Nationwide refused loan! Appeal process

24

Comments

  • poppy10_2
    poppy10_2 Posts: 6,575 Forumite
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    Mustafa786x wrote: »
    It's a consolidation loan
    They don't know that you are going to use the £24k to pay off your existing debts
    For all they know you could splash it on a new car
    poppy10
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    edited 7 January 2018 at 9:01PM
    You're working two jobs to finance three unsecured credit agreements, have a mortgage that takes you close to retirement age and you're looking to double that unsecured debt.

    And you can't work out why you've been declined?

    Think about it.
  • SnowTiger
    SnowTiger Posts: 4,458 Forumite
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    It's not clear whether you want to borrow £12,000 to pay off current debts; or £24,000 to pay off current debts and splurge the rest on goodies.
    Mustafa786x wrote: »
    Appeal process?

    IIRC, others here have mentioned persuading lenders to pay off other debts directly.
  • Vikipollard
    Vikipollard Posts: 739 Forumite
    First Anniversary Name Dropper First Post Debt-free and Proud!
    edited 7 January 2018 at 8:46PM
    So have you applied for a £12k loan to clear your (almost) £12k you owe, totalling £24k of debt then?

    As others have said, they have no way of guaranteeing you will use the new loan to clear the amount of debt you have.

    Also I'm struggling to understand this bit:

    Current expenditure monthly
    Loan 1 8.9% £160 x 22 = 3520
    (£4,500 remaining 22 months)
    Loan 2 : £225 9.9% x 40 = 9000
    (£5,200 remaining 40 months)
    Morgage: £430 2.19%
    (£130,000 remaining 38 years)
    Credit card: £2,000

    Do you actually owe 3520 + 9000 + 2000 = 14520?
    LBM July 2006. Debt free 01 Sept 12 .. :T
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  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    SnowTiger wrote: »
    It's not clear whether you want to borrow £12,000 to pay off current debts; or £24,000 to pay off current debts and splurge the rest on goodies.
    Figures in the OP suggest the latter...
    I was looking to consolidate both loans into one,

    Got a quote on the screen
    £440
    3.9%
    60 months


    Applied... refused.
    Running £24K through www.whatsthecost returns a £440 monthly payment...
    The bottom line, is that this loan for £24,000.00, over 60 months, will cost you £440.91 a month.
  • Caz3121
    Caz3121 Posts: 15,544 Forumite
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    Vikipollard wrote: »
    So have you applied for a £12k loan to clear your (almost) £12k you owe, totalling £24k of debt then?
    Mustafa786x wrote: »
    Got a quote on the screen
    £440
    3.9%
    60 months

    the quote given is for a £24k loan but does not tally with debt consolidation
  • SnowTiger
    SnowTiger Posts: 4,458 Forumite
    First Anniversary Name Dropper Photogenic First Post
    YorkshireBoy wrote: »
    Figures in the OP suggest the latter...Running £24K through www.whatsthecost returns a £440 monthly payment...

    A bit more than a consolidation loan, then. :)
  • lildoonbuggy
    lildoonbuggy Posts: 81 Forumite
    Combo Breaker First Post First Anniversary
    I was denied by nationwide too, whilst on a slightly higher income than your first job. No debts, £1500 nationwide credit card paid off in full each month, and did the full in store consultation with one of their advisors. I was requesting £8500 over 4 years and was already accepted by Sainsbury's (I was hoping to use use their promotion to beat Sainsbury's by 0.5%). It was annoying, yes, and their advisor was also surprised. My advice is just move on, take it as a sign. I ended up repaying the entire loan in 8 months because it was concerning to think I wasn't deemed a safe bet. My credit file and bank account have been thanking me since.
  • mustafa786x
    mustafa786x Posts: 13 Forumite
    Evening guys

    Right this is what I pay and owe
    Loan 1 8.9%
    £160
    (£4,500 remaining 22 months)
    Loan 2 : £225 9.9%
    (£5,200 remaining 40 months)
    Morgage: £430 2.19%
    (£130,000 remaining 38 years)
    Credit card £2,000

    In total I pay £385 back currently.
    I wanted to change both loans to a 60 month repayment and £440 a month for 60 months.

    So I would be paying £440 a month back as one payment for 60 months instead of 2 separate payments that I am paying now with 2 different completion dates.

    Credit card limit is £13,900.
    Cash in bank £32,000.
  • mustafa786x
    mustafa786x Posts: 13 Forumite
    I have lodged a appeal as the advisor said I got the lowest rate available.

    If it's a decline I'll do a soft search online and see if anyone else is willing to lend.

    Really don't understand nationwide.

    I could take out £11k from the card but it's 12.9% Apr.
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