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    • Abbey1991
    • By Abbey1991 6th Feb 18, 8:57 PM
    • 88Posts
    • 11Thanks
    Abbey1991
    Why have Natwest changed my income figure
    • #1
    • 6th Feb 18, 8:57 PM
    Why have Natwest changed my income figure 6th Feb 18 at 8:57 PM
    I applied for a new account for the switching incentive, and the monthly income I input on the website has been reduced on the paper version they sent me to sign.

    Why is this? Was there also an outgoings box on the application that they have used to deduct from the income? Or have they somehow cross-referenced with something on my credit report?
Page 1
    • Shakin Steve
    • By Shakin Steve 6th Feb 18, 10:21 PM
    • 1,328 Posts
    • 1,003 Thanks
    Shakin Steve
    • #2
    • 6th Feb 18, 10:21 PM
    • #2
    • 6th Feb 18, 10:21 PM
    Give them a call and ask. It's pointless trying to guess.
    I came into this world with nothing and I've got most of it left.
    • Abbey1991
    • By Abbey1991 6th Feb 18, 10:39 PM
    • 88 Posts
    • 11 Thanks
    Abbey1991
    • #3
    • 6th Feb 18, 10:39 PM
    • #3
    • 6th Feb 18, 10:39 PM
    Give them a call and ask. It's pointless trying to guess.
    Originally posted by Shakin Steve
    I'm pretty sure that people on here know more than the average person that would pick up my phone call!
    • Zanderman
    • By Zanderman 6th Feb 18, 10:45 PM
    • 1,391 Posts
    • 3,881 Thanks
    Zanderman
    • #4
    • 6th Feb 18, 10:45 PM
    • #4
    • 6th Feb 18, 10:45 PM
    Why is this? Was there also an outgoings box on the application that they have used to deduct from the income? Or have they somehow cross-referenced with something on my credit report?
    Originally posted by Abbey1991
    I'm pretty sure that people on here know more than the average person that would pick up my phone call!
    Originally posted by Abbey1991
    Why would anyone here know - you're speculating yourself, as will anyone answering here.

    NatWest's Customer Service may not know either - but they are, as average NatWest customer specialists, more likely to be able to help.
    • lisyloo
    • By lisyloo 6th Feb 18, 10:47 PM
    • 21,492 Posts
    • 10,344 Thanks
    lisyloo
    • #5
    • 6th Feb 18, 10:47 PM
    • #5
    • 6th Feb 18, 10:47 PM
    Your income wont be anywhere on your credit report.
    Whats the difference in % terms e.g. is it accounted for by one being gross and another net?
    Anything like gross/net in the descriptions?
    • bazzyb
    • By bazzyb 6th Feb 18, 11:11 PM
    • 1,110 Posts
    • 3,234 Thanks
    bazzyb
    • #6
    • 6th Feb 18, 11:11 PM
    • #6
    • 6th Feb 18, 11:11 PM
    They may well use some sort of income verification service as part of the application process which they would use and compare to your declared income - but it seems odd for them to then modify part of your printed application form in response to this.
    • badger09
    • By badger09 7th Feb 18, 12:53 PM
    • 5,896 Posts
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    badger09
    • #7
    • 7th Feb 18, 12:53 PM
    • #7
    • 7th Feb 18, 12:53 PM
    They may well use some sort of income verification service as part of the application process which they would use and compare to your declared income - but it seems odd for them to then modify part of your printed application form in response to this.
    Originally posted by bazzyb
    What sort of 'income verification service' do you have in mind? Can you give any examples?
    • msallen
    • By msallen 7th Feb 18, 1:14 PM
    • 711 Posts
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    msallen
    • #8
    • 7th Feb 18, 1:14 PM
    • #8
    • 7th Feb 18, 1:14 PM
    What sort of 'income verification service' do you have in mind? Can you give any examples?
    Originally posted by badger09
    National Hunter presumably.
    • badger09
    • By badger09 7th Feb 18, 1:28 PM
    • 5,896 Posts
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    badger09
    • #9
    • 7th Feb 18, 1:28 PM
    • #9
    • 7th Feb 18, 1:28 PM
    National Hunter presumably.
    Originally posted by msallen
    As I understand it, and I don't know much about it, all National Hunter does is track/report consistency/inconsistencies. It doesn't verify income?
    • bazzyb
    • By bazzyb 7th Feb 18, 1:36 PM
    • 1,110 Posts
    • 3,234 Thanks
    bazzyb
    As I understand it, and I don't know much about it, all National Hunter does is track/report consistency/inconsistencies. It doesn't verify income?
    Originally posted by badger09
    Correct.

