week that BOI is considering charging savers if they have more than 100K on Deposit to mind it for them .Banks no longer need your money to lend they can go to the printers and get as much as they want from the ECB or Federal Reserve .
Was reading about an Irish Reit (Property Company ) Builder buys a site costs 2million he gets planning for office block borrows 8 million to build it .Then he sells the whole block probably to another branch of his company for 20 million pays back the bank pockets the rest .Now the company that bought the building rents it out for on average 5% of its cost to buy .Probably 2% of the rent goes on insurance and running costs 1% on maintainance and security and local charges .Then of the other 2% probably .5 to 1% interest Loan repayment leaving .5% of what they make as profit plus any appreciation in Property Values .This is fucking madness .We learned that working from home works a lot of those office blocks wont ever be occupied .If the Irish Banks got involved in lending to Builders again you would be safer keeping your money in a Maxwell House Jar in the kitchen cupboard .Property is a Fucking Ponzy Scheme usually the less of something there is the more it is worth but with Property the more offices you build the more existing offices are worth even when supply outstrips demand .
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Used to work with a Donegal man.he reckoned anyone who borrowed money for ANY reason including housr purchase ,was fukin mad .he reckoned no matter what you want,you should save up for it
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See a taxi in Cork this week a 191 Tesla model 3.
45k plus.
The bank would laugh at me if I asked them for that money.
I saw a 201 WW Tesla model 3 back in Nov,no roofie on....headin in to Ikea....must have plenty of dosh!!
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See a taxi in Cork this week a 191 Tesla model 3.
45k plus.
The bank would laugh at me if I asked them for that money.
I saw a 201 WW Tesla model 3 back in Nov,no roofie on....headin in to Ikea....must have plenty of dosh!!
Bono's brother bought a few, s class IIRC.