Customer with Bad Credit Rating due to an IVA Turns to George Banco for a Personal Loan
This story is for illustration only. Characters and events are not real.
In our latest blog we continue taking a look at some of our customers and their reasons for choosing George Banco to provide an unsecured personal loan or a guarantor loan to suit their financial position and needs.
The customer in question is a gentleman in his fifties called Geoff. Geoff had entered into a difficult period of his life after unexpectedly losing his wife some years beforehand to illness. While their life insurance policy had covered the repayment of their mortgage, Geoff was left to pay for all the utilities for the entire property and other financial commitments with just his single wage, whereas beforehand the load had been shared between his and his wife’s salary.
Despite having a good job with a healthy monthly wage, the payments had built up into such a debt that Geoff thought he would have to declare himself bankrupt. He had looked at a bank loan but the bank could not offer him the amount he required to cover all of the outstanding debt. Luckily, after seeking further advice from the debt charity StepChange, he found out that an IVA was a better option for his specific situation, as it meant that he reduced the risk of losing his family home
Geoff agreed to opt for the IVA route and after six years had paid the agreed IVA back as agreed, held on to his family home and was back in a more manageable financial situation.
Sadly, Geoff’s family home was severely damaged in storms the following winter and the roof was in need of immediate repair. He checked with his insurance company but found out that he was only covered for approximately half the amount required to do a full repair. At once he called his bank to find out if he could borrow the remainder of the required funds, but was turned down due to his previous IVA, which in turn had given him a bad credit rating.
Not sure what to do next, Geoff went onto the internet and started searching for unsecured personal loans. He found a few companies that provided loans but having never been through a situation like this before was a little nervous about making the online application. So before starting the online application, he picked up the phone and spoke to one of the George Banco customer service representatives. They listened to his situation and felt that Geoff’s intentions were honest. Geoff went ahead and started a quick online application with George Banco. His credit rating was a little too low to be accepted automatically, so the customer service representative spoke to the underwriters and they reviewed Geoff’s application. After a short while, a detailed review of Geoff’s credit history, and an Affordability Assessment, the George Banco team were able to give Geoff the good news that he could have an unsecured personal loan to cover the remainder of the required amount to complete the roof repair.
Geoff accepted the loan and had the work on the roof completed. He has since repaid the loan in full and with the regular repayments to George Banco over the last two years has reinforced and improved his credit rating.
If you have experienced similar and would like to speak to one of the George Banco team about an unsecured personal loan or a guarantor loan then please call 01225 941 941 or click the Get Started button above.