Loan / Overdraft on Work Visa? Else dream maybe over...

[Leccy-Lee]

Sorry sound depressing but got a few financial problems which right now could end my NZ dream, which is crazy as there so small.

Cutting a long story short i am only on 12 mths work visa and need to find a loan or a bank overdraft if anyone has any ideas? Not even a large one, which is the annoying thing!

Reason being i have to get my Electricians license to stay in NZ and to keep my job, now i been saving for the course fees which need to be paid by the 5th of Nov at a cost of $1900 (yeah i know ouch!) plus theres books needed at $180 on top, so far my savings have only amounted to $700 and finding $1200+ in just about 2 weeks starting to scare me, thought i could save more but its been harder making ends meet than i hoped. And to add to my problems i have an overdue invoice for $300 which the company says unless i pay now they will take legal action (affect visa and PR chances?) I could pay that invoice with savings today, but then ruins even more my course fees.

So right now unless i can win Lotto or find a helpful bank, i could end up losing job and heading home all for a measly amount of minor problems

I only ask if anyone has ideas about loans etc, as i did enquire with some car finance companies a month back (just out interest) and to see if i could get credit on a work visa and they was all willing to lend me $10000 on a visa no problem? So why i finding it so hard to get a simple $1500 loan or overdraft on my visa?

And yes before its suggested i have considered my boss, i would happy to ask for a small loan or advance but could never ask for that much amount, he only just loaned me $600 2 months back for rental deposit (all paid back tho).

If anyone knows of a bank or loan company that would do small short-term (3-6mths or less) loans etc on a work visa please please give me some ideas. Would be a shame for all to go tits up on such a small reason.

Sigh! Always knew coming to NZ with only $4000 was going to be tough, but i got this far ok, just a little further be nice....

[zardell]

Why ask your boss for a loan - why not ask him to pay for the licence fees etc?

I know it amounts to the same as a loan, but if he knew what it was for and bearing in mind he helped you with your rental deposit, he may be prepared to help you again.

You could pay him back out of your wages.

Also Lee, are you saying that your bank has refused you a loan/overdraft or have you not asked yet? You may be pleasantly surprised.

Good luck.

Julie

xx

[Leccy-Lee]

True, asking boss for anything is a last resort, To be honest its embarrassing enough asking for advice and announcing my cashflow crisis here, without the embarrassment of my boss realizing i am struggling again, so if it comes down to it then yes, but right now i would prefer to loan something and sort it out myself if i can.
Its actually course and college fees for 2 weeks at college, he has said hes happy to pay any admin and license fees, but wouldn't expect him to pay my tuition.

Regards bank, maybe i asked wrong people? I asked the girl at the counter (ASB) if i could speak to somebody about loan or overdraft etc and she asked my visa status, when i replied she said "Sorry the bank would not be able to help, and i doubt any bank could until you have PR"

And i asked my flat-mate who works in accounts at Westpac, and she said no bank be be likely to help. But if anyone knows a more likely or friendly to migrants bank then i can always try.

Thanks julie

[veronica]

maybe daft but anyone back home who would lend it to you.

[Angelonthemove]

Without PR with 12 months work permits we got a credit card from ASB Bank plus we had a $20,000 car loan from Toyota finance. they do not like to give loans or overdrafts. But here is a way of using it to your advantage.

It's what we did to tide us over in the beginning as I lost my job. We got a joint credit card (spend it on your fees) then every month use your shopping budget to pay off some and then use it to shop again back up to the full limit. Keep this up until you are able to pay off more each month.

We got a card for $2,500 initially, I'm sure if we asked for more they would have. I even pay off weekly amounts when I get paid. Get a savings account too at the bank, makes you look good.

when we needed to buy our house we got another one for $7000 as we needed a deposit to go unconditional even though it was a 100% mortgage we needed the cash. Then when the mortgage company paid we paid it off, well that was the plan think I spent it on a few things. But we did have PR by then.

I know you probably hate to have a credit card but if you use as much spare cash to pay as much as possible and re spend the interest is not so bad.

Good luck.

PM if I have not explained this properly

[CjChris]

maybe you've already checked on this, but doesn't the uni have student loans available, or are these tied to PR as well?

I wish I had some concrete advice...sorry for your situation. I do think that you should pay whoever you owe the 300 to so that legal action is not taken as that will forever affect your credit here, thus making car/mortgage impossible later. I would pay that ASAP with apologies so that they don't report it badly on your rating.

The banks seem pretty trusting. If you don't have an account already, open one and get a credit card, whatever they will let you have. And don't tell them ANYTHING about your story. We just went in and asked for checking and savings (and didn't have one dime to put it either account because we hadn't sorted money from US yet). We don't even have jobs, didn't even have a rental yet (at the time we were still at a hotel using a post restante as address!!) and the lovely lady at ASB didn't blink an eye. She let us open both accoutns with zero balance. (Back in the US you had to have minimum deposit before you could open anything).

So, go to ASB on Manners and see what they can do for you.

Good luck. I hope someone else has something more to offer.
Christine

[Moorf]

You could always ask your boss for advice on where to get a loan - when you tell him what it's for I'd have thought any boss worth their salt would be happy to help out assuming you'll be a better qualified employee?

[IanW99]

The only problem we had with getting finance was that they would not allow the finish date of the loan to be later than the expiry date on our visa, so they just reduced the time period that they were prepared to loan on.

Have you discussed the payment of the course fees to see if they will allow you to pay later or monthly etc? They are used to students not having the money available and normally have finance options.

Ian

[Leccy-Lee]

Thanks all, some great advice..
I think i will go into ASB proper tomorrow and try and speak to somebody better if i can. Sounds like some of you have had success with ASB and maybe i should speak to someone other than the teller girl?

Regards the student thing, being a 33y old tradesman i would never qualify as a student etc. And although i haven't asked the invoices say must be paid by 5th Nov or may not take course, and there was no option to pay by installments or loan etc as an overseas person. In fact course was $400 for a kiwi and $1900 for anyone from overseas! (welcome to NZ!).

Moorf, yes no doubt boss would pay it or loan it etc, but i genuinely really dont want to go there unless it is genuinely the last resort and no other option.

I will sort that invoice out tomorrow too, rather sort that out and worry about course fees, than worry about any implications of that.

Keep any ideas coming, thanks

[willsken]

Lee do you still have a bank account in the UK. We arranged an overdraft from here to sort out a rental property with no problem at all.

I do also advise you to speak with the admin department at the Uni as they always seem helpful when I've had dealings with them through school.