Bank Of Ireland Loans..?

GTS_MAD

Hi All,
I'm new here and after some advice if possible please...
I'm after a loan to consolidate other debts and for myself to get a new work van.

Carried out an eligibility check and only had one result due to the amount I think being £25k and over 7 years.
This was being offered by Bank of Ireland and at 3.2%.
I had a chance of being accepted of 95% and my credit score is excellent ......

My questions are....
1.
How accurate are these checkers as I worry I only have the one lender coming up and if I'm declined I didn't want a black mark aginest me to look elsewhere?

2.
When a lender looks at your credit file? Do they look at it live or what I can see on Experian for instance? Reason I ask is I have cleared more debt but it's yet to show on my latest credit monthly report?

Any help / advice would be fantastic, as the reviews for the Bank of Ireland are also very poor!!
So I'm very confused with what to do.

Thanks in advance

[Deleted User]

The checker have a rough degree of accuracy in terms of acceptance, but the rate you get given may be very different.

Lenders see your files in real time, but critically, it's your data they look at, not your credit scores, which are purely for your entertainment. Your high level of debt is going to make it difficult and consolidation is always high risk.  But if you only have the one option, you may as well give it a go,

GTS_MAD

Thank you for the reply.
I guess I'm worried about the black mark showing up, for instance if not not accepted then would look at financing a work van but would the one previous decline massively go against me.

GTS_MAD

Forgot to ask...
If I am accepted but at a much higher rate do I have the right to refuse this and not continue with it?

DCFC79

So your consolidating some debts.
How much are these debts ?
Any rate offered could be affected by by these other debts ?

GTS_MAD

Hi,
Basically we have a car which is in my wife's name and the finance plan is in her name to, and the PCP plan is coming to an end and we wish to buy the car outright.
However my wife isn't getting many options coming up for loans for her to take out and pay off the car finance.

Hence me looking to apply to take a loan out to pay the existing car finance off and buy my self a work van to, making everything in one repayment.

Hope that makes sense.

[Deleted User]

Remember that when they do a check on you, they work based on the assumption you will take the loan and spend it on whatever you like, not the debt and thus whether you will need to pay back 25k + all your other debts as there is no guarantee that you will pay off your debts. Many set out on the road of good intentions but then the boiler breaks, the cat needs an operation and the money disappears and suddenly you have a loan to pay off and all the other debts - hence responsible lending means they may not say yes when they do a full check.

DCFC79

Before you proceed check the forum for other posts re bank of Ireland or post office loans.

GTS_MAD

DCFC79 said:

Before you proceed check the forum for other posts re bank of Ireland or post office loans.

Yes this is my fear!!
I have seen a few posts and also seen the reviews on trust pilot.
I'm assuming that is what your referring to?

2021BJ

Bear in mind that this is a 95% chance of being accepted, not a 95% chance of being accepted at 3.2% as many assume.

(And I'll eat my hat if 95% is in any way accurate)

[Deleted User]

GTS_MAD said:

Hi All,
I'm new here and after some advice if possible please...
I'm after a loan to consolidate other debts and for myself to get a new work van.

Carried out an eligibility check and only had one result due to the amount I think being £25k and over 7 years.
This was being offered by Bank of Ireland and at 3.2%.
I had a chance of being accepted of 95% and my credit score is excellent ......

My questions are....
1.
How accurate are these checkers as I worry I only have the one lender coming up and if I'm declined I didn't want a black mark aginest me to look elsewhere?

2.
When a lender looks at your credit file? Do they look at it live or what I can see on Experian for instance? Reason I ask is I have cleared more debt but it's yet to show on my latest credit monthly report?

Any help / advice would be fantastic, as the reviews for the Bank of Ireland are also very poor!!
So I'm very confused with what to do.

Thanks in advance

What is this black mark of which you speak?  All the happens when you apply for a loan is that a search is registered on your credit file, no more no less.  The search doesn't indicate whether you were successful, declined or decided not to go ahead with the loan just that a lender searched your credit file(s).

The lender will be looking at a different snapshot in time of your credit files, not score, than what you can see on Experian.  Please say you aren't paying to view your credit file on Experian.

The loan isn't being offered at 3.2% it's being advertised as having a representative APR of 3.2% which is the rate 51% of successful applicants will be offered.  If you are successful but are offered a higher rate there's nothing to say you have to continue with the application.

I don't put much stock in the eligibility checkers.  I've used eligibility checkers for credit cards in the past and even those from the lenders themselves that gave me a 95% chance straight up rejected me.  I don't have any skeletons on my credit files, earn good money but for whatever reason I just didn't fit their desired risk profile and until a full application is submitted along with a full, hard credit search all bets are off. C'est la vie.