RyanSxi
Member
Registered: 26th Jul 06
User status: Offline
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Anyone who has done this before, did you lie when they asked if you have any savings for if you get sacked/have long term sick leave.
The reason I ask is i'm wanting to lend extra money on my loan so I can get rid of my credit cards etc. But I know this question will come up. Makes no sense to me why they ask like as if I had savings I wouldn't lend money in the first place 
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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So you want to apply for a new loan to clear exisiting debts, and externd the term of your current one?
Call the loan company, ask to borrow more on top of your current loan, then extend the term of it?
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RyanSxi
Member
Registered: 26th Jul 06
User status: Offline
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yeh thats what i want to do, but ive done it before and theyve asked if I have savings etc. should i just say no or lie?
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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Don't lie, but why cant you use your savings to pay some of your debt off
You may loose interest earnt on savings, but that will be alot less than a loan at 6/7/8% etc in the long run
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Tom
Member
Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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He aint got any
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RyanSxi
Member
Registered: 26th Jul 06
User status: Offline
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quote:
Originally posted by Tom
He aint got any
They didn't ask this time, but they did last time and when I said I didnt have any (in the event of illness etc) the guy made it sound like I wouldn't get the extra cash. Which I didn't
Cheers for the advice tho
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Him - "Do you want protection on the loan"
Me - "No"
Him - "For only this much a month blah blah sell sell"
Me - "Its cheaper without it"
Him - "How will you manage without it"
Me - "Because I'll spend less time insuring it and more time settling it"
Him - "How are you going to pay it off if you can't work"
Me - "I get 6 months full pay"
Him - "What about after that"
Me - "Half pay"
Him - "So if you fall in to arrears"
Me - "I'll sell my car"
Him - "What if that depreciates and doesn't cover it"
Me - "I'll sell my other car"
Him - "How will you get around"
Me - "In my other car"
Him - "What if that breaks"
Me - "Stop worrying on my behalf AND SHOW ME THE MONEY ALREADY"
[Edited on 15-01-2008 by Ian]
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Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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I'd have walked out at the "What about after that" stage tbh
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RyanSxi
Member
Registered: 26th Jul 06
User status: Offline
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quote:
Originally posted by Ian
Him - "Do you want protection on the loan"
Me - "No"
Him - "For only this much a month blah blah sell sell"
Me - "Its cheaper without it"
Him - "How will you manage without it"
Me - "Because I'll spend less time insuring it and more time settling it"
Him - "How are you going to pay it off if you can't work"
Me - "I get 6 months full pay"
Him - "What about after that"
Me - "Half pay"
Him - "So if you fall in to arrears"
Me - "I'll sell my car"
Him - "What if that depreciates and doesn't cover it"
Me - "I'll sell my other car"
Him - "How will you get around"
Me - "In my other car"
Him - "What if that breaks"
Me - "Stop worrying on my behalf AND SHOW ME THE MONEY ALREADY"
[Edited on 15-01-2008 by Ian]
tbh Ian, do you work at alliance and leicester? Because that was awfully close LOL!
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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No I was applying, Barclays.
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Jay
Member
Registered: 26th Sep 04
Location: Liverpool
User status: Offline
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When my dad was self employed in the shop HSBC tried to get him to take out payment protection and he said ive read the terms and the protection doesnt apply to self employed people, the fella in the bank insisted he couldnt have a loan without it, told him to get his manager and the manager confirmed self employed people cant use the protection, do they get commision for selling you loan protection?
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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i just say i work for the NHS, so i get 12 months full pay and lifetime half pay. they dont care.
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RyanSxi
Member
Registered: 26th Jul 06
User status: Offline
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They gave me it anyway 
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Nice one.
Jay - I think they are on commission, yes. They certainly appear like they are.
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Twiggy
Member
Registered: 15th Oct 04
User status: Offline
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i used to sell payment protection on credit cards...
worked out the mounthly premium was basically the same as 9.9% apr interest rate!... and to claim was as hard as eating 5 or more crakers with no drink!
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