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    • GM2004
    • By GM2004 16th Jul 17, 3:42 PM
    • 7Posts
    • 2Thanks
    GM2004
    Appeal a loan decision
    • #1
    • 16th Jul 17, 3:42 PM
    Appeal a loan decision 16th Jul 17 at 3:42 PM
    Hi. Has anyone appealed a loan decision and been successful?
    We were declined for a Tesco loan despite excellent credit score on Experian and 80% chance of acceptance on the soft search tool.
    Thank you!
Page 1
    • chalkie99
    • By chalkie99 16th Jul 17, 4:38 PM
    • 1,536 Posts
    • 1,798 Thanks
    chalkie99
    • #2
    • 16th Jul 17, 4:38 PM
    • #2
    • 16th Jul 17, 4:38 PM
    Your only other post made minutes earlier was:

    We are considering a dmp with step change.
    All in was £52000. Feel ill over it. What timescale do you think this amount would be. Also can you include a figure for savings as I'm worried about affording things that come up such as car repairs, Xmas, household repairs etc.. thank you.
    Originally posted by Gaylej79
    If you are £52,000 in debt then it just shows what a waste of time an Experian credit score is.

    No doubt Tesco have a better view of your status and have therefore turned you down.

    A further loan is not the way to go.
    • GM2004
    • By GM2004 16th Jul 17, 5:23 PM
    • 7 Posts
    • 2 Thanks
    GM2004
    • #3
    • 16th Jul 17, 5:23 PM
    • #3
    • 16th Jul 17, 5:23 PM
    The loan was to consolidate the credit cards. Not for further borrowing. Thought one payment going out instead of several different cards would be more manageable. Haven't missed any payments so was Hopeful might've bn accepted.
    • DCFC79
    • By DCFC79 16th Jul 17, 5:25 PM
    • 29,741 Posts
    • 18,830 Thanks
    DCFC79
    • #4
    • 16th Jul 17, 5:25 PM
    • #4
    • 16th Jul 17, 5:25 PM
    Hi. Has anyone appealed a loan decision and been successful?
    We were declined for a Tesco loan despite excellent credit score on Experian and 80% chance of acceptance on the soft search tool.
    Thank you!
    Originally posted by Gaylej79
    Can I ask what use is the Experian score ?

    Its not worth much since they don't lend, they cant tell Tesco to lend to you because you have an excellent score, lenders don't see the score, they will most likely use an in house system/software to accept or decline you and at what rate to lend to you.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • DCFC79
    • By DCFC79 16th Jul 17, 5:27 PM
    • 29,741 Posts
    • 18,830 Thanks
    DCFC79
    • #5
    • 16th Jul 17, 5:27 PM
    • #5
    • 16th Jul 17, 5:27 PM
    The loan was to consolidate the credit cards. Not for further borrowing. Thought one payment going out instead of several different cards would be more manageable. Haven't missed any payments so was Hopeful might've bn accepted.
    Originally posted by Gaylej79
    It is additional credit though, the lender has no way of knowing you will use the loan to consolidate.

    Worst case scenario is you go and splurge the money on holidays, clothing, expensive goods.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • GM2004
    • By GM2004 16th Jul 17, 5:27 PM
    • 7 Posts
    • 2 Thanks
    GM2004
    • #6
    • 16th Jul 17, 5:27 PM
    • #6
    • 16th Jul 17, 5:27 PM
    Tesco use Experian as a guide. We were told this by the call centre for Tesco bank.
    • GM2004
    • By GM2004 16th Jul 17, 5:28 PM
    • 7 Posts
    • 2 Thanks
    GM2004
    • #7
    • 16th Jul 17, 5:28 PM
    • #7
    • 16th Jul 17, 5:28 PM
    No I get that. Believe me that's not the plan!
    • DCFC79
    • By DCFC79 16th Jul 17, 5:29 PM
    • 29,741 Posts
    • 18,830 Thanks
    DCFC79
    • #8
    • 16th Jul 17, 5:29 PM
    • #8
    • 16th Jul 17, 5:29 PM
    Tesco use Experian as a guide. We were told this by the call centre for Tesco bank.
    Originally posted by Gaylej79
    A guide yes, they see your credit history not the actual score Experian give you.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • DCFC79
    • By DCFC79 16th Jul 17, 5:59 PM
    • 29,741 Posts
    • 18,830 Thanks
    DCFC79
    • #9
    • 16th Jul 17, 5:59 PM
    • #9
    • 16th Jul 17, 5:59 PM
    No I get that. Believe me that's not the plan!
    Originally posted by Gaylej79
    How does the lender know that ?

    I don't know how you could guarantee it.

    Work on reducing your debts. Why did they build up ?

    Maybe post over on the debt free wannabe board and post an SOA.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • meer53
    • By meer53 16th Jul 17, 6:07 PM
    • 8,785 Posts
    • 12,758 Thanks
    meer53
    It is additional borrowing, you're borrowing more money to repay your debt.
    • PeacefulWaters
    • By PeacefulWaters 16th Jul 17, 6:28 PM
    • 6,709 Posts
    • 8,251 Thanks
    PeacefulWaters
    "Hi, I'm considering a DMP, but before I do please will you take over all our unsecured borrowing?"

    I spent many years underwriting loans. There's a 100% chance I'd have declined such a request.

    Even if you haven't asked the question that way, your complete credit file (not the snapshot that provides the 80% guide number) is an absolute mess.
    • Pixie5740
    • By Pixie5740 16th Jul 17, 6:35 PM
    • 10,769 Posts
    • 14,879 Thanks
    Pixie5740
    Tesco use Experian as a guide. We were told this by the call centre for Tesco bank.
    Originally posted by Gaylej79
    Yes but your credit history is only one part of the story. Your past dealings with Tesco Bank (going back further than 6 years) and affordability are also taken into consideration. Given that you are already £52k in the hole I would say your affordability, or rather lack of it, is the reason Tesco declined you.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • jonesMUFCforever
    • By jonesMUFCforever 16th Jul 17, 6:47 PM
    • 23,894 Posts
    • 11,149 Thanks
    jonesMUFCforever
    To appeal the decision you need to show either new evidence about your finances or that part of the application was wrong.

    IMO having read this thread you will be wasting your time.
    What goes around - comes around
    give lots and you will always receive lots
    • GM2004
    • By GM2004 16th Jul 17, 7:07 PM
    • 7 Posts
    • 2 Thanks
    GM2004
    Ok thanks everyone for replies.
    • enthusiasticsaver
    • By enthusiasticsaver 16th Jul 17, 7:53 PM
    • 4,000 Posts
    • 7,180 Thanks
    enthusiasticsaver
    A consolidation loan is a bad idea anyway so Tesco's have done you a favour. You need to learn to budget better and start repaying the debt. Not easy when you have got to the stage of considering a DMP as 0% cards are not as available to you when overcommitted as you obviously are.

    First step, cut up credit cards and sort out a budget you can keep to. Maybe post on the DFW board.
    Countdown to early retirement on 31.12.17 4.5 months to go.
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