Advice Needed Please Help

JACQUICHARLIE · 10 February 2005 at 12:19PM

Hi
I So Wanted To Be Debt Free And Was Trying Hard To Transfer Bal On Cc To 0% But Was Refused.
I Currently Have A Loan With My Bank Taken Out On July 03 For £25,000 ( I Was Going To Buy A Second House To Rent Out)
This Didnt End Up Happening And We Used Some Of The Money To Do Up Our Existing House,the Org Loan Was Taken Out Of 10yrs At 293.00pm -we Now Have £9000 Left And Wanted To Pay This Off The Org Loan And Shorten The Term.
I Phoned My Bank And They Agreed To Do This Over 5 Yrs At £269+5 Charge For Changing Accounts To Get A Better Deal £273pm Total -i Was Happy With This And Requested Them To Go Ahead.
However Call From The Bank Today Said It Cant Go Through Unless They Had 3% Apr To The Loan And Take Off My Switch Card Off Me For 6 Months - I Dont Understand I Have Never Had Promblems With My Account Or The Loan Payments The Advisor Told Me They Dont Take That Into Account They Go By The Credit Ref Now And Because I Have Had 4 Credit Ref Done In The Last 2 Wks It Has Left A Footprint On My File And Has Affected My Credit File.
Can Any Body Help And Advise How I Can Improve My File Without Applying For More Credit. I Do Have Credit Cards 4 2 Near The Limit Of £2000 And 2 Clear Cr Lim Of £200 And £260

Please Help

dougk_2 · 10 February 2005 at 3:17PM

What I woulddo would be:

1st make an appointment to see the bank again. Ask for further details why they are not happy with you revising the loan - you are not asking to borrow more just pay back your debts. It maybe wise to see the Manager and complain. I expect two of the searches on your file were them so its not a valid excuse to blame too many searches in this case. Sounds like they have caused the problem, unless you have applied for lots of credit elsewhere (was it just the one credit card you applied for?)

At the same time get a copy of your credit reports from equifax and experian (they will cost you £2 each), check to see if they look correct and if there is anything odd on them.

Cancel the two credit cards that have nothing on them.

If things are not resolved with your bank basically keep paying as you are for the next few months and then try the process again. I suggest maybe a different bank and then tell your own where to go if they are not helpful.

Try and pay back the credit card as quickly as possible as this will be expensive.

Malestrom · 10 February 2005 at 7:17PM

Yes, close the 2 empty credit cards ASAP. Also, if the interest rate on the remaining cards is higher than the loan rate, then it would make more sense to clear those cards with the money that you have left over from the loan, rather than shortening the loan term.

Advice Needed Please Help

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free