    There are various income verification services. Callcredit have one that is widely used, Equifax and more recently Experian have also introduced similar. The main information lenders tend to verify is known as CATO (current account turnover).
    • DCFC79
    • By DCFC79 7th Feb 18, 1:40 PM
    • 30,939 Posts
    • 19,562 Thanks
    DCFC79
    I'm pretty sure that people on here know more than the average person that would pick up my phone call!
    Originally posted by Abbey1991
    I'm pretty sure the staff on the other end of the phone at the Natwest call centre will know more than us on here.
    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.
    • badger09
    • By badger09 7th Feb 18, 5:03 PM
    • 5,896 Posts
    • 5,233 Thanks
    badger09
    Correct.

    There are various income verification services. Callcredit have one that is widely used, Equifax and more recently Experian have also introduced similar. The main information lenders tend to verify is known as CATO (current account turnover).
    Originally posted by bazzyb
    By 'current account turnover', do you mean the total of deposits made to a particular, or to multiple current account(s)?

    If so, then for many regular posters on here, the resulting imputed income is going to be way in excess of their actual income
    • Flobberchops
    • By Flobberchops 7th Feb 18, 6:05 PM
    • 666 Posts
    • 477 Thanks
    Flobberchops
    Not the foggiest. I work for a bank (not Natwest) and about the only thing we use self-declared income for is to establish eligibility for the Premier account. Turnover as evidenced by actual account usage is used in affordability calculations for lending products. Possibly if you declared regular outgoings they may have used this to get a net figure, but the simplest thing would be to ask Natwest where the figure came from and if they don't know, to correct it.
    I work for a UK bank, but any comments made on this forum are solely my personal opinion. Caveat Emptor!
    • youngretired
    • By youngretired 7th Feb 18, 10:36 PM
    • 145 Posts
    • 68 Thanks
    youngretired
    My sister also had this problem, she is self employed. She rang them up and they told her to just amend the figure on the form and send back.
    • realaledrinker
    • By realaledrinker 8th Feb 18, 12:39 AM
    • 1,548 Posts
    • 524 Thanks
    realaledrinker
    Of course none of these measures of 'income' reflect potential drawings from savings and investments or amounts that can be released as dividends from a Personal Service Company. Still plenty of black holes to be filled in by these applications.
    Ethical moneysaver
    • bazzyb
    • By bazzyb 8th Feb 18, 7:37 AM
    • 1,110 Posts
    • 3,234 Thanks
    bazzyb
    Of course none of these measures of 'income' reflect potential drawings from savings and investments or amounts that can be released as dividends from a Personal Service Company. Still plenty of black holes to be filled in by these applications.
    Originally posted by realaledrinker
    Indeed - it allows lenders some ability to check people aren't exaggerating their income, but on the flip side there will be many people whose account turnover shows a much higher figure than their 'true' income. This will typically be just one affordability measure used in assessing applications.
    • Abbey1991
    • By Abbey1991 8th Feb 18, 6:39 PM
    • 88 Posts
    • 11 Thanks
    Abbey1991
    Thanks for the answers.

    I did ask Natwest and they didn't know. They didn't know who National Hunter was, or Callcredit, or why I was asking.

    No doubt someone reading this thread will know the process, maybe even Martin will reply.
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