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Getting a bank loan if you're not on the list....

Getting a bank loan if you're not on the list....

Old May 7th 2013, 5:41 am
  #1  
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Default Getting a bank loan if you're not on the list....

....or so despite being here for 5 years I've still got £5k on an English credit card, which is stupid, and I'm paying £100 a month interest.

So I was going to simply get a loan from the bank, pay it off and close it - no worries.

Now unfortunately my boss hasn't registered the company with any banks so I can't get a loan that simply - well HSBC can give me one but at a whopping 18%. Now to be honest I'm probably paying that back home but it's still a lot.

Now my boss most likely won't register us as he couldn't care less about us as long as he's ok and telling the bank about how much we make, how long we've been going etc doesn't appeal to him.

So....any advice? Do I just bite the bullet and get it?
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Old May 7th 2013, 5:46 am
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Default Re: Getting a bank loan if you're not on the list....

accept that a debt in the uk is a **** ton safer than one here for a start
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Old May 7th 2013, 5:57 am
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Default Re: Getting a bank loan if you're not on the list....

Originally Posted by shiva View Post
accept that a debt in the uk is a **** ton safer than one here for a start
Aye but it's only AED 30k I need so can pay it off in 6 months easily enough
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Old May 7th 2013, 5:59 am
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Default Re: Getting a bank loan if you're not on the list....

Do you definitely need a loan?

3,000 AED per month thrown at the card will be 36,000 AED in 12 months (approx £6,400)

I know it's not appealing 3,000 AED per month - but it'll be done then?
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Old May 7th 2013, 6:02 am
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Default Re: Getting a bank loan if you're not on the list....

Originally Posted by Spugsy View Post
Aye but it's only AED 30k I need so can pay it off in 6 months easily enough
Alternatively - if your boss is such a twunt not to register with the banks see if he'll give you a six month interest free loan deducted monthly from your salary with the agreement if you leave before paid off the balance is deducted from your final salary / gratuity...
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Old May 7th 2013, 6:09 am
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Default Re: Getting a bank loan if you're not on the list....

Originally Posted by Autonomy View Post
Alternatively - if your boss is such a twunt not to register with the banks see if he'll give you a six month interest free loan deducted monthly from your salary with the agreement if you leave before paid off the balance is deducted from your final salary / gratuity...
He won't, we're skint.

And d yeah I need it paid off asap, it goes to my mams address and I don't want her blacklisted, also it's been hanging over me for bloody years.
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Old May 7th 2013, 6:14 am
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Default Re: Getting a bank loan if you're not on the list....

Do you get a bonus at work or anything like that?

I know it's not ideal to rely on shit like that but if you can service that credit card with a bit each month until bonus comes and then boom. Cleared.
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Old May 7th 2013, 6:21 am
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Default Re: Getting a bank loan if you're not on the list....

Originally Posted by Scamp View Post
Do you get a bonus at work or anything like that?

I know it's not ideal to rely on shit like that but if you can service that credit card with a bit each month until bonus comes and then boom. Cleared.
Do I balls, took me 2 years to get a payrise and even then I didn't get what I asked for.
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Old May 7th 2013, 6:30 am
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Default Re: Getting a bank loan if you're not on the list....

Originally Posted by Spugsy View Post
Aye but it's only AED 30k I need so can pay it off in 6 months easily enough
If you can pay the loan in six months why can't you up your payment to the credit card and pay it in 6 months. I would guess the British bank would be more agreeable that the half wits here? I would rather have the debt in the UK.
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Old May 7th 2013, 6:33 am
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Default Re: Getting a bank loan if you're not on the list....

How would a bank loan improve your position ? Pay off a chunk of the credit card every month.
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Old May 7th 2013, 6:35 am
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Default Re: Getting a bank loan if you're not on the list....

Ask your UK bank for a full and final settlement (once you've saved up approximately 50-67% of the debt, you might be surprised when they accept.
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Old May 7th 2013, 6:38 am
  #12  
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Default Re: Getting a bank loan if you're not on the list....

Originally Posted by Kix View Post
Ask your UK bank for a full and final settlement (once you've saved up approximately 50-67% of the debt, you might be surprised when they accept.
What's that?
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Old May 7th 2013, 6:39 am
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Default Re: Getting a bank loan if you're not on the list....

Originally Posted by Spugsy View Post
Do I balls, took me 2 years to get a payrise and even then I didn't get what I asked for.
*****. Time for a new job mate?

I know the ballache with company not being registered, I suffered that at my new place.
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Old May 7th 2013, 6:45 am
  #14  
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Default Re: Getting a bank loan if you're not on the list....

if you can afford to pay a loan here then you can afford to bang some cash off it in the UK, think straight mate
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Old May 7th 2013, 6:47 am
  #15  
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Default Re: Getting a bank loan if you're not on the list....

Originally Posted by Spugsy View Post
What's that?
Basically call them, tell them you've moved abroad and want a full and final settlement figure for a one off payment to cancel your credit card.

Say you owe them £5,000, tell them you'll pay £2,500 for full and final (ie fully cleared), and you'll pay it in a given time, within a week for example.

The bank is charging interest on interest, if you've had it a while then they've made a shed load of cash off you.

The bank will come back with a counter offer, negotiate but don't pay more than 2/3rds of the full amount, ie, around £3,300.

As this is an agreed payment it wont affect your credit rating (or your mam's) but you will get your card cancelled.

Job sorted.
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