Blog-McCarthy & Associates-Galway Talks, 10/07/2014

galway-bayfmQuestion: I recently applied for a credit card with my bank and was refused; I do not know how this happened. 

Answer:  Firstly, I would suggest that you contact the Irish Credit Bureau at icb.ie to get a report of your credit history. There may be issues there which caused your credit card application to be refused.  Sometimes it can occur that the ICB record is incorrect and that you have an inaccurate credit rating.  If this is the case, then contact that lender and get them to rectify it. 

Alternatively, if this is not the problem, then you need to contact the credit card company and ask them why you were refused.

Question:  I am in arrears on my mortgage and thinking of canceling my life cover to save money. What would be the implications if I do this?

Answer:  Cancelling Life Cover on your mortgage has major implications for you.  First of all, you will be in breach of your mortgage agreement.  More importantly, if you die during the term of the mortgage, then obviously you leave your dependents in a very difficult position. 

Obviously you are considering this step in order to reduce your outgoings.  Before you make a final decision, look at your policy and maybe you can get cheaper cover elsewhere